This Paper analyses the issues raised by EMU for the relationships between the Euro area and the international … financial system. The depreciation of the Euro exchange rate since the beginning of EMU has attracted most attention. The Paper … argues that theory and the data support none of the conventional explanations and that a substantial appreciation will be …

, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the …

The size and economic relevance of Europe may imply a new role for the EURO in the international financial markets. But … will the EURO compete with the $US and the Yen for a place in the basket of international currencies? Will that induce a … run trend of the EURO depends on the economic performance of the partner countries as well as on the properties of the new …

*The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro … financial markets and thickness externalities in the use of the euro as means of payment will be the major factors determining … the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and …

Europe's contribution to the international financial system is a new currency, the euro. Economic and Monetary Union in … interaction between globalisation and regional integration. This paper discusses the internationalisation of the euro and draws …

Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms … remain unknown. We investigate the underlying channels of the euro's effect on financial integration using data on bilateral … euro's impact on financial integration is primarily driven by eliminating the currency risk. Legislative …

This Paper focuses on the pass-through of exchange rate changes into the prices of imports made by euro area countries … industry-specific rates of pass-through across and within countries for all euro members. In the short run, pass-through rates …-through rates across industries and countries can be rejected. Differences exist across euro area countries in the degree that a …

competitiveness. A formal theory of inflation in the euro-zone based on an open-economy version of the New Keynesian model is used to …It is widely recognised that the "one-size-fits-all" monetary policy of the euro-zone is a potential problem. How much … choice may lie between closer political union and a break-up of the euro-zone. …

before and after the introduction of the euro. Exceptions are a strong decline in real exchange rate volatility and a … EMU on standard business cycles statistics. However, further analysis reveals that the euro has changed the nature of the …