whether the private capital markets will be able to replace the government in providing output smoothing in the euro-area, in … countries, the EU-15 or euro-area countries, for the period 1970-1999. However, there were shown to be considerable differences … between the euro-area and the successful monetary union of the USA: the euro-area showed a much lower insurance of asymmetric …

quantify the effects that EMU may exert on the roles of the dollar and the yen as the other major international currencies …. Estimates presented indicate that the euro may indeed lead to a significant decline in the market share of the dollar as an … assumption that the euro will achieve a reputation similar to that of the deutschmark before EMU. The projected shifts can be …