The euro’s global dreams and nightmares
The euro’s global dreams and nightmares

Author(s): Barry Eichengreen
Subject(s): Economic policy, EU-Accession / EU-DEvelopment, Financial Markets
Published by: CEPS Centre for European Policy Studies
Keywords: EU; Euro; currency; Dollar; single European currency; financial markets; banking;
Summary/Abstract: One motive for founding the euro was to create a European unit that might provide an alternative to the dollar as an international and reserve currency. The Werner Report, the first full-throated argument for a single European currency, was issued in a period of angst about the Bretton Woods System and the dollar (Zimmermann, 2002). The Delors Report, which provided a detailed road-map in 1989, was not unrelated to the preceding decade of wild dollar fluctuations.

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