Those were times in which the measure of uncertainty was closer to a ‘Knightian concept’ wherein probability distributions for model coefficients could not even be known or existant. The money market, for one, underwent a historical transformation on the eve of the launch of the Euro in January 1999.
Eleven national markets, so diverse in terms of participants, operating conventions, settlement structures, credit facilities, had to merge into a unified trading area almost overnight. New payments systems for large-value transactions were implemented. Capital markets traditionally protected by currency fragmentation and national regulations were opened up to arbitrage and straight competition.