Corporate and Financial Globalists Lead the Way

The euro has displaced the US dollar as the world’s pre-eminent currency in international bond markets, having outstripped the dollar-denominated market for the second year in a row. Outstanding euro-denominated debt accounts for 45 per cent of the global market, compared with 37 per cent for the dollar. That represents a startling turnabout from the pattern seen in recent decades, when the US bond market dwarfed its European rival: as recently as 2002, outstanding euro-denominated issuance represented just 27 per cent of the global pie, compared with 51 per cent for the dollar. The rising role of the euro comes amid growing issuance by debt-laden European governments. However, the main factor is a rise in euro-denominated issuance by companies and financial institutions.

• JJ Commentary: Global corporations and financial institutions are leading the way into the New World (Dis)Order.