I. Introduction II. The Pre-Eminence of the Dollar III. The Fate of the Gold Standard IV. Currency Areas and Currency Unions V. The Importance of Monetary Rules VI. Monetary Arrangements in Free Trade Areas and Customs Unions VII. Central Banks, Dollarization and the Maastricht Conditions VIII....

This paper presents the background and development of the global crisis of 2007–2008 and subsequent developments that are current today. It distinguishes four phases of the crisis: sub-prime mortgage crisis, soaring dollar and the Lehman Brothers fiasco, US and global recession, and, finally,...