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The Future of the Euro$
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Matthias Matthijs and Mark Blyth

Print publication date: 2015

Print ISBN-13: 9780190233235

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780190233235.001.0001

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The Future of the Euro in a Global Monetary Context

The Future of the Euro in a Global Monetary Context

Chapter:
(p.233) 11 The Future of the Euro in a Global Monetary Context
Source:
The Future of the Euro
Author(s):

Eric Helleiner

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190233235.003.0011

This chapter places the future of the euro in geopolitical context, viewing it through the lens of the international monetary system. The global financial crisis (and the euro crisis that followed) revealed quite starkly both the hidden sources of the dollar’s dominance, as well as the weaknesses of the euro’s international standing. These events also drew attention to a new rising international monetary power, China, whose influence on the euro’s prospects were felt by Europeans for the first time in a significant way. These two factors humbled those Europeans who harbored aspirations for the euro’s global role. Yet over the longer term they may serve to boost political prospects for the euro, as the desire to challenge US monetary power may bolster European backing for reforms that take regional monetary cooperation to the next level.

Keywords:   euro, dollar, international monetary system, geopolitics, China

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