a special emphasis on the first year of the Euro. A contribution is made as to how to measure these roles, both for … identification of changes in the role of the Euro during 1999 compared to the aggregate of Euro predecessor currencies, net of intra-Euro … area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of …

key emerging market countries and a possible ‘hard landing’ for the US dollar. In that context, EMU has clearly increased …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 …

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 … international role of the Euro, in areas such as: data needs; financial market developments; euroisation; EMU and the international …

Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater … increased the pressure on central banks to diversify away from the US dollar. A major portfolio shift would significantly affect … exchange rates and the status of the dollar as the dominant international currency. We develop a dynamic mean …

We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries … using high-frequency bond yield data for France, Germany, Italy and Spain. We find that Economic and Monetary Union (EMU …) has led to substantial convergence in euro area sovereign bond markets in terms of interest rate levels, unconditional …

EMU on standard business cycles statistics. However, further analysis reveals that the euro has changed the nature of the …In contrast to the notion that the exchange-rate regime is non-neutral, there is little evidence that EMU has … before and after the introduction of the euro. Exceptions are a strong decline in real exchange rate volatility and a …

will the EURO compete with the $US and the Yen for a place in the basket of international currencies? Will that induce a …The size and economic relevance of Europe may imply a new role for the EURO in the international financial markets. But … run trend of the EURO depends on the economic performance of the partner countries as well as on the properties of the new …

*The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro … economic efficiency (welfare). We find that the euro may take on some of the current roles of the dollar, but the extent to … shifts that are likely to favour an appreciation of the new currency vis-à-vis the dollar (and the yen). Whatever the likely …