ABSTRACT
A Euro-currency is a deposit held in a bank and denominated in a specific currency, its distinguishing feature being that it is located outside the country of that currency‧s origin. A Euro-dollar, for example, is a special case of a Euro-currency; it is a dollar deposit in a bank located outside the USA. A Euro-mark would be a mark deposit in a bank outside Germany. Since Euro-dollars make up the bulk of the Euro-currency market, we will limit ourselves in the main to the functioning of that market.
