*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 …

of the Euro. In the absence of a common euro bond, euro-area credit risk is induced though the credit default swaps of … the member countries. The stability of the euro is examined by decomposing dollar-euro exchange rate options into the … member countries have significant impact on the stability of the euro. In particular, an increase in member countries’ credit …

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

case of the GARCH(1,1)-Student-t model the average VaR may be adjusted for parameter uncertainty to arrive at levels which …

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 …