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The creation of the euro will link an economy that is nearly as large and as open as the United States. Does this imply … that the euro will rival the role of the dollar as an international currency? This paper addresses this question through an … examination of the determinants of the use of an international currency. It examines both the prospects of the euro becoming an …
Persistent link: https://www.econbiz.de/10005360637
On January 1, 1999, 11 European countries will officially become a monetary union with one currency, the euro. Forming …
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-making bodies of the European Central Bank (ECB) and manages Europe's new currency, the euro. The structure of the ESCB is in many … in the ESCB. The strong mandate for price stability will enhance the euro's credibility. But the diffuse power structure …
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This article reviews the evidence on differences in the transmission of monetary policy across European countries. The authors argue that the existing evidence, based almost exclusively on macroeconomic data, does not allow one to decide whether a common monetary policy will have asymmetric...
Persistent link: https://www.econbiz.de/10005373201
A number of studies have recently noted that monetary integration in the European Monetary Union (EMU) has been accompanied by increased financial integration. This paper examines the channels through which monetary union increased financial integration, using international panel data on...
Persistent link: https://www.econbiz.de/10005712201
Many commentators are skeptical about the long-run viability of the European Monetary Union (EMU). This article compares the EMU with a well-functioning currency union, the U.S., and finds that they are similar based on key criteria. On the basis of this analysis, the EMU may be as viable as the...
Persistent link: https://www.econbiz.de/10005499120