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Cooperating with Europe's Monetary Union

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  • C. Randall Henning

    (Peterson Institute for International Economics)

Abstract

Europe's monetary union will represent the most profound transformation of the international monetary system since the transition from fixed to flexible exchange rates in the early 1970s. It will compete with the erosion of American dominance and the dramatic increase in capital mobility for the distinction of being the most far-reaching change in the global monetary system since the Bretton Woods conference of 1944. Economic and Monetary Union (EMU) will create in Europe a new monetary actor with an economic size roughly comparable to the United States, ushering in a new era in international monetary relations. Nonetheless, while broad interests coincide, the creation of the monetary union will pose challenges to American, Japanese, and other non-European policymakers. Europe's monetary union could prove to be a difficult partner in international monetary cooperation. Henning recommends that European institutions and policy processes be strengthened, representation of the monetary union in the G-7 be consolidated, and that European, American, and Japanese authorities cooperate to reduce instability during the transition to monetary union.

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Bibliographic Info

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This book is provided by Peterson Institute for International Economics in its series Peterson Institute Press: Policy Analyses in International Economics with number pa49 and published in 1997.

ISBN: 978-0-88132-245-3
Handle: RePEc:iie:piiepa:pa49

Note: Policy Analyses in International Economics 49
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Cited by:
  1. Dominick Salvatore, 1998. "International Monetary and Financial Arrangements: Present and Future," Open Economies Review, Springer, vol. 9(1), pages 375-416, January.
  2. George Viksnins, 2000. "Baltic monetary regimes in the XXI st century," Intereconomics: Review of European Economic Policy, Springer, vol. 35(5), pages 213-218, September.
  3. C. Randall Henning, 2006. "The External Policy of the Euro Area: Organizing for Foreign Exchange Intervention," Working Paper Series WP06-4, Peterson Institute for International Economics.
  4. Portes, Richard, 1999. "Global Financial Markets and Financial Stability: Europe's Role," CEPR Discussion Papers 2298, C.E.P.R. Discussion Papers.
  5. Kenen, Peter B., 1998. "EMU and transatlantic economic relations," HWWA Discussion Papers 60, Hamburg Institute of International Economics (HWWA).
  6. Giorgio Gomel, 2001. "Implications of the Euro for International Monetary Relations: A Pole of Attraction in Europe and in the Mediterranean Basin," EUI-RSCAS Working Papers 34, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).

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