Because of the very large size of the external sector compared with the national economy, the exchange rate played a very important role in the economic performance of these countries. The move to monetary union implied the creation of a new economic entity – “euroland” – which is much bigger and much more closed than its component states.
One of the important objectives of this initiative was to let individuals from all strata of the population familiarize themselves with Treasury bills as an investment instrument. This initiative triggered competition for deposit resources in the banking industry. Individual investors derived some experience with Treasury bills as an investment instrument. The sale of bills over-the-counter by the Bank was a success.