The Eurodollar

Students often erroneously refer to the Euro as the Eurodollar. This is a bit ironic since for many Europeans the Euro has an anti-dollar element. In order to avoid confusing European tourists it would probably be best not to use the term Eurodollar.

Actually, Eurodollars are defined by Investopedia as "U.S.-dollar denominated deposits at foreign banks or foreign branches of American banks. By locating outside of the United States, eurodollars escape regulation by the Federal Reserve Board."

Amazingly, the writers at Global Financial Data have advocated a single currency to be used in Europe and the U.S. and eventually the rest of the world. They suggest Eurodollar as the name for such a currency.