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What we are witnessing is the latest chapter in the evolution of the euromarkets.
The Carter Administration assured the European Community in 1978 that if the Europeans sought reserve currency diversification for both their national markets and the euromarkets, the United States would not attempt to artificially perpetuate the international status of the US dollar.
A floating rate note (FRN) is a form of security, invented in the euromarkets and adopted elsewhere, that carries a variable interest rate which is adjusted regularly (at one to six-monthly intervals - whatever is preferred by the issuer) by a margin against a benchmark rate such as LIBOR (the London Inter-Bank Offered Rate of Interest).