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Global currencies for tomorrow: a European perspective

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  • Ignazio Angeloni
  • Agnès Bénassy-Quéré
  • Benjamin Carton
  • Christophe Destais
  • Zsolt Darvas
  • Jean Pisani-Ferry
  • André Sapir
  • Shahin Vallée

Abstract

This report examines how the international monetary system (IMS) might evolve and the implications of different scenarios for the euro area over the next fifteen years.After the collapse of the Bretton Woods system forty years ago, the IMS gradually developed into its present state, a hybrid mix of exchange-rate flexibility, capital mobility and monetary independence. The US dollar retains a dominant, but not exclusive, role and the IMS governance system blends regional and multilateral surveillance. It combines IMF-based and ad-hoc liquidity provision. Although it has proved resilient during the crisis, partly thanks to ad-hoc arrangements, the IMS has serious flaws, which are likely to be magnified by the rapid transformation of the global economy and the increasing economic power of emerging economies.

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This book is provided by Bruegel in its series Blueprints with number 592 and published in .

Handle: RePEc:bre:bluprt:592

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References

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Citations

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Cited by:
  1. Agnès Bénassy-Quéré & Yeganeh Forouheshfar, 2013. "The impact of yuan internationalization on the euro-dollar exchange rate," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00801100, HAL.
  2. repec:hal:cesptp:hal-00961708 is not listed on IDEAS
  3. Masahiro Kawai, 2014. "Asian Monetary Integration : A Japanese Perspective," Finance Working Papers 24158, East Asian Bureau of Economic Research.
  4. Agnès Bénassy-Quéré & Yeganeh Forouheshfar, 2013. "The Impact of Yuan Internationalization on the Euro-Dollar Exchange Rate," PSE - G-MOND WORKING PAPERS, HAL hal-00961708, HAL.
  5. repec:hal:journl:halshs-00763966 is not listed on IDEAS
  6. Agnès Bénassy-Quéré & Damien Capelle, 2012. "On the inclusion of the Chinese renminbi in the SDR basket," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00763966, HAL.
  7. Stijn Claessens & Shahin Vallée, 2012. "Paths to eurobonds," Working Papers, Bruegel 733, Bruegel.
  8. 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).
  9. Prasad, Eswar, 2014. "Global Implications of the Renminbi’s Ascendance," ADBI Working Papers, Asian Development Bank Institute 469, Asian Development Bank Institute.
  10. Pietro Alessandrini & Andrea Presbitero, 2012. "Low-Income Countries and an SDR-based International Monetary System," Open Economies Review, Springer, Springer, vol. 23(1), pages 129-150, February.
  11. Pietro Alessandrini & Andrea Filippo Presbitero, 2011. "Low-Income Countries Vulnerabilities and the Need for an SDR-Based International Monetary System," Mo.Fi.R. Working Papers, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences 55, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
  12. Allegret, Jean-Pierre & Sallenave, Audrey, 2014. "The impact of real exchange rates adjustments on global imbalances: A multilateral approach," Economic Modelling, Elsevier, Elsevier, vol. 37(C), pages 149-163.
  13. Robert N McCauley & Catherine R Schenk, 2014. "Reforming the international monetary system in the 1970s and 2000s: would an SDR substitution account have worked?," BIS Working Papers 444, Bank for International Settlements.

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