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Dima Alexandrov Economics The Euro and the Dollar Can the euro challenge the dollar as the world's international currency? I. Introduction The creation of a single European currency is the most important development in the evolution of the international monetary system since the widespread adoption of flexible exchange rates in the early 1970s. The euro is the first real competitor to the dollar since it surpassed sterling as the world's dominant money during the interwar period. The political impact of the euro is at least as large as these economic effects. A bipolar currency regime dominated by Europe and the United States, with Japan as a junior partner, are going to replace the dollar-centered system that has prevailed for most of this century. A quantum jump in Trans-Atlantic cooperation requires to handle both the transition to the new regime and its longer term prospects. Introduction of the euro has been carefully planned for years, on January...

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