Journal Article
The launch of the euro
Iyigun, Murat F.; Bertaut, Carol C. (1999-10)
The introduction on January 1, 1999, of the euro--the single currency adopted by eleven of the fifteen countries of the European Union--marked the beginning of the final stage of Economic and Monetary Union and the start of a new era in Europe. The creation of a single currency and a single monetary policy has provided both extraordinary challenges and exceptional opportunities within Europe. This article reviews the organization, objectives, and targets of the euro area's new central bank and discusses some of the early challenges it has faced in setting and implementing monetary policy with ...
Federal Reserve Bulletin , Volume 85 , Issue Oct

Journal Article
The EMU: forerunners and durability
Graboyes, Robert F. (1990-07)
The first article examines the history and theory of monetary unions to ask what factors will foster a stable European Monetary Union. It concludes that a decentralized arrangement of national central banks may undermine the EMUs durability.
Economic Review , Volume 76 , Issue Jul , Pages 8-17

Working Paper
Public finance and coordination problems in a common currency area
Sibert, Anne C. (1991)
Research Working Paper , Paper 91-06

Working Paper
The dollar as an official reserve currency under EMU
Leahy, Michael P. (1994)
This paper analyzes official reserve-holding behavior in the EU countries in an attempt to assess the effect EMU might have on official holdings of dollar reserves. A wide range of projections are presented for the effect of EMU on the overall demand for reserves, some based on earlier research results and some on new estimates. In the estimation and simulation of the behavior of EU countries in the last half of the 1980s, the contributions of country-specific factors appear to swamp the systematic components that had been isolated in earlier research. Earlier research results are also used ...
International Finance Discussion Papers , Paper 474

Journal Article
A Yankee recipe for a Eurofed omelet
Graboyes, Robert F. (1990-07)
The second article, reprinted from the Wall Street Journal/Europe, suggests a compromise between a centralized and decentralized structure for the union.
Economic Review , Volume 76 , Issue Jul , Pages 18-19

Journal Article
Fiscal constraints in the EMU
Spiegel, Mark M. (1997)
FRBSF Economic Letter

Journal Article
The European system of central banks
Wynne, Mark A. (1999-01)
On January 1, 1999, the European System of Central Banks (ESCB) began conducting monetary policy for eleven of the fifteen nations of the European Union, formally creating an economic and monetary union. The ESCB is governed by the decision-making bodies of the European Central Bank (ECB) and manages Europe's new currency, the euro. The structure of the ESCB is in many ways similar to that of the Federal Reserve System, with the ECB playing a role similar to that of the Board of Governors and the various national central banks occupying positions not unlike those of the regional Reserve ...
Economic and Financial Policy Review , Issue Q I , Pages 2-14

Journal Article
Why is Europe forming a monetary union?
Eudey, Gwen (1998-11)
On January 1, 1999, 11 European countries will officially become a monetary union with one currency, the euro. Forming a monetary union brings benefits, such as increased trade between countries. But it carries costs as well. To join the union, each country must cede its right to set individual monetary and exchange-rate policies. Yet each country?s economic situation may differ from that of its fellow union members. How will these countries--and the union--fare when economic shocks hit, especially shocks that affect one country or region more than another? In this article, Gwen Eudey weighs ...
Business Review , Issue Nov , Pages 13-21

Journal Article
European Monetary Union: how close is it?
Chriszt, Michael J. (1991-09)
Economic Review , Issue Sep , Pages 21-27

Working Paper
The role of the euro as an international currency
Pollard, Patricia S. (1997)
The creation of the euro will link an economy that is nearly as large and as open as the United States. Does this imply that the euro will rival the role of the dollar as an international currency? This paper addresses this question through an examination of the determinants of the use of an international currency. It examines both the prospects of the euro becoming an international currency and the implications for the European Union and the United States.
Working Papers , Paper 1997-021