The ECU and the SDR: Learning from the Past, Preparing the Future

Alfonso Iozzo (), Elena Flor () and Valentina Tosolini ()
Additional contact information
Alfonso Iozzo: Robert Triffin International, Deputy Chairman
Elena Flor: Robert Triffin International
Valentina Tosolini: Eni Deutschland GmbH

No 1264, Working Papers from Robert Triffin International

Abstract: At the beginning of the Eighties, Robert Triffin, to resume its campaign for a new international monetary system, starting again form the European monetary unification, focused on the private use of the ECU, the new European unit of account of the European Monetary System. Triffin's idea was that the diffusion of ECU-denominated financial assets would have promoted, in many financial and economic fields, but also in the political and institutional environment, the idea that a common currency was not only needed but also feasible. Triffin's plan was successful. For sure, today Robert Triffin would launch a new plan: to play on the diffusion of the use of the SDR, especially among monetary authorities and states, to support the necessary reform of the international monetary system. The context and the conditions are different, but his intuition remains valid. In this paper we retrace the development of the ECU private market and give a first overview of the SDR private market.

Keywords: ECU; SDR; unit of account; economic union; Triffin; open basket; international monetary system; private market (search for similar items in EconPapers)
Pages: 80 pages
Date: 2014-11
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Persistent link: https://EconPapers.repec.org/RePEc:afh:wpaper:1264

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