Even when the international agencies associated with the work on standards and codes may not intend so, once the information is disseminated, it is possible that credit rating agencies may assign country ratings on the basis of the levels of achievement of standards.
Such increased liquidity should reduce the cost of holding reserves, though conceivably the credit risk of bonds, not denominated in a currency fully controlled by a domestic central bank, would rise. To some extent the increased attractiveness of the Euro should BIS Review 47/1999  2  reduce the demand for dollars.