While the sovereign debt crisis continues worsening in the Euro area, European partners are still hesitating in offering some help, considering that Europe must rely primary on its own resources and fix its failed governance. Still, this crisis constitutes a new, major risk for other countries,...

La question des incidences externes de l'union monétaire européenne a longtemps été un sujet de préoccupation quasi-exclusivement français. Elle fait depuis peu l'objet d'un intérêt croissant hors d'Europe. En se dotant d'une monnaie commune, les pays de l'UE mettront en effet à...

Though the renminbi is not yet convertible, the international monetary regime has already started to move towards a 'multipolar' system, with the dollar, the Chinese currency and the euro as its key likely pillars. This shift corresponds to the long-term evolution of the balance of economic...

[fre] L'euro et la stabilité des taux de change. Une analyse théorique. . À l'aide d'un modèle théorique à trois pays, cet article montre que l'unification monétaire européenne pourrait entraîner une variabilité accrue du dollar vis-à-vis de l'ensemble des monnaies européennes, par...

This report examines possible scenarios for the evolution of the international monetary system (IMS) and their implications for the euro area, within a 15-year perspective. The report reviews the lessons from the history of the international monetary system (IMS), analyses the current IMS,...

International monetary reform is back on the agenda after two decades during which it has been hardly discussed. Controversies about the macroeconomic and monetary factors at the root of the financial crisis, China’s exchange rate regime, the reasons why emerging countries accumulated about...

This Letter du CEPII draws on the meeting of the fifth Asia-Europe Economic Forum held in Tokyo on 25 March 2010. The forum brought together a broad range of participants including policymakers, academic experts and private sector specialists. This year, the agenda focused on reforms, national...