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Euroland, Euro and Dollar - Trilogy or Trilemma?

Author

Listed:
  • Elke Muchlinski

    (Free University of Berlin, Department of Economics)

Abstract

This paper argues that Euroland is a representation of a monetary union with a heterogeneous capital market, tax system, regulation of consumer savings, and methods of financing investments. Contrary to that, the Dollar represents a homogeneous capital market. Euroland and the Euro as an anchor currency will not be a representation of a unified economic performance, as for instance the Dollar was in 1944 implemented by the Bretton Woods Agreements. According to a trilogy composed three parts of a work as a whole, the relationship between Euroland, Euro (as an anchor currency) and Dollar could be interpreted as a workable unity. This required the perception of the inherent fragility of this triad. It is the result of all the different functions held by each part.

Suggested Citation

  • Elke Muchlinski, "undated". "Euroland, Euro and Dollar - Trilogy or Trilemma?," Papers 026, Departmental Working Papers.
    • Handle: RePEc:bef:lsbest:026
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    File URL: http://sites.wiwiss.fu-berlin.de/tomann/muchlinski/emu.PDF
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    Keywords

    Central banking; monetary policy regimes and arrangements;

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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