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Les sources de l'internationalisation de l'euro

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  • Françoise Le Quéré

Abstract

[fre] L’adoption d’une monnaie unique en Europe a relancé la problématique de l’accession d’une monnaie au statut de devise internationale. L’article présente les critères d’internationalisation généralement retenus - la taille de l’économie émettrice, son degré d’ouverture commerciale, le choix de monnaie d’ancrage des pays tiers - pour prédire l’émergence de l’euro comme monnaie internationale. Ces critères d’internationalisation peuvent être en réalité largement discutés car ils reposent sur une explication de l’internationalisation des monnaies par des motifs de détention devenus moins pertinents dans un contexte d’accroissement des flux financiers. C’est pourquoi l’article montre en quoi le processus d’internationalisation de l’euro peut davantage reposer sur un développement des flux financiers libellés dans cette monnaie. L’unification des marchés financiers de la zone euro constitue dans cette perspective un vecteur d’accroissement de la liquidité à même de créer les conditions d’une internationalisation de l’euro. [eng] Euro internationalization sources. The adoption of a single currency in Europe has revived the debate over the internationalisation of currencies. This paper presents the generally accepted criteria of internationalisation - the size of the issuing economy, its degree of commercial openness, the choice of monetary anchor by other countries - in order to predict the emergence of the euro as an international currency. However these criteria are debatable in the sense that they favour an explanation of currencies internationalisation based on currency holdings, which have become less relevant in the context of the growth of financial flows. This article thus suggests that the internationalisation of the euro will depend mainly on the development of eurodenominated financial transactions. The internationalisation of the euro hence hinges critically on both the integration and the liquidity of the euro financial markets, where the liquidity may well depend itself on the degree of financial integration.

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  • Françoise Le Quéré, 1999. "Les sources de l'internationalisation de l'euro," Revue d'Économie Financière, Programme National Persée, vol. 52(2), pages 31-54.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_1999_num_52_2_3528
    DOI: 10.3406/ecofi.1999.3528
    Note: DOI:10.3406/ecofi.1999.3528
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