Financial Crisis and Changes in the International Monetary System Implications for Euro
DOI:
https://doi.org/10.12775/EQUIL.2010.021Keywords
international currency, the euro, the crisis, monetary regime, monetary integrationAbstract
Having an international currency brings some benefits but also important obstacles. Undoubtedly, it is positive to have international money but the process of achieving the status of global money may lead to some costs connected with the appreciation of the euro. The main goal of this article is to show that one of the probable scenarios of the post-crisis adjustment in the international monetary system is the risk of the euro overvaluation. It can be a result of the diminishing role of the U.S. economy and the growing role of the euro as an international currency. Paradoxically, thanks to its success, the euro can be exposed to the overvaluation with important implication for the euro area countries as well as candidate countries.References
Bordo M., Harold J., (2008), A Long Term Perspective on the Euro, NBER Working Paper.
Bukowski S.I., (2007), Unia monetarna. Teoria i praktyka, Difin, Warsaw.
EMU@10, European Commission, 2008.
Elsake S., (2009), Is the US Dollar in Danger of Losing its Reserve Currency Status?, Australia and New Zealand Banking Group Ltd., July.
Fratzscher M., (2009), What Explains Global Exchange Rate Movements During the Financial Crisis?, ECB Working Paper, No. 1060.
Góralczyk M., (2009), Dolar i Euro jako waluty międzynarodowe, http://konkursoeuro.pl/resources/files/dolar_i_euro.pdf (as of 20 September, 2009).
Górka J. (2007), Waluta światowa - dolar versus euro, Rachunkowość bankowa.
Knight D. (2008), The Euro as a Catalyst for Global Financing Market Deepening, BIS, 2008.
Kozioł W., (2003), Konsekwencje wprowadzenia euro przez Polskę, [in:] Nowak A. Z., Stępniak A.(ed.) Strefa euro – wyzwania dla Polski, WWZ, Warsaw.
Persaud A., (2001), Międzynarodowa rola euro, [in:] Temperton P. (ed.) Euro. Wspólna waluta, Felberg SJA, Warszawa.
Raport nt. pełnego uczestnictwa Rzeczypospolitej Polskiej w trzecim etapie Unii Gospodarczej i Walutowej, NBP, 2009.
Tchorek G., Gromiec Z., (2009), Kryzys a przemiany w międzynarodowym systemie walutowym. Implikacje dla strefy euro i Polski. NBP November.
The international role of the euro, EBC 2009.
Downloads
Published
How to Cite
Issue
Section
Stats
Number of views and downloads: 171
Number of citations: 0