dollar’s decline are the euro and the Chinese renminbi. The probability that the renminbi will eventually become one of the … world’s key currencies is very high, but the speed of the process is uncertain. As far as the euro is concerned, much will … result in radical steps towards fiscal and financial integration. If such steps are taken, the euro will secure both internal …

number and diversity of participants in global economic integration. It must learn to coexist with regionalism and the market …

architecture for resolving problems within the European single financial market. Throughout the period 2007-2009 the situation in … the EU has been characterised by a lingering lack of transparency, not only vis-à-vis market participants and the public … impeded by the divide between the euro area, and the main financial centre of London. Crisis management has mostly taken place …

market-based stabilisation, or an improvement in monetary policy. Section 4 shows descriptive evidence on the size of … OECD countries, including 11 euro area members. The evidence confirms the contrast between time-series and cross …