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Even if foreign-exchange dealings were to return to normal, international bankers face another major problem: stagnation in the "Eurocurrency" market.
From Time Magazine Archive
For the longer term, the Common Market nations are slowly moving toward creating a Eurocurrency that would challenge the dominance of the dollar in world monetary affairs.
From Time Magazine Archive
If Eurocurrency lending is regulated in London or Luxembourg, they say, it will only sail away to Singapore or Bahrain, where no controls are likely to be imposed.
From Time Magazine Archive
When the Fed tightens money to restrict loans in the U.S., banks often bring back the funds from the Eurocurrency market.
From Time Magazine Archive
Last month the country could obtain Eurocurrency credits on highly favorable terms.
From Time Magazine Archive
British Novelist Margaret Drabble has described the Eurocurrencies as ''colorless, odorless, tasteless, unspendable money that passes in hieroglyphics through computers from one part of the globe to another.''
From Time Magazine Archive
If they simply borrowed, say, dollars in New York or pounds in London, they would be forced to pay stiffer rates than for Eurocurrencies.
From Time Magazine Archive
On the other side, worried government bankers agree with Guido Carli, former chief of Italy's central bank, that Eurocurrencies have become ''the root of all evil in the international monetary system.''
From Time Magazine Archive
Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023
Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.
