Lessons of the Euro for the Rest of the World

Barry Eichengreen

Institute of European Studies, Working Paper Series from Institute of European Studies, UC Berkeley

Abstract: Europe’s single currency is widely invoked as a potential solution to the monetary and exchange rate problems of other regions, including Asia, Latin America, North America and even Africa. This lecture asks whether the Europe’s experience in creating the euro is exportable. It argues that the single currency is the result of a larger integrationist project that has political as well as economic dimensions. The appetite for political integration being less in other parts of the world, the euro will not be easily emulated. Other regions will have to find different means of addressing the tension between domestic monetary autonomy and regional integration. Harmonized inflation targeting may be the best available solution.

Keywords: comparative; economy; euro; finance; Institute of European studies; international; PEIF (search for similar items in EconPapers)
Date: 2002-12-01
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Citations: View citations in EconPapers (2)

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