In this context, allow me to draw your attention to the fact that some 25 countries use the euro as a reference currency for their exchange rate polices. 1 As those factors relate to long-term policy choices or economic developments, they can be expected to result in strong inertia in the allocation and management of reserves by central banks.
By intervening to support the economy and financial system, the economic policy authorities have avoided a depression, but they have postponed the problem, which is beginning to become weighty. 7  See, for example, A. Ashcraft and T. Schuermann, “The Seven Deadly Frictions of Subprime Mortgage Credit Securitization,” The Investment Professional, Fall 2008, pp. 2–11.