Such a scenario would pose a very difficult challenge to the countries, such as China, that have accumulated large quantities of official reserves, predominantly in US dollars. However,  BIS Review 161/2009  5  continuing to peg their currencies will only postpone the day of reckoning, while increasing the potential capital losses.
The launch of the euro has aroused both political and economic expectations: politically speaking, the transition to the single currency marks a further – consistent – milestone on the road to European integration.