It is more complex than being obsolete. The Eurodollar market came into being because of Reg Q, which capped the interest that banks could pay. As interest rate

It is more complex than being obsolete. The Eurodollar market came into being because of Reg Q, which capped the interest that banks could pay. As interest rates rose through the 1960s, this cap became effective (and banks starting losing deposits) and US banks opened branches in Europe so they could acquire USD deposits at higher rates, often from institutions in the US (the historical account given in the pdf is wrong, it was nothing to do with the Marshall Plan, clearly the author just read Wikipedia, US started lending internationally in the 20s and was a huge creditor to Germany). Also, lending offshore was a way to get around the limits on lending introduced by the Fed (again, this is complex but the policy instrument in the late 60s was free reserves, not interest rates so there were volume limits, although these were circumvented and free reserves was a totally useless in isolation as a policy instrument). Changes in regulation/monetary policy meant the function of the market has changed significantly since then. So Eurodollars tends to just refer offshore dollars, and this is still a huge market. The rest of the article is basically accurate in identifying the huge role that the offshore dollar market plays in the economic cycle, particularly of EMs (the article identifies CBs, the demand for USD there since the mid-90s has grown exponentially...it is huge). The Fed opening swap lines en masse in 2008 (really a continuation of what occurred in the mid-90s) was a turning point.