The Euro at Ten: The Next Global Currency?

Pisani-Ferry (U. Paris-Dauphine, France) and Posen (deputy director, Peterson Institute for International Economics, US) present 14 essays assessing the impact of the euro on the international monetary system in its ten years of existence and its potential role beyond the euro area, perhaps as a new global currency, over the next decade. All authors were asked to address whether the euro is en route to becoming a global currency and challenging or equaling the dollar in its reserve and leadership role and what the global financial crisis, and the euro area policy response to it, has revealed about the resilience of the euro and its international prospects. They also address the underlying determinants of global currency status, including financial network effects and deepening, international trade in financial assets, currency invoicing of international trade, and geopolitical limits, as well as the market view and regional perspectives from East Asia, euro area neighboring countries, the Middle East and oil exporters, and Latin America. Annotation c2010 Book News, Inc., Portland, OR (booknews.com)

Dr. Posen, the President of the Peterson Institute for International Economics, has specialized in macroeconomic and monetary policy, resolution of financial crises, central banking issues, and the economies of Western Europe, Japan, and the United States. Dr. Posen brings a distinctively global perspective to macroeconomic policy analysis and forecasting. He has written about the financial and economic challenges faced by the European Union following the adoption of the euro and the lasting impact of Japan's economic crisis of the 1990s, while providing counsel directly to the Japanese government in Tokyo. Leading up to the successful London G-20 summit of 2009 during the global financial crisis, he consulted for the UK Cabinet Office.

Jean Pisani-Ferry is the former director of Bruegel, the Brussels-based think tank, and professor at Universite Paris-Dauphine. He is also a member of the European Commission's Group of Economic Policy Analysis and of the French prime minister's Council of Economic Analysis. He was executive president of the French prime minister's Council of Economic Analysis; senior adviser to the French minister of finance; director of CEPII, the French institute for international economics; and economic adviser with the European Commission.