The corresponding shares of the US dollar and the yen amount to somewhat more than 40% and just under 10%, respectively.5 The euro accounts for 30% of the international debt securities outstanding, the US dollar for 48% and the yen for 10%. If new business alone is taken into account, the euro, since its introduction, has more or less kept pace with the dollar.
If this trend continues, the shares which the euro and the dollar have in the world-wide market for debt securities outstanding will also converge over the longer term. The euro’s growing importance on the international financial markets contrasted sharply with its exchange-rate movements. How could the euro gain market shares on the international financial markets while losing so much of its value?