The Future of Global Currency synopsis
Can the euro defy the dollar as a global currency? Since the creation of the common funds for Europe, many have predicted that they will soon make a draw with or possibly surpass the dollar. In fact, however, the euro remained firmly planted under the dollar. The articles collected in this folder explain why. Due to America's external deficit and external debt looming, the dollar can not be as dominant as it used to be.
But Europe's money is not able to face an effective challenge. The euro suffers from a number of critical structural flaws, including bias against growth built into monetary union institutions and a vague governance structure that casts doubt among potential users.
As recent events have shown, euro area members are still vulnerable to the financial crisis. Moreover, because of its lack of a single vote, the bloc still suffers from its weight in monetary diplomacy.
It seems that the world is heading towards a monetary system without leadership, with many currencies in the case of concessions, but no clear currency. This collection removes the views of one of the leading scholars in the world in the world currency, and will be of great importance to students and scholars of international finance and political economy.
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