The euro’s global dreams and nightmares (CEPS)

One motive for founding the euro was to create a European unit that might provide an alternative to the dollar as an international and reserve currency.[1] 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).[2] The Delors Report, which provided a detailed roadmap in 1989, was not unrelated to the preceding decade of wild dollar fluctuations.

https://www.ceps.eu/publications/euro%E2%80%99s-global-dreams-and-nightmares

Barry Eichengreen

 

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