During the first two years of monetary union, the euro's weakness surprised most market participants. Explanations … empirical analysis showing that terms-of-trade and saving/investment behaviour seem to have driven the euro exchange rate over … view that towards the end of 2000, the euro was significantly undervalued ...<BR><P>Pendant les deux premières années de l …

Pendant les premieres annees de l'union monetaire, la faiblesse de l'euro a surpris la plupart des observateurs. Les …