1. The rapidly changing world economy -- 2. The great recession -- 3. Global finance and payments imbalances -- 4. The role of monetary policy -- 5. The post-crisis world -- 6. China's prospects and challenges -- 7. The US external position -- 8. The redback, the greenback and the troubled euro...

This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...