It is true that the higher the reserves the more they assume a "pure" investment character, weakening the link to the currency structure on the external trade front. This argues for a higher euro share in reserves. But it is questionable whether this has a decisive impact on the exchange rate of the euro against the dollar. For one thing, central banks are not prone to making hasty and abrupt investment decisions. Secondly, taken together, private capital managers still shift greater amounts of capital across the currency blocs. After all, private holdings at international banks currently worth more than USD 4,400bn are more than double the total currency reserves held by central banks in emerging markets and developing countries.