If and when such phenomena are identified, it is important for all parties  “Asymmetric shocks and risk sharing in a monetary union: Updated evidence and policy implications for Europe”, CEPR Discussion Paper No 4463.
Third, the existence of a mechanism by which the creation of an international network for a currency is catalyzed and accelerated is significant. For example, the global activities of the shipping, finance, and insurance industries under the British Empire, and then American multinational firms in the finance and IT industries, respectively accelerated global use of the pound and US dollar.