Euromarket

The Euromarket refers to a range of financial markets trading in currencies and bonds. Although there are significant differences between these markets, their common feature is that they trade in products denominated in “national” currencies outside the jurisdiction of the relevant state. Euromarkets are geographically significant because they have altered and extended the meaning of economic space. This entry reviews the origins and evolution of the Euromarkets, their role in the global financial system, and their [Page 1031]implications for the practice and study of economic geography.

There is no precise date for the creation of the Euromarkets, but most commentators agree that they came into existence in 1957, when the Eurodollar market was created in London. The Eurodollar market emerged at this time because of a ...