currencies for much of the world. Our discussion encompasses the history of anchor currency choice, methods for classifying … volatility of exchange rates at the core of the system. It concludes with issues surrounding the rise of China …

On the twentieth anniversary of its inception, the euro has yet to expand its role as an international currency. We …, the euro comprises a far smaller share than that of the US dollar. Furthermore, that share has been roughly constant since … 1999. By some measures, the euro plays no larger a role than the Deutschemark and French franc that it replaced. We explore …