a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both for … identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra … -euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of …

yen, US dollar, and the Euro interest rates. Whether or not the announcements from the monetary authorities impact the … do not occur, contrary to the usual cases. Moreover, an ongoing strange phenomenon is that Japanese yen appreciates …

force in world capital markets, although the importance of EU monetary policy decisions has been increasing and a Euro bloc …