The use of the prefix Euro, as in Eurocurrency or Eurobank, is misleading, since the activity described is related to offshore banking (providing foreign currency borrowing and lending services) in general and is in no way
limited to Europe. For instance, the Eurodollar market originally referred
to dollar banking outside the United States. But now a type of Eurodollar
banking also occurs in the United States. The Euroyen market involves
yen-denominated bank deposits and loans outside Japan. Similarly, there
are Euroeuros (the name for eurodenominated bank deposits) and
Eurosterling (the name for the U.K. pound denominated bank deposits).