But the fact that Eurodollars were preferred method of settling accounts also had an effect. European banks had large holdings of US dollars which made it much easier for Nixon to take the US off the gold standard. He also convinced the Saudis to price oil in US dollars, stimulating more demand for Eurodollars.
Nixon's hand was forced. He could accept the French continuing to exchange the worthless paper, printed by the Federal Reserve to cover spending on LBJ's federal domestic spending and the roughly half a million million deployed to fight the Vietnam war, for gold until we gave it all away, or he could cut the link. Nixon didn't have the sense or moxy to curb the spending that has been destroying the value of the dollar since 1933.