This share is slightly above the aggregate share of the predecessor currencies shortly before EMU was launched. That leaves the euro as the second-most-important currency in the international securities markets. Again, the dollar is the dominant currency, accounting for one-half of all international securities outstanding. The currency composition of international bank assets presents a similar picture.
Again, the dollar is the leading currency, with a share of 40 percent, while the euro is in the process of catching up. From slightly less than one-quarter at the end of 1998, its share rose to 27 percent. What can we see from these figures?