Western Europe: E$ for Hire

Europe-minded Europeans can tune in Eurovision on TV, rent a Europcar, invest in the Eurofund. Their Eurocrats, helped by Eurogirl secretaries, run the Euromart in Brussels. And then there is the Eurodollar.

A mysterious form of currency to many, Eurodollars flit about the Continent by the billions, escaping a precise definition by economists and an exact count by statisticians. Most simply a Eurodollar, or E$, is an American dollar that has been deposited in a European bank or the European branch of an American bank.

Eurodollars have been used to finance municipal borrowing in Britain, imports in Italy and even a...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!