IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Le rôle international de l'euro : chronique d'une décennie

Listed author(s):
  • Agnès Bénassy-Quéré
  • Benoît Cœuré

Eleven years after the creation of the euro, this article surveys the international role of the European currency. The external representation of Eurozone has not yet reached its equilibrium point, and the relative economic weight of the area is bound to diminish in future years but this has not prevented the euro from gaining a prominent role on international financial markets. The euro has risen mainly as a reserve of value and as a regional currency but it has not become a competitor to the US dollar as a vehicle currency. Its development potential is still large, in particular if the markets for euro-denominated government securities were to be unified. A possible scenario would be the advent of a multi-centered system with several key currencies, including the dollar, the euro, and possibly the yen and the renminbi. The international monetary system would thus follow the rebalancing of economic power and this would solve the Triffin paradox, which threatens today the dominance of the dollar. The consequences for the exchange rate of the euro would be unclear, the link between the international status of a currency and its exchange rate being ambiguous. At most could the Europeans hope in such an environment that the exchange rate of the euro would better cushion the economic shocks faced by the Eurozone, which it has not really done so far.

If 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.

File URL:
Download Restriction: free

File URL:
Download Restriction: free

Article provided by Dalloz in its journal Revue d'économie politique.

Volume (Year): 120 (2010)
Issue (Month): 2 ()
Pages: 355-377

in new window

Handle: RePEc:cai:repdal:redp_202_0355
Contact details of provider: Web page:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:cai:repdal:redp_202_0355. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.