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nike tn requin US government to allay fears concerning ?seigniorage? gains accruing from the dollar, because the market was outside the direct control of the USA. Also, the Euro-dollar market became attractive to the oil-exporting states, who deposited their massive increased earnings in the London offshore markets, whose value expanded ?to over $1 trillion ($1000 billion) by 1994. Its appeal for the oil states was that it was apparently beyond the reach of the US government; it was movable, it was secret; and it paid a handsome and floating rate of interest? . The growth of the markets was paralleled by an enormous exploitation in the demand for and supply of credit, even when real interest rates rose dramatically in the 1980s. A key time was in the early 1970s, between the USA and the other major states . The USA wanted to implement a more fully liberal financial system, whereas the others favoured collective action and more substantial international co-operation. The USA sought to devalue its foreign debts by a dollar depreciation, and force other countries to expand http://www.lockeroot.fr to absorb increases in US exports (this was the 1971 strategy, which was repeated in 1985 and again in 1992). Other countries were forced to accept the implications of the new US unilateralism, because of the renewed centrality of the USA in the global political economy.