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Do exchange rate regimes affect the conditions under which developed countries borrow? This paper argues that they do, but their impact on yields depends on the prevailing macroeconomic context. When investors regard inflation as the most relevant risk to bond holdings, monetary union has a...
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The inquiry into the global significance of the euro, which is the second most important currency in the international …’s strategic autonomy. The main obstacles impeding the further internationalisation of the euro include the lack of a sovereign … behind it and the heterogeneity and struc­tural problems of the euro area member states. The international status of the euro …
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