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Global currencies for tomorrow: a European perspective. Bruegel Blueprint 13, 2 August 2011

Angeloni, Ignazio and Bénassy-Quéré, Agnès and Carton, Benjamin and Destais, Christophe and Darvas, Zsolt and Pisani-Ferry, Jean and Sapir, André and Vallée., Shahin (2011) Global currencies for tomorrow: a European perspective. Bruegel Blueprint 13, 2 August 2011. [Policy Paper]

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    Abstract

    This report examines how the international monetary system (IMS) might evolve and the implications of different scenarios for the euro area over the next fifteen years. After the collapse of the Bretton Woods system forty years ago, the IMS gradually developed into its present state, a hybrid mix of exchange-rate flexibility, capital mobility and monetary independence. The US dollar retains a dominant, but not exclusive, role and the IMS governance system blends regional and multilateral surveillance. It combines IMF-based and ad-hoc liquidity provision. Although it has proved resilient during the crisis, partly thanks to ad-hoc arrangements, the IMS has serious flaws, which are likely to be magnified by the rapid transformation of the global economy and the increasing economic power of emerging economies.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > External relations > international economy
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Bruegel (Brussels) > Blueprint Series
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 04 Aug 2011 14:32
    Number of Pages: 122
    Last Modified: 04 Aug 2011 14:32
    URI: http://aei.pitt.edu/id/eprint/32244

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