The euro has been in the global markets for ten years now. There can be little doubt that its introduction has been successful. For example, the European Central Bank has managed to keep inflation low, minimizing the fears that it may abandon the strong price stability focus of the Bundesbank....

We survey the evidence on the international role of the euro a decade after its introduction. In the early nineties during the initial stages of Economic and Monetary Union, sceptics raised concerns that the single currency would lead to political disintegration and economic divergence. In...