accepting it as making http://www.lingfrtn.com a valuable addition to world liquidity, although noting the attendant banking? risks, which became apparent from the failure of one or two links in unsecured on-lending chains. The critical approach to the market can also clearly be detected, and it was considered a desirable phenomenon. As, when British Prime Minister Harold Wilson introduced his crisis package of July 1966, he laid part of the blame for the pressure on sterling on withdrawals of Euro-dollar deposits in London. Here are two very similar definitions of the term Euro-dollars: Robert Gilpin, (The Political Economy of International Relations, Princetown University Press, 1987, p. 314-315states that: ?The Euro-dollar market received its name from American dollars on deposit in European (especially in London) banks yet remaining outside the domestic monetary system, and the stringent control of national monetary authorities? Enzig and Quinn (The Euro-dollar System: practice and theory of international interest rates, MacMillan Press, 6th edition, 1977, p. 1) state that: http://www.lingfrtn.com the Euro-dollar system is a term used to describe the market in dollar deposits and credits which exists outside the United States of America?.Jeffry Frieden, Banking on the World, New York, Harper and Row, 1987.