Whenever the dollar was weak, capital surged into alternative currencies, notably the Japanese yen and the German Mark. But exchange-rate appreciation put great strain on the export industries that were central to these countries’ economic performance; and both countries tried desperately to avoid becoming reserve currencies.
欧元的创生，原本就是为了抵御20世纪70年代早期固定汇率体系崩溃后，国际汇率不稳定的种种恶果。当年，只要美元一走弱，资本就会涌向其他货币，尤其是日元和德国马克。但本币升值造成的出口压力令这些出口导向型经济体不堪重负，所以两国都极力避免本币成为储备货币。