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Kevin Boles, Frank McDonald & Nigel Healey

In: European Integration in the 21st Century: Unity in Diversity?

Chapter 7: The Euro: A Future International Currency?

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The Euro: A Future International Currency?
The euro: A future international currency?
KevinBoles, FrankMcDonald and NigelHealey

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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