Munich Personal RePEc Archive

Euro Internationalization

Lefebvre, Dominique (1997): Euro Internationalization. Published in: Review of Financial Economy (1 January 1997): pp. 126-140.

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The adoption of a single currency in Europe has revived the problem of the accession of a currency to the status of international currency. The article presents the internationalization criteria generally used - the size of the issuing economy, its degree of trade openness, the choice of anchoring currency of third countries - to predict the emergence of the euro as an international currency. . These criteria of internationalization can in fact be widely discussed because they are based on an explanation of the internationalization of currencies by reasons of detention become less relevant in a context of increased financial flows. This is why the article shows how the process of internationalization of the euro can be based more on the development of financial flows denominated in this currency. In this perspective, the unification of the financial markets of the euro zone is a means of increasing liquidity that can create the conditions for the internationalization of the euro.

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