``With the single currency, the European Monetary Union provides an alternative deep and liquid market for raising debt, State Bank of india foreign department deputy general manager A Ramesh Kumar said on Wednesday.

Since the interest rates in Europe were much stable and lower, Indian companies could raise cheap debt from this region.

At present, most bonds were denominated in dollars, he said, which is the supreme reserve currency in the world.

However, he added the supremacy of the dollar could be challenged by the euro, since the cuurency was backed by a strong economic zone, whose combined reserves are seven times more than those of the United States.

Also, the share of the ``eurozone'' in international trade was greater than that of the US economy, he said.