Edited by Adam S. Posen, the Institute for International Economics, Special Report 18, April 2005

The euro is the only major currency to be created in the 20th century; it now stands on the brink of becoming one of the world’s two reserve currencies in the 21st century. The euro’s use and development shape the entire agenda for ever-closer union in Europe and for transatlantic relations. As the currency bearing the brunt of the US dollar’s decline from its overvaluation of the late 1990s, the euro’s value and management is critical to the successful adjustment of international imbalances. And as a long-run competitor and collaborator with the dollar, the euro creates the potential for a bipolar international monetary system, offering unprecedented challenges and opportunities to economic policymakers.

The papers and commentaries in this book explore the euro’s international role, its record thus far, and its future. 

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Book Contents:

Preface

Acknowledgments

1. Overview: The Euro's Success Within Limits
Adam S. Posen

2. Successes and Challenges for the Euro
Günter Burghardt

3. The Euro and the Dollar: Toward a "Finance G-2"?
C. Fred Bergsten

4. The Euro and Prospects for Policy Coordination
Edwin M. Truman

5. The Euro and Financial Markets
Vítor Gaspar, Philipp Hartmann, Kristin J. Forbes, Hélène Rey, and Garry Schinasi

6. Can Rubinomics Work in the Eurozone?
Adam S. Posen

7. Building on the Euro's Success
Tommaso Padoa-Schioppa

8. The Euro at Five: An Assessment
Ben S. Bernanke

About the Contributors

Index

About the Author:

Adam S. Posen, Senior Fellow, has been associated with the Institute for International Economics since 1997. He was an economist in the International Research Function of the Federal Reserve Bank of New York from 1994 to 1997. In 1993–94 he was Arthur D. Okun Memorial Fellow in Economic Studies at the Brookings Institution, and in 1992–93 he was a Bosch Foundation Fellow in Germany. He is the author or coauthor of several works on monetary policy and political economy, including The Euro at Five (forthcoming) Restoring Japan’s Economic Growth (1998), and coeditor of Japan’s Financial Crisis and Its Parallels to U.S. Experience (2000).

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