The "four I’s" of the international monetary system and the international role of the euro

Jean-François Ponsot
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Jean-François Ponsot: CREG - Centre de recherche en économie de Grenoble - UGA [2016-2019] - Université Grenoble Alpes [2016-2019]

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Abstract: This article highlights the main sources of negative externalities in the current international monetary system, through a "four I's" approach (instability, incertitude, inequity and insufficiency of the aggregate demand). It then questions the ability of the euro to contribute to a more balanced and sustainable international monetary regime. The euro cannot become a major international currency without long-term growth in the Eurozone, without the creation of a unified market place for public debt backed by the European Central Bank, and without shared desire to internationalize the euro, particularly as an invoicing currency for trade.

Keywords: international monetary system; international currency; Dollar dominance; Euro (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

Published in Research in International Business and Finance, 2016, 37, pp.299-308. ⟨10.1016/j.ribaf.2016.01.004⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01264699

DOI: 10.1016/j.ribaf.2016.01.004

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