*The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro … financial markets and thickness externalities in the use of the euro as means of payment will be the major factors determining … the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and …

six Euro-area countries over the period 2004-2011. As a first step, the supposed non stationarity of the two series is …

We survey the evidence on the international role of the euro a decade after its introduction. In the early nineties … political disintegration and economic divergence. In contrast, some argued that the euro could become a major international … incrementally among a number of dimensions, and a ‘middle-euro' scenario is emerging from the ‘quasi-status-quo'. The share of …

credit. It considers recent work on the effect of the euro on financial integration and the implications of the euro's rising … the euro's internationalization on financial markets, and presents data on the impact of the single currency on private … internationalization on the liquidity premium. Then it turns to the vehicle currency role of the euro and presents some results using new …

interaction between globalisation and regional integration. This paper discusses the internationalisation of the euro and draws …Europe's contribution to the international financial system is a new currency, the euro. Economic and Monetary Union in …

Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater … currencies. Making various assumptions on expected currency returns and the variance-covariance structure, we assess how the euro …-free) currency. (ii) The optimum portfolios show a much lower weight for the euro than is observed. This suggests that the euro may …

This Paper analyses the issues raised by EMU for the relationships between the Euro area and the international … financial system. The depreciation of the Euro exchange rate since the beginning of EMU has attracted most attention. The Paper … authorities should take a more active policy stance. The Paper assesses the role of the Euro as an international currency and the …

This Paper considers how the European Union, and more specifically the euro area, can contribute to international … internal stability in the euro area and has promoted a dynamic development of capital markets. But in some respects, monetary … positions on exchange-rate policy, the international financial architecture, and the euro as an international currency. …