euro is unlikely to displace the dollar as the dominant international currency in the near term. First, the growth … delivered a currency that retains its purchasing power at least as well as the dollar, there are at least three reasons why the … prospects of the euro area. Second, the uniqueness of EMU. Third, the benefits of incumbency." …

have on official holdings of dollar reserves. A wide range of projections are presented for the effect of EMU on the … the effect of EMU on the currency composition of reserves. It is argued that official dollar holdings could decline on the … order of 35 percent or more from current dollar holdings, although the range of uncertainty is quite large. …

This paper attempts to review the different elements of the international role of the dollar and, where possible, to … provide quantitative information about the current scale of dollar use and how it may be changing, including in response to … European monetary union. The paper considers the exchange value of the dollar, the dollar as reserve asset, the dollar as …

With the U.S. trade deficit at high levels, many look to a dollar depreciation to curb the U.S. appetite for foreign … goods by pushing up the cost of imports. Yet three factors -- the use of the dollar in invoicing U.S. trade, the market … reduce demand significantly. Evidence suggests that a weaker dollar will boost foreign demand for U.S. exports, but this …