EMU on standard business cycles statistics. However, further analysis reveals that the euro has changed the nature of the …In contrast to the notion that the exchange-rate regime is non-neutral, there is little evidence that EMU has … before and after the introduction of the euro. Exceptions are a strong decline in real exchange rate volatility and a …

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 … Europe (EMU), of which the single currency is the manifestation, has emerged in the context of a complex process of … interaction between globalisation and regional integration. This paper discusses the internationalisation of the euro and draws …

conversion rates between the euro and the currencies of EMU members states. Current EU legislation, notably the Maastricht Treaty … prices of EMU member currencies against the euro. Unfortunately, most of these have potentially damaging side effects. One … approach, based on official Stage 2 offers of contingent euro forward contracts with value dates at the start of Stage 3 …

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 … international role of the Euro, in areas such as: data needs; financial market developments; euroisation; EMU and the international …

a special emphasis on the first year of the Euro. A contribution is made as to how to measure these roles, both for … identification of changes in the role of the Euro during 1999 compared to the aggregate of Euro predecessor currencies, net of intra-Euro … area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of …

This Paper considers how the European Union, and more specifically the euro area, can contribute to international … key emerging market countries and a possible ‘hard landing’ for the US dollar. In that context, EMU has clearly increased … internal stability in the euro area and has promoted a dynamic development of capital markets. But in some respects, monetary …

This paper explores the dominant role of politics in decisions made by euro area governments during the crisis …. Decisions that appear to have been driven by local political considerations to the detriment of the euro area as a whole are … costs across the euro area. The example of Cyprus is discussed, where political decisions resulted in a transfer of about …