The Euro at Ten: The Next Global Currency

American anchor area’s Asian basket Bergsten billion bond markets Bruegel capital flows competition Cooperation country’s cross-border currency composition current account debt deficits Deutsche mark dollar peg East Asia Economic Policy effect Eichengreen equity Erkki Liikanen euro area euro area countries euro-denominated euro’s Europe Europe’s European Central Bank European Commission European Union exchange rate regime exports external Federal Reserve Figure financial crisis financial integration financial markets fiscal foreign exchange reserves Fred Bergsten GCC countries Germany global currency global role growth imbalances important increase inflation Institute for International interest rates international currency International Economics International Monetary Fund international role international trade investment investors issue Jean Pisani-Ferry Latin America liabilities liquidity macroeconomic Managed floating MENA monetary policy Monetary Union Paper percent Peterson Institute policymakers political portfolio Posen region relative rency reserve currency response risk sector share tion transaction costs United