GLOBALISATION
NEW TECHNOLOGIES
UNDERGROUND ECONOMIES
FINANCIAL DE-REGULATION
PROGRESS OF EUROMARKET
UNDER REGULATED FINANCE CENTRES
Some 85% of international banking and bond issuances takes place in the Euromarket, effectively a stateless offshore zone.
A key incentive for the development of the Euromarket, and continued existence of such a market, is that it is free from the regulatory environment (and sometimes political or other country-specific risks) of the "home currency" country. The "euro-" prefix in the term arose because originally such currencies were held in Europe, but that is no longer solely the case, and a euro-currency can now be held anywhere in the world that local banking regulations permit. The euro-currency market is a major source of finance for international trade because of ease of convertibility and the absence of domestic restrictions on trading.