IDEAS home Printed from
MyIDEAS: Login to save this paper or follow this series

International Implications of European Economic and Monetary Union

  • Norbert Funke
  • Mike Kennedy

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 ...

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:
Our checks indicate that this address may not be valid because: 403 Forbidden ( [303 See Other]--> If this is indeed the case, please notify ()

Download Restriction: no

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

in new window

Date of creation: 1997
Date of revision:
Handle: RePEc:oec:ecoaaa:174-en
Contact details of provider: Postal: 2 rue Andre Pascal, 75775 Paris Cedex 16
Phone: 33-(0)-1-45 24 82 00
Fax: 33-(0)-1-45 24 85 00
Web page:

More information through EDIRC

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:oec:ecoaaa:174-en. 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: ()

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.