The euro at ten: the next global currency?
AbstractOver the first ten years of its existence, the euro has proved to be more than a powerful symbol of collective identity. It has provided price stability to previously inflation-prone countries; it has offered a shelter against currency crises; and it has by and large been conducive to budgetary discipline. The eurozone has attracted five new members in addition to the initial eleven, and many countries in Europe wish to adopt it. The euro has also been successful internationally. Even though research presented in this volume confirms that it has not rivaled the dollar's world currency status, it has certainly become a strong regional currency in Europe and the Mediterranean region. Some countries in the region have de facto adopted it, several peg to it, and many have become at least partially euroized. However, the euro's impressive first decade is likely to be followed by a much more difficult period. The present financial crisis is posing at least two important challenges: real economic adjustment within the euro area and maintenance of fiscal and financial stability without a central government authority capable of taking appropriate financial and fiscal decisions in difficult times. This book is the product of a joint conference held in 2008 by the Peterson Institute for International Economics and Bruegel. It is edited by Bruegel Director Jean Pisani-Ferry and then-PIEE Deputy Director and current Bruegel board member Adam Posen. The papers and remarks in this volume demonstrate that the euro has proved to be attractive as a fair weather currency for countries and investors well beyond its borders. But it remains to be seen whether it is equipped to also succeed as a stormy weather currency. Contributors: JoaquÃn Almunia, Maria Celina Arraes, Leszek Balcerowicz, C. Fred Bergsten, Lorenzo Bini Smaghi, Kristin J. Forbes, Linda S. Goldberg, C. Randall Henning, Mohsin S. Khan, Antonio de Lecea, Erkki Liikanen, Philippe Martin, Thomas Mayer, AndrÃ© Sapir, Dominique Strauss-Kahn, Lawrence H. Summers, and GyÃ¶rgy SzapÃ¡ry.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoThis book is provided by Bruegel in its series Books with number 303 and published in .
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Benassy-Quere, A. & Fontagne, L. & Lahreche-Revil, A., 2000.
"Exchange Rate Strategies in the Competition for Attracting FDI,"
Papiers d'Economie MathÃÂ©matique et Applications
2000.07, UniversitÃ© PanthÃ©on-Sorbonne (Paris 1).
- Agnès Bénassy-Quéré & Lionel Fontagné & Amina Lahrèche-Revil, 1999. "Exchange Rate Strategies in the Competition for Attracting FDI," Working Papers 1999-16, CEPII research center.
- Fischer, Christoph, 2011.
"Currency blocs in the 21st century,"
Discussion Paper Series 1: Economic Studies
2011,12, Deutsche Bundesbank, Research Centre.
- Fischer, Christoph, 2012. "Currency blocs in the 21st century," BOFIT Discussion Papers 24/2012, Bank of Finland, Institute for Economies in Transition.
- Christoph Fischer, 2011. "Currency blocs in the 21st century," Globalization and Monetary Policy Institute Working Paper 87, Federal Reserve Bank of Dallas.
- Ignazio Angeloni & Agnès Bénassy-Quéré & Benjamin Carton & Zsolt Darvas & Christophe Destais & Ludovic Gauvin & Jean Pisani-Ferry & André Sapir & Shahin Vallée, 2011.
"Global currencies for tomorrow: A European perspective,"
European Economy - Economic Papers
444, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
- Ignazio Angeloni & AgnÃ¨s BÃ©nassy-QuÃ©rÃ© & Benjamin Carton & Christophe Destais & Zsolt Darvas & Jean Pisani-Ferry & AndrÃ© Sapir & Shahin VallÃ©e, . "Global currencies for tomorrow: a European perspective," Blueprints, Bruegel, number 592, December.
- Schilirò, Daniele, 2012. "A new governance for EMU and the economic policy framework," MPRA Paper 47454, University Library of Munich, Germany.
- Schilirò, Daniele, 2011.
"A new governance for the EMU and the economic policy framework,"
30237, University Library of Munich, Germany.
- Schilirò, Daniele, 2011. "A new governance for the EMU and the economic policy framework," MPRA Paper 32235, University Library of Munich, Germany, revised Jul 2011.
- Agnès Bénassy-Quéré & Benoît Coeuré & Pierre Jacquet & Jean Pisani-Ferry, 2009.
"The Crisis: Policy Lessons and Policy Challenges,"
2009-28, CEPII research center.
- Carfì, David & Schilirò, Daniele, 2010.
"Crisis in the Euro area: coopetitive game solutions as new policy tools,"
31891, University Library of Munich, Germany, revised 26 Jun 2011.
- David CARFÌ & Daniele SCHILIRÒ, 2011. "Crisis In The Euro Area. Coopetitive Game Solutions As New Policy Tools," Theoretical and Practical Research in Economic Fields, ASERS Publishing, vol. 0(1), pages 23-36, June.
- Carfì, David & Schilirò, Daniele, 2010. "Crisis in the Euro area: coopetitive game solutions as new policy tools," MPRA Paper 27138, University Library of Munich, Germany.
- Linda Goldberg, 2011. "The international role of the dollar: Does it matter if this changes?," Staff Reports 522, Federal Reserve Bank of New York.
- Anders Aslund, 2009. "The East European Financial Crisis," CASE Network Studies and Analyses 0395, CASE-Center for Social and Economic Research.
- Prasad, Eswar & Ye, Lei (Sandy), 2012. "The Renminbi's Role in the Global Monetary System," IZA Discussion Papers 6335, Institute for the Study of Labor (IZA).
- Oehler Sincai, Iulia Monica, 2010. "Us Treasury Securities Market: Recent Evolutions, Short And Medium Term Prospects," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 14(1), pages 150-165.
- Zsolt Darvas & Valentina Kostyleva, 2011.
"Fiscal and Monetary Institutions in Central, Eastern and South-Eastern European Countries,"
IEHAS Discussion Papers
1127, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
- Zsolt Darvas & Valentina Kostyleva, 2011. "Fiscal and Monetary Institutions in Central, Eastern and South-Eastern European Countries," OECD Journal on Budgeting, OECD Publishing, vol. 11(1), pages 147-185.
- Zsolt Darvas & Valentina Kostyleva, 2011. "Fiscal and Monetary Institutions in Central, Eastern and South-Eastern European Countries," Working Papers 1102, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
- Sergio Mayordomo & Juan Ignacio Peña & Eduardo S. Schwartz, 2009. "Towards a Common European Monetary Union Risk Free Rate," NBER Working Papers 15353, National Bureau of Economic Research, Inc.
- Carfì, D. & Magaudda, M. & Schilirò, D., 2010. "Coopetitive game solutions for the eurozone economy," MPRA Paper 26541, University Library of Munich, Germany.
- John Ryan, 2009. "China and the Global Roles of Currencies," Working Papers 2009.8, International Network for Economic Research - INFER.
- Ryan, John, 2009. "China and the Reserve Currency Question," MPRA Paper 18218, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bruegel).
If references are entirely missing, you can add them using this form.