Correct. Interestingly enough, it will massively increase the supply of euro bonds, and probably pull in a bunch of cash that goes to US treasuries now. If the

Correct. Interestingly enough, it will massively increase the supply of euro bonds, and probably pull in a bunch of cash that goes to US treasuries now. If there's enough pan European bonds (which there won't be) then the reserve currency status of the dollar could be threatened.