"The Euro-dollar market (to use this common term to cover all the external markets in all the major convertible currencies) is closely allied to the great network of arbitrage transactions—that is to say, transactions designed to take advantage of differences in exchange rates and interest rates in the different trading centers

Eurodollar operations basically deal with the flow of funds from an initial owner to a final borrower, but in the process they affect the level of interest rates in different countries for funds lent for as short a time as one day or for as long as 18 months

Until 1965, when the United States first took steps to control the export of capital in order to improve its balance of payments position

First, it has strengthened for the time being the position of the dollar, largely because it has made it more profitable to borrow or to hold dollars.

the market has facilitated the financing of balance of payments surpluses and deficits

the Euro-dollar market has become an integral part of international financial markets, and its functions will have to be performed by itself or by some other market unless the world moves toward financial autarchy"