large countries, which provide international currencies to an asymmetric world monetary system. Crisis and contagion in …

monetary policy reform in a world dominated by financial markets has led to the erosion of the allocation and signaling … world economy. The backlash of high government debt levels on monetary policy making is argued to have led to a hysteresis … displacement of the prevalent world monetary system. Enhanced competition between dollar and euro as international currencies …

The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and … current account balance of the euro area has been by and large balanced. The paper finds that changes of world current account …