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Euroland, Euro and Dollar - Trilogy or Trilemma?

Elke Muchlinski ()

Departmental Working Papers

Abstract: This paper argues that Euroland is a representation of a monetary union with a heterogeneous capital market, tax system, regulation of consumer savings, and methods of financing investments. Contrary to that, the Dollar represents a homogeneous capital market. Euroland and the Euro as an anchor currency will not be a representation of a unified economic performance, as for instance the Dollar was in 1944 implemented by the Bretton Woods Agreements. According to a trilogy composed three parts of a work as a whole, the relationship between Euroland, Euro (as an anchor currency) and Dollar could be interpreted as a workable unity. This required the perception of the inherent fragility of this triad. It is the result of all the different functions held by each part.

Keywords: Central banking; monetary policy regimes and arrangements (search for similar items in EconPapers)
JEL-codes: E58 F02 F33 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-mon
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