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 …

Australian dollar, Japanese yen, euro, US dollar and Chinese renminbi. Utilizing a recently developed test procedure which … debated emergence of a yen bloc, euro bloc, or koala bloc. The empirical evidence brought forward in this paper suggests that …