*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 …

characterized by large credit losses in the US and a simultaneous sharp output reduction in the US and the Euro Area. Our results …

We estimate a three-country model using 1995-2013 data for Germany, the Rest of the Euro Area (REA) and the Rest of the … World (ROW) to analyze the determinants of Germany’s current account surplus after the launch of the Euro. The most … interest rates to German rates due to the creation of the Euro only had a modest effect on the German current account and on …

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

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. …

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 …