International currency competition and the future role of the single European currency: final report of the working group: "European Monetary Union--international monetary system"
This report--prepared For The ECU Institute by a group of eight economists from universities, private financial institutions, central banks and international institutions, all participating in a strictly private capacity--is an effort to Understand The factors that determine the international use of currencies, The present use of the world's major currencies, And The probable implications For The International Monetary System of the setting up in Europe of an Economic and Monetary Union (EMU) having a single currency (the ECU). The book shows that the EMU will greatly modify the design of the International Monetary System. By encouraging the development of a second key international currency that may challenge the dollar, it may transform the current system to a bipolar regime. By introducing a new, big player into the system, it may also increase the interest of the main participants in international coordination.
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Analysis B Transaction costs and the tension between centralisation
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adjustments analysis Asia assets BREAKDOWN Bretton Woods system capital mobility central banks collective action competition between currencies D-mark decentralisation degree denominated in dollars denomination of international depends developing countries DM Yen dynamics economics of networks ECU INSTITUTE EMU participants equilibrium exchange rates Europe European currencies exchange rate regime exchange rate rules exports denominated external factors fiat money Financial Centre financial markets floating exchange rate foreign exchange markets France French franc functions Germany global governments important increase industrialised countries infostructures infrastructures instability interest rates international currency international monetary system international money international trade interviews issues Japan linked liquidity macroeconomic mark means of payment monetary internationalisation monetary union national currency official participants in financial particular payment systems pound sterling relative share of world single currency stability sterling store of value structure systemic risk Table Tavlas transaction costs unit of account vehicle currency volatility world exports