European Currency - Essay Example

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European Currency

To reflect on the future of the European currency, it is necessary to consider first steps to the European Monetary Union; the reasons of occurrence, problems of creation and functioning of new model of the European currency system. "In its 1990 White Paper, the European Commission argued that deeper economic links would be a major goal of EMU, and many observers accept the view that the elimination of exchange rate risk and the lowering of transaction costs will indeed deliver more integration" (Wyplosz, 2001: 9). It is necessary to understand what we should expect from euro in the future, whether it can make a competition to dollar in the world currency markets, and may be even to replace it as a reserve currency in many countries.
Interest to the given questions is caused by the point that introduction of new currency has no analogues not only in the Europe, but also all over the world. The given event needs to be considered as movement aside bipolar world currency system that creates preconditions for redistribution of forces on a global scale.
On January, 1st, 1999 within the limits of the European union (EU) are created the European Economic and Monetary Union and the uniform currency for the member-states of European Economic and Monetary Union named euro, which during the certain period of time has replaced national currenci ...Show more

Summary

Last years there were cardinal changes in world financial structure and it was generated new 'currency geography'. The major display of the given process is occurrences and strengthening of positions of the uniform European currency in the international financial markets…
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European Currency essay example
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