Regis Chatellier, director of emerging market sovereign credit strategy at Societe Generale, said that with the European Central Bank now scoping out its first full-scale quantitative easing program the euro will be the obvious choice.

"We estimate that 40 percent of emerging market sovereign debt is going to be issued in euros next year and that will be up from around 27 percent this year," he said.

While the Fed moves towards tighter monetary policy, ECB moves in the opposite direction should keep the euro depressed and make the cost of servicing euro-denominated debt cheaper.

"You have seen countries like Chile and Indonesia issuing in euros already so this shows you what is happening," Chatellier added, underlining that these countries have little real economic link with the euro.

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