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Oil and international transactions has everything to do with the power of the USD. There are more transactions, and of larger volume, and more savings between
by kuschku 9y ago
Oil and international transactions has everything to do with the power of the USD.
There are more transactions, and of larger volume, and more savings between EU citizen than between US citizen.
Yet, the EUR is only ~20% of global currency volume, and over 60% is in USD. That is all due to international transactions.
- Retric 9y agoTrading volume has little to do with a currency's power. To be a medium of exchange something needs to have value. Euro's are unstable due to polical issues, but the EU's economy is why it has any value in the first place. Now this has and will change over time, but it's really stability not military power that backs the adoption of USD's.