The Euro As a Stabilizer in the International Economic System

by Mundell, Robert; Clesse, Armand

• ISBN13: 9780792377559
• ISBN10: 0792377559
• Edition: Reprint
• Format: Hardcover
• Copyright: 2000-03-01
• Publisher: Kluwer Academic Pub

Summary

This book examines the implications of the creation of the euro, the new European currency unit, for the stability of the international monetary and exchange rate system. Among the central questions addressed are: Will the euro be a strong or weak currency? Will the euro be a rival to the dollar system? How will the euro affect monetary cooperation between Europe and the United States? Is the inception of the euro likely to be an historic turning point in the international economic system? This volume developed out of a conference held at the Luxembourg Institute for European and International Studies. Among the contributors are many of the best-known experts on international monetary theory and policy and international trade. This book contains revised versions of the papers first presented at the conference as well as the text of the conference proceedings, and is organized in five sections: Part I: The Viability of the Euro; Part II: Management of the Euro; Part III: The Euro in the International Economy; Part IV: Conference Sessions; and Part V: Keynote Session. Besides addressing the economic implications of the euro, the book also discusses the euro's political ramifications. This volume promises to be one of the most timely and thorough treatments of the euro and its impact on the international economic system.

Table of Contents

Contributors	xi
Preface	xv
Acknowledgments	xvii
Introduction	xix
PART I: THE VIABILITY OF THE EURO
A New Bi-Polarity?	3	(18)
Charles P. Kindleberger
The Theoretical and Historical Perspectives on the Emergence of the Euro	21	(14)
Robert Skidelsky
Kalin Nikolov
External Relations of the Euro Area	35	(12)
C. Randall Henning
The International Political Implications of the Euro	47	(10)
Richard Rosecrance
The Euro and the Stability of the International Monetary System	57	(30)
Robert Mundell
PART II: MANAGEMENT OF THE EURO
The Euro and Its Consequences for Global Capital Markets	87	(6)
Norbert Walter
Impact of the Euro on Members and Non-Members	93	(18)
Jeffrey A. Frankel
Exchange Rate Policy-Making in the Euro Area: Lessons From Trade?	111	(24)
Klaus Gunter Deutsch
Reinforcing European Integration to Promote the Euro: A Range of Policy Options	135	(22)
Pierre Maillet
Currency Crises and Capital Controls in Emerging Countries: The Case of the African CFA Franc and Its Euro Future	157	(20)
Emil-Maria Claassen
PART III: THE EURO IN THE INTERNATIONAL ECONOMY
Key Currencies After the Euro	177	(26)
Richard N. Cooper
The Political Economy of the Euro as an International Currency	203	(12)
Jeffry A. Frieden
The Prospect for Global Monetary Bilingualism	215	(16)
Gerhard Michael Ambrosi
The Euro and the Outsiders: The Case of the Swiss Franc	231	(20)
Jorg Baumberger
The Euro and the Dollar: Currency Competition, Competitiveness and Policy Coordination	251	(10)
Christian de Boissieu
The Impact of the Euro on the International Stability: A Chinese Perspective	261	(10)
Mingqi Xu
PART IV: CONFERENCE SESSIONS	271	(120)
Session 1: Monetary Leadership and Economic Stability: The Lessons of the Pound and the Dollar	273	(18)
Session 2: Monetary Leadership and Economic Stability in a Globalizing World	291	(18)
Session 3: The Emergence of the Euro and Its Future Position vis-a-vis Other Leading Currencies	309	(26)
Session 4: The Impact of the Euro on International Stability	335	(24)
Session 5: The Institutional Implications of the Euro	359	(16)
Session 6: What Should Be the Euro's International Role?	375	(16)
PART V: KEYNOTE SESSION	391	(42)
Conference Participants	433	(4)
Pictures Taken at the Conference	437	(4)
Index of Contributors	441