IDEAS home Printed from https://ideas.repec.org/b/iie/piiepa/pa49.html
   My bibliography  Save this book

Cooperating with Europe's Monetary Union

Author

Listed:
  • 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: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa49, January.
  • Handle: RePEc:iie:piiepa:pa49
    Note: Policy Analyses in International Economics 49
    as

    Download full text from publisher

    File URL: http://bookstore.piie.com/book-store/13.html
    Download Restriction: no

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Portes, Richard, 1999. "Global Financial Markets and Financial Stability: Europe's Role," CEPR Discussion Papers 2298, C.E.P.R. Discussion Papers.
    2. Richard Portes & Hélène Rey, 1998. "The emergence of the euro as an international currency," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 305-343, April.
    3. Kenen, Peter B., 1998. "EMU and transatlantic economic relations," HWWA Discussion Papers 60, Hamburg Institute of International Economics (HWWA).
    4. Hartmann, Philipp & Issing, Otmar, 2002. "The international role of the euro," Journal of Policy Modeling, Elsevier, vol. 24(4), pages 315-345, July.
    5. 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.
    6. Dominick Salvatore, 1998. "International Monetary and Financial Arrangements: Present and Future," Open Economies Review, Springer, vol. 9(1), pages 375-416, January.
    7. Benjamin J. Cohen, 2003. "Can the Euro Ever Challenge the Dollar?," Journal of Common Market Studies, Wiley Blackwell, vol. 41, pages 575-595, September.
    8. 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).
    9. 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.
    10. George Viksnins, 2000. "Baltic monetary regimes in the XXI st century," Intereconomics: Review of European Economic Policy, Springer;German National Library of Economics;Centre for European Policy Studies (CEPS), vol. 35(5), pages 213-218, September.
    11. 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.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:iie:piiepa:pa49. 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: (Peterson Institute webmaster). General contact details of provider: http://edirc.repec.org/data/iieeeus.html .

    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.

    We have no references for this item. You can help adding them by using 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.