Therefore, close attention should be paid to the effects of the Federal Reserve’s recent monetary easing measures. European economies on the whole have been recovering moderately, although performances differ, with Germany and France registering robust growth, while others are showing only slow growth.
Incidentally, those countries whose exchange rate policy is based on the euro tend, for the larger part, to have comparatively small foreign exchange reserves. 35 It must also be recognised that international circumstances have made it difficult for the euro to gain a larger acceptance as a reserve currency.