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...

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