The dollar may be doddering, and her global leadership may be questioned, but America's gravitational effects are still felt throughout the world economy. A telling reminder occurred last month when Deutsche Bank AG unveiled Deutsche Bank North America, a newly reorganized investment banking operation. "America is still the largest, most sophisticated market in the world," says DBNA chief executive John Rolls.

Deutsche Bank AG weighs in asset-wise at $322 billion, but only $26 billion are located in North America. And if it's not strong here, it can't be strong globally--the U.S. dollar market is simply too large. Says Gonzalo de Las Heras, director general of Banco Santander's North American activities, the U.S. is a "market where you have to be a participant if you want to play a role internationally."

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