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The Euro, the European Central Bank, and the International Monetary System

Fordham University in New York

The creation of the euro at the beginning of 1999 represents one of the most significant events in international finance since the end of World War II. Never in the past had a group of sovereign nations voluntarily given up their national currency for a common currency. The article begins by reviewing the benefits and costs of the euro on the participating countries; it then examines the role of the European Central Bank (ECB) in the conduct of monetary policy in the European Monetary Union, as well as its effect on the euro/dollar and euro/yen exchange rates; finally, the article analyzes the effect that the ECB has and is likely to have on the functioning of the international monetary system.

The ANNALS of the American Academy of Political and Social Science, Vol. 579, No. 1, 153-167 (2002)
DOI: 10.1177/000271620257900110


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