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By Gary Burn (auth.)

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In providing this, by definition, the City became a market for global credit, which to operate efficiently, in turn, depended on the smooth mobilisation of ‘savings’ – not only British domestic savings, but also savings made available from the rest of the world. In other words, the City needed institutions to provide, as Leys (1986: 114) puts it, ‘a trustworthy world currency and an efficient way of settling international accounts, insuring international trade, arranging international shipments, extending credit and the like’.

Market, public v. private dichotomy. Yet this dichotomy goes largely unchallenged, if not unnoticed. There is little indication that those writing about the Euromarkets view the ‘market’ and the ‘state’ as anything more than discreet institutions and ahistorical universals. Consequently, these institutions are, for the most part, loosely defined in the abstract, with little thought given to the complexity of the relationship that exist between them in historical reality. Those arguing in favour of a ‘state explanation’ have a tendency to freely interchange the terms ‘Britain’, the ‘British state’, the ‘British monetary authorities’ and the ‘Bank of England’.

8 Where all these conflicting stories originated is unclear. Certainly most come free of any corroborating evidence whatsoever. Nevertheless, interesting as this subject may be from a purely historical view, especially with regard to the propagation of the Cold War, it is largely irrelevant from the purview of this book. So while it is true that Paris and other international financial centres, vied with London in the 1950s as a home for these early dollar deposits, and Canadian Banks also had large US dollar deposits which they traded in the so-called Cano-dollar market – a variant of the Eurodollar market – what is important is the fact that sometime during the early post-war period, the activity of holding dollar deposits outside the jurisdiction of the US regulatory authorities took hold.

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