The International Role of the Euro

Posted: 28 Jun 2002

See all articles by Philipp Hartmann

Philipp Hartmann

European Central Bank (ECB); Centre for Economic Policy Research (CEPR) - International Macroeconomics

Otmar Issing

Center for Financial Studies (CFS)

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Abstract

This paper discusses the factors determining the international use of the euro, the relation of it with the ECB monetary policy and the overall use of the euro in the international monetary system since its introduction. The euro has become the second most important international currency after the dollar and in advance of the yen. Changes in this role could have an impact on the monetary policy strategy of the ECB, notably the interpretation of monetary aggregates and the behaviour of other indicators such as the exchange rate. The ECB strategy is well designed to deal with these effects.

Keywords: international currencies, euro, dollar, yen, monetary policy, monetary aggregates, exchange rate, international monetary system, EMU, European Central Bank

JEL Classification: G15, F02, F33, E52, E58

Suggested Citation

Hartmann, Philipp and Issing, Otmar, The International Role of the Euro. Available at SSRN: https://ssrn.com/abstract=317083

Philipp Hartmann (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
(49 69) 1344 7356 (Phone)
(49 69) 1344 8553 (Fax)

Centre for Economic Policy Research (CEPR) - International Macroeconomics

London
United Kingdom

Otmar Issing

Center for Financial Studies (CFS) ( email )

Gr├╝neburgplatz 1
Frankfurt am Main, 60323
Germany

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