The Euro at Five: Ready for a Global Role?

Theeuroistheonlymajorcurrencytobecreatedinthe20thcentury;itnowstandsonthebrinkofbecomingoneoftheworld'stworeservecurrenciesinthe21stcentury.Theeuro'suseanddevelopmentshapetheentireagendaforever-closerunioninEuropeandfortransatlanticrelations.AsthecurrencybearingthebruntoftheUSdollar'sdeclinefromitsovervaluationofthelate1990s,theeuro'svalueandmanagementiscriticaltothesuccessfuladjustmentofinternationalimbalances.Andasalong-runcompetitorandcollaboratorwiththedollar,theeurocreatesthepotentialforabipolarinternationalmonetarysystem,offeringunprecedentedchallengesandopportunitiestoeconomicpolicymakers.Thepapersandcommentariesinthisbookexploretheeuro'sinternationalrole,itsrecordthusfar,anditsfuture.,