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Cooperating with Europe's Monetary Union

Author

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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.

Suggested Citation

  • C. Randall Henning, 1997. "Cooperating with Europe's Monetary Union," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa49.
    • Handle: RePEc:iie:ppress:pa49
    Note: Policy Analyses in International Economics 49
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    Citations

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    Cited by:

    1. Richard Portes & Hélène Rey, 1998. "The emergence of the euro as an international currency," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 13(26), pages 306-343.
    2. Portes, Richard, 1999. "Global Financial Markets and Financial Stability: Europe's Role," CEPR Discussion Papers 2298, C.E.P.R. Discussion Papers.
    3. Hartmann, Philipp & Issing, Otmar, 2002. "The international role of the euro," Journal of Policy Modeling, Elsevier, vol. 24(4), pages 315-345, July.
    4. Francesco Papadia & Gian Ruggiero, 1999. "Central Bank Independence and Budget Constraints for a Stable Euro," Open Economies Review, Springer, vol. 10(1), pages 63-90, February.
    5. Dominick Salvatore, 1998. "International Monetary and Financial Arrangements: Present and Future," Open Economies Review, Springer, vol. 9(1), pages 375-416, January.
    6. Benjamin J. Cohen, 2003. "Can the Euro Ever Challenge the Dollar?," Journal of Common Market Studies, Wiley Blackwell, vol. 41, pages 575-595, September.
    7. 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.
    8. George Viksnins, 2000. "Baltic monetary regimes in the XXI st century," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 35(5), pages 213-218, September.
    9. Hartmann, Philipp, 1998. "The Currency Denomination of World Trade after European Monetary Union," Journal of the Japanese and International Economies, Elsevier, vol. 12(4), pages 424-454, December.

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