However, it is also apparent that the euro’s success in terms of new issues increased its share of all international debt securities outstanding only slightly compared with its predecessor currencies, namely from 25% at the end of 1997 to 30% at the end of March 2000. At this reference date, the share of the dollar stood at 47%.
The euro’s share of international banking business is somewhat smaller than on international securities markets, amounting to 28% in the case of bank assets and 24% in the case of bank liabilities, compared with a dollar market share of 40% and 42%, respectively.