Solving the Currency Conundrum

Barry Eichengreen

Economic Notes, 2000, vol. 29, issue 3, 315-339

Abstract: type="main" xml:lang="en">

This paper reviews the prospects for the exchange rate system in different parts of the world. It discounts radical changes like a single world currency and a trio of regional monetary unions: in Europe, where intergration is political as well as economic and financial, the euro should provide the basis for an expanding zone of monetary stability; in the Americas, in contrast, dollarization is likely to be the solution for countries with strong financial links to the USA that find it difficult to run an autonomous monetary policy; and in Asia, continued floating is the only plausible outcome, given the obstacles to the alternatives.

(J.E.L.: F3)

Date: 2000
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