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International Implications of European Economic and Monetary Union

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  • Norbert Funke
  • Mike Kennedy

Abstract

For a long time European Economic and Monetary Union was mainly considered an internal European issue and external consequences were largely ignored. In contrast to most previous analyses, this paper looks at a number of international implications of monetary union. It is argued that several factors could contribute to the euro becoming an international currency in the future and a competitor to the US dollar in this respect. The degree of uncertainty attached to this outcome, however, remains considerable and in any event the emergence of the euro as a major international currency is likely to take some time. Given the expected size of the euro-zone and the likelihood of the euro becoming an international currency, fiscal and monetary policies in the area are likely to have a significant impact on the macroeconomic environment in the rest of the world. An important issue is how will monetary union affect major bilateral exchange rate developments and their volatility. A number of ... Pendant longtemps, l’Union économique et monétaire européenne était surtout considérée comme une affaire interne à l’Europe, et les conséquences externes étaient largement ignorées. Contrairement à la plupart des analyses précédentes, cet article considère un certain nombre d’implications internationales de l’union monétaire. Il soutient que plusieurs facteurs pourraient contribuer à transformer l’euro en une monnaie internationale dans l’avenir et devenir ainsi le concurrent du dollar américain. Cependant, le degré d’incertitude entourant ce résultat demeure considérable et, en tout état de cause, l’émergence de l’euro en tant que monnaie internationale devrait prendre quelque temps. Étant donné la dimension prévue de la zone euro et la probabilité que l’euro devienne une monnaie internationale, les politiques budgétaires et monétaires dans ce domaine devraient influer de manière significative sur l’environnement macroéconomique du reste du monde. La manière dont l’union monétaire ...

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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 174.

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Date of creation: 1997
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Handle: RePEc:oec:ecoaaa:174-en

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Cited by:
  1. Bas Aarle & Michael Boss & Jaroslava Hlouskova, 2000. "Forecasting the Euro exchange rate using vector error correction models," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 136(2), pages 232-258, June.
  2. Françoise Le Quéré, 1999. "Les sources de l'internationalisation de l'euro," Revue d'Économie Financière, Programme National Persée, Programme National Persée, vol. 52(2), pages 31-54.
  3. Chantal Dupasquier & Jocelyn Jacob, 1997. "European economic and monetary union: Background and implications," Bank of Canada Review, Bank of Canada, Bank of Canada, vol. 1997(Autumn), pages 3-28.
  4. Maclennan, Duncan & Muellbauer, John & Stephens, Mark, 1998. "Asymmetries in Housing and Financial Market Institutions and EMU," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 14(3), pages 54-80, Autumn.
  5. Martine Durand, 1999. "Challenges for International Economic Policy Coordination in EMU: Institutional Setting, Financial Market Reactions and the Importance of Systemic Risk," Empirica, Springer, Springer, vol. 26(3), pages 281-286, September.
  6. 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.
  7. Langhammer, Rolf J., 1998. "European integration deepening and widening: implications for Asia," Kiel Working Papers 892, Kiel Institute for the World Economy.
  8. Agnès Bénassy-Quéré & Benoît Mojon & Armand-Denis Schor, 1998. "The International Role of the Euro," Working Papers 1998-03, CEPII research center.
  9. Ilan Goldfajn & Roberto Rigobon, 2000. "Hard currency and financial development," Textos para discussão, Department of Economics PUC-Rio (Brazil) 438, Department of Economics PUC-Rio (Brazil).
  10. Aykut Kibritcioglu, 2003. "EMU, EURO and EU-Membership: An Evaluation from the Turkish Macroeconomic Perspective," Macroeconomics, EconWPA 0301004, EconWPA, revised 16 Jan 2003.

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