Can the euro challenge the supremacy of the U.S. dollar as a
global currency? From the time Europea (TM)s joint money was born,
many have predicted that it would soon achieve parity with the
dollar or possibly even surpass it. In reality, however, the euro
has remained firmly planted in the dollara (TM)s shadow. The essays
collected in this volume explain why. Because of Americaa (TM)s
external deficits and looming foreign debt, the dollar can never be
as dominant as it once was. But Europea (TM)s money is unable to
mount an effective challenge. The euro suffers from a number of
critical structural deficiencies, including an anti-growth bias
that is built into the institutions of the monetary union and an
ambiguous governance structure that sows doubts among prospective
users. As recent events have demonstrated, members of the euro zone
remain vulnerable to financial crisis. Moreover, lacking a single
voice, the bloc continues to punch below its weight in monetary
diplomacy. The world seems headed toward a leaderless monetary
order, with several currencies in contention but none clearly
This collection distils the views of one of the worlda (TM)s
leading scholars in global currency, and will be of considerable
interest to students and scholars of international finance and
international political economy.
|Country of origin:
Benjamin J Cohen
||Electronic book text
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