And as Barry Eichengreen tells us in his latest book on the story of the dollar3 , the reserve currency status depends also on a host of intangible factors such as strategic and military relationships, laws, institutions and incumbency.
The capital and liquidity positions of U.S. banking institutions have improved substantially in recent years, and we have been working with U.S. financial firms to ensure they are taking steps to manage the risks associated with their exposures to Europe.