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The deepening of global imbalance and especially the growth of so-called twin deficits cause the changes of conditions in trade with goods and services as well as in the area of flow of funds. This process ultimately affects the development of foreign exchange reserves´ structure with an impact on the stability of international monetary system. The aim of this paper is to assess the extent of recycling of the major currencies in the world economy. We will focus on two economies – USA and Euro Area - during the ...