International Implications of European Economic and Monetary Union [E-Book] / Norbert Funke and 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...
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Personal Name(s): | Funke, Norbert. |
Kennedy, Mike. | |
Imprint: |
Paris :
OECD Publishing,
1997
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Physical Description: |
44 p. ; 21 x 29.7cm. |
Note: |
englisch |
DOI: |
10.1787/557406211626 |
Series Title: |
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OECD Economics Department Working Papers ;
174 |
Keywords: |
Economics Euro Area European Union |
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 ... |