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International Role of the Euro: A Monetary Policy View

15-05-2020

At the intersection between international economics and geopolitics, propositions and predictions on how the euro could challenge the global dominance of the US dollar have been circulating since the inception of the common currency. After an initial period of expansion, since 2006 the euro’s international role has largely diminished or stagnated. Developments such as the resurgence of trade protectionism and, more recently, the COVID-19 crisis bring about a number of risks and opportunities for ...

At the intersection between international economics and geopolitics, propositions and predictions on how the euro could challenge the global dominance of the US dollar have been circulating since the inception of the common currency. After an initial period of expansion, since 2006 the euro’s international role has largely diminished or stagnated. Developments such as the resurgence of trade protectionism and, more recently, the COVID-19 crisis bring about a number of risks and opportunities for the euro at the global stage. In advance of the Monetary Dialogue with ECB President Lagarde on 8 June 2020, the ECON Committee’s Monetary Expert Panel has prepared a set of four papers on this topic. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Externí autor

Joscha BECKMANN, Salomon FIEDLER, Klaus-Jürgen GERN, Josefin MEYER, Corrado MACCHIARELLI, Marek DABROWSKI, Daniel GROS, Angela CAPOLONGO

Happy birthday? The euro at 20

31-01-2019

We analyse the first twenty years of the euro both from an economic and an institutional perspective. We find that in particular during the period since the financial crisis, convergence as measured by a variety of indicators has not improved. Design flaws in the Eurozone institutional architecture have contributed importantly to this lack of convergence. This is why further reforms are urgently needed. This document was provided by Policy Department A at the request of the Committee on Economic ...

We analyse the first twenty years of the euro both from an economic and an institutional perspective. We find that in particular during the period since the financial crisis, convergence as measured by a variety of indicators has not improved. Design flaws in the Eurozone institutional architecture have contributed importantly to this lack of convergence. This is why further reforms are urgently needed. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Externí autor

K. BERNOTH, F. BREMUS, G. DANY-KNEDLIK, H. ENDERLEIN, M. FRATZSCHER, L. GUTTENBERG, A. KRIWOLUZKY, R. LASTRA

The Economic and Monetary Union: Past, Present and Future

31-01-2019

Twenty years of euro history confirms the euro’s stability and position as the second global currency. It also enjoys the support of majority of the euro area population and is seen as a good thing for the European Union. The European Central Bank has been successful in keeping inflation at a low level. However, the European debt and financial crisis in the 2010s created a need for deep institutional reform and this task remains unfinished. This document was provided by Policy Department A at the ...

Twenty years of euro history confirms the euro’s stability and position as the second global currency. It also enjoys the support of majority of the euro area population and is seen as a good thing for the European Union. The European Central Bank has been successful in keeping inflation at a low level. However, the European debt and financial crisis in the 2010s created a need for deep institutional reform and this task remains unfinished. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Externí autor

Marek Dabrowski

The EURO at 20 - A Critical Assessment

15-01-2019

This note, provided by Policy department A, gives an overview of in-depth analyses prepared for the Monetary Dialogue which took place on 28 January 2019.

This note, provided by Policy department A, gives an overview of in-depth analyses prepared for the Monetary Dialogue which took place on 28 January 2019.

Cryptocurrencies and blockchain

05-07-2018

More and more regulators are worrying about criminals who are increasingly using cryptocurrencies for illegitimate activities like money laundering, terrorist financing and tax evasion. The problem is significant: even though the full scale of misuse of virtual currencies is unknown, its market value has been reported to exceed EUR 7 billion worldwide. This paper prepared by Policy Department A elaborates on this phenomenon from a legal perspective, focusing on the use of cryptocurrencies for financial ...

More and more regulators are worrying about criminals who are increasingly using cryptocurrencies for illegitimate activities like money laundering, terrorist financing and tax evasion. The problem is significant: even though the full scale of misuse of virtual currencies is unknown, its market value has been reported to exceed EUR 7 billion worldwide. This paper prepared by Policy Department A elaborates on this phenomenon from a legal perspective, focusing on the use of cryptocurrencies for financial crime, money laundering and tax evasion. It contains policy recommendations for future EU standards.

Externí autor

Prof. Dr. Robby HOUBEN and Alexander SNYERS, University of Antwerp, Research Group Business & Law, Belgium

Swiss decision to discontinue its exchange rate ceiling

21-01-2015

On 15 January, the Swiss National Bank discontinued its currency ceiling, set at 1.20 Swiss francs to the euro, less than four years after its introduction. The Swiss franc (CHF) appreciated immediately, reaching as much as 0.97 CHF to the euro that day. This currency move has had, and will continue to have, an impact both on the Swiss and the euro area economies: the system that has been in place is described briefly below as well as the consequences of the Bank's decision.

On 15 January, the Swiss National Bank discontinued its currency ceiling, set at 1.20 Swiss francs to the euro, less than four years after its introduction. The Swiss franc (CHF) appreciated immediately, reaching as much as 0.97 CHF to the euro that day. This currency move has had, and will continue to have, an impact both on the Swiss and the euro area economies: the system that has been in place is described briefly below as well as the consequences of the Bank's decision.

The Euro as 'Parallel Currency' 1999-2002

15-04-1999

Although the third stage of EMU began on 1 January 1999, euro-denominated notes and coins will not start circulating until 2002; and national currency may continue circulating until July of that year. As a result, the euro may meanwhile be described as a parallel currency, which can be used on a no prohibition, no compulsion basis. This study examines the consequences for firms, public authorities and citizens; and tghe preparations for introducing the euro notes and coins. It also looks at the impact ...

Although the third stage of EMU began on 1 January 1999, euro-denominated notes and coins will not start circulating until 2002; and national currency may continue circulating until July of that year. As a result, the euro may meanwhile be described as a parallel currency, which can be used on a no prohibition, no compulsion basis. This study examines the consequences for firms, public authorities and citizens; and tghe preparations for introducing the euro notes and coins. It also looks at the impact of the euro on the 'out' countries of the EU, and in the wider world.

Externí autor

Trans European Policy Studies Association, Brussels, Belgium

The International Role of the Euro

01-01-1998

The creation of the Euro will constitute a major change to the international monetary system. This study examines the extent to which the Euro will become a major international currency to rival the dollar, whether it is likely to be 'strong' or 'weak'; and how exchange rate policy for the Euro is to be managed. It also contains Annexes on the Euro as an anchor currency for the CEECs; and on parameters for Euro/US$ exchange rates.

The creation of the Euro will constitute a major change to the international monetary system. This study examines the extent to which the Euro will become a major international currency to rival the dollar, whether it is likely to be 'strong' or 'weak'; and how exchange rate policy for the Euro is to be managed. It also contains Annexes on the Euro as an anchor currency for the CEECs; and on parameters for Euro/US$ exchange rates.

Externí autor

Agnès Benassy-Quere, Benoît Mojon et Armand-Denis Schor

Chystané akce

20-01-2021
EPRS online policy roundtable with the World Bank: Where next for the global economy
Další akce -
EPRS
25-01-2021
Public Hearing on "Gender aspects of precarious work"
Slyšení -
FEMM
26-01-2021
Public hearing on Co-management of EU fisheries at local level
Slyšení -
PECH

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