The Euro’s global dreams and nightmares

Abstract:

Ibe motive for founding the euro was to create a European unit that might provide alternative to the dollar as an international and reserve currency. The Werner Report, the first full-throated argument for a single European currency, was issued in a period of angst about the Bretton Woods System and the dollar (Zimmermann,2002). The Delors Report, which provided a detailed roadmap in 1989,was not unrelated to the preceding decade of wild dollar fluctuations.

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