Currency Areas, Exchange Rate Systems, and International Monetary Reform
This chapter opens with a discussion on the dollar’s position as the world’s pre-eminent currency. It builds a case for currency unions by advocating monetary rules, suggesting that currency and free trade areas reinforce each other, and rejecting the criticism that “one-size-fits-all” monetary policy will not work across countries with differential growth rates. It then describes the benefits of a single-currency area for the world and how this may be implemented.
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