One only needs to think of the time it took for the dollar to replace the pound sterling. It was no different when the D-Mark was being established as an international currency: that took years, if not decades. In its competition with the dollar the euro will have to acquire for itself a certain degree of trust. This is something it will not inherit.
BIS Review 39/1998  ˝  -6-  However, Americans and Europeans alike can only benefit from the competition between these two major currencies for the confidence of investors. The disappearance of exchange rate risks on the European market will provide interesting investment opportunities in Europe for US enterprises, too.