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Stability of Euro Crucial for Success of European Monetary Union

IMF Working Paper
Characteristics of the Euro, the Demand for Reserves, and Policy Coordination Under EMU
Paul R. Masson, Bart Turtelboom

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The article examines how the stability of the euro impacts the success of European Economic and Monetary Union (EMU). It compares different monetary policy frameworks and their effects on key economic variables before and after EMU. The study also analyzes the euro's potential as a reserve currency based on expected returns and covariances with other currencies. Additionally, it discusses the role of exchange rates and the importance of coordinating policies with other major countries.