Ud over visse tekniske detaljerede forklaringer, såsom det nøjagtige antal af ansatte i ECB, finder man kun en gyldig grund: Den eurooptimisme, der omgav indførelsen af euroen - for at bruge et udtryk fra dengang - førte til, at man troede, at den fælles mønt naturligvis ville være stærk, og man mente derfor, at spørgsmålet om reserver var sekundært.
Aside from a few technical explanations relating to details, such as the exact number of ECB staff, there is only one valid reason that can be cited: the euro-optimism surrounding the launch of the euro, as it was called at the time, led people to believe that the single currency would naturally be strong and that the question of reserves was, therefore, secondary.