How has the euro changed the foreign exchange market?
对比欧元与1999年前的德国马克在外汇现货交易中的表现，发现欧元对美元交易量下降，甚至在某些方面不如马克的国际交易角色。作者认为欧元通过消除货币提高了市场透明度，但增加了做市商的库存风险，导致价差扩大，削弱了欧元的交易吸引力。
This paper examines the primary forex statistics for the euro in relation to the German mark prior to 1999. Contrary to widespread expectations, our evidence indicates that the euro lost ground against the US dollar in forex spot trading and in some dimensions does not even match the international transaction role of the German mark. We argue that the euro changed the forex market structure and particularly increased market transparency through currency elimination. The higher market transparency exposes the dealers to higher inventory risk as his inventory imbalances are revealed more easily to other dealers. Dealers in the euro markets recover increased inventory costs through higher spreads that make the euro a less attractive transaction medium than the German mark. We explore the policy implications for the ECB, for euro outsiders and reflect upon the future of the forex market. Copyright (c) CEPR, CES, MSH, 2002.