Corsetti, Giancarlo; Flemming, John; Honkapohja, Seppo; … - In: CESifo Forum 2002 (2002) CESIFOFORUMSPECIAL, pp. 27-42
This chapter addresses the weakness of the euro against the US dollar and the yen since its launch in 1999. The report … stresses the effects on the euro of a dramatic decline in the demand for base money which probably reflected a flight of black … money from within the euro countries as well as of deutschmarks returning from Eastern Europe and other parts of the world …