The euro as an international currency

Abstract : The euro, in spite of having many of the required attributes put forward by the theoretical literature and past experience, has failed to fulfill all the criteria that would enable it to rival the dollar as an international currency. This does not mean that the euro cannot achieve a status similar to that of the dollar; however, the window of opportunity may not last much more than a decade before the renminbi overtakes the euro. European monetary unification has never explicitly sought for its currency to gain an international status. This makes sense insofar as the key elements required for the euro to expand internationally are also those to be pursued internally: GDP growth; a fiscal backing to the single currency; a deep, liquid and resilient capital market; and a unified external representation of the euro area.
Keywords : Euro area
Document type :
Preprints, Working Papers, ...
Complete list of metadatas

Cited literature [69 references]  Display  Hide  Download
Contributor : Caroline Bauer <>
Submitted on : Tuesday, April 21, 2015 - 3:08:23 PM
Last modification on : Tuesday, January 30, 2018 - 5:50:04 PM
Long-term archiving on : Wednesday, April 19, 2017 - 2:26:44 AM


Files produced by the author(s)


  • HAL Id : halshs-01144371, version 1


Agnès Bénassy-Quéré. The euro as an international currency. 2015. ⟨halshs-01144371⟩



Record views


Files downloads