Summary
Contents
Subject index
European Integration in the Twenty-First Century provides a comprehensive overview of the many dimensions and challenges to the on-going European integration project. It employs a number of interdisciplinary perspectives to review processes of both unity and disunity providing the reader with a complete snapshot of contemporary European integration in its variety of settings.
Chapter 7: The Euro: A Future International Currency?
The introduction of the euro adds an extra dimension to the international financial system, introducing a new currency to rival the dollar as an international and reserve currency. Within the European Union, the significance of monetary union for the twelve member states of the euro-zone cannot be overstated, as the mixed reaction among both public and policymakers can testify. For some members of the EU, the euro is a symbol of the renaissance of Europe as the world leader in commerce and culture (Bergsten and Henning, 1996). For others, it is a necessary convenience that facilitates commercial development and greater competition across borders formerly protected by exchange and interest rate differentials ...
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