On January 1, 1999, the euro was launched with eleven members and it instantly became the second most important currency in the world. It may prove to be the most important event in the history of the international monetary system since the dollar took over from sterling the role of dominant...

Lecture on "The International Monetary System at the Beginning of the New Millennium" given at Hanyang University, Korea.

Monetary integration involves a consideration of two quite different types or dimensions of sovereignty.One is policy sovereignty, and the other is legal sovereignty. Policy sovereignty refers to the ability to conduct policy independent of commitments to other countries. Legal sovereignty...

Paper prepared for the "Conference on Leadership and Nation Building" sponsored by the Emirates Center for Strategic Studies & Research, Abu Dhabi, UAE, 5-7 November 2000.

Mundell's role in the development of the international macroeconomic model and influences from his predecessors and contemporaries. Closing remarks cover some limitations of the model and opportunities for its use in the future.

Manuel Guitian Memorial Lecture, International Monetary Fund, February 8, 2001.

The introduction of coinage marks an important innovation in the history of money and a transition in the development of civilization itself. Sometime in the first millennium BC, coinage was invented, probably in Asia Minor, and it rapidly spread throughout the Mediterranean area. Tradition...