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 … examined empirically. It turns out that for almost all important market segments for which data are available, the Euro …

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. …

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 …

We test whether and how the adoption of the euro, narrowly defined as the end of competitive devaluations, has affected … euro has been accompanied by a reallocation of activity within rather than across sectors. Since its adoption, productivity … since the adoption of the euro. Restructuring has entailed a shift of business focus from production to upstream and …

empirical assessment of their costs and benefits. In the process, we provide evidence on the economic effects of the euro. In … particular, and in contrast with estimates of the trade effect of other currency unions, we find that the impact of the euro on …