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Over the first ten years of its existence, the euro has proved to be more than a powerful symbol of collective identity. It has provided price stability to previously inflation-prone countries; it has offered a shelter against currency crises; and it has by and large been conducive to budgetary discipline. The eurozone has attracted five new members in addition to the initial eleven, and many countries in Europe wish to adopt it. The euro has also been successful internationally. Even though research presented in this volume confirms that it has not rivaled the dollar's world currency status, it has certainly become a strong regional currency in Europe and the Mediterranean region. Some countries in the region have de facto adopted it, several peg to it, and many have become at least partially euroized.

However, the euro's impressive first decade is likely to be followed by a much more difficult period. The present financial crisis is posing at least two important challenges: real economic adjustment within the euro area and maintenance of fiscal and financial stability without a central government authority capable of taking appropriate financial and fiscal decisions in difficult times. The papers and remarks in this volume demonstrate that the euro has proved to be attractive as a fair weather currency for countries and investors well beyond its borders. But it remains to be seen whether it is equipped to also succeed as a stormy weather currency.

Contributors: Joaquín Almunia, Maria Celina Arraes, Leszek Balcerowicz, C. Fred Bergsten, Lorenzo Bini Smaghi, Kristin J. Forbes, Linda S. Goldberg, C. Randall Henning, Mohsin S. Khan, Antonio de Lecea, Erkki Liikanen, Philippe Martin, Thomas Mayer, André Sapir, Dominique Strauss-Kahn, Lawrence H. Summers, and Gyorgy Szapary.

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Preface

Acknowledgments

Introduction/Overview
Adam S. Posen and Jean Pisani-Ferry

1. A Challenging Anniversary
   The Euro at Ten and the Financial Crisis, Joaquín Almunia
   The Internationalization of Currencies—A Central Banking
   Perspective, Lorenzo Bini Smaghi
   The Euro and the International Monetary System, Dominique Strauss-Kahn

2. Underlying Determinants of Global Currency Status
   Financial Network Effects and Deepening, Kristin J. Forbes
   International Trade in Financial Assets, Philippe Martin
   Currency Invoicing of International Trade, Linda S. Goldberg
   Euro Area: Ready for the Storm?, Jean Pisani-Ferry and André Sapir
   Foreign Relations and Security Linkages, Adam S. Posen

3. Regional Perspectives
   East Asia, C. Randall Henning
   Euro Area Neighboring Countries, Gyorgy Szapary
   The Middle East and Oil Exporters, Mohsin S. Khan
   Latin America, Maria Celina Arraes
   Market View, Thomas Mayer

4. Is the Present Crisis the Moment for the Euro's Global Emergence?
    A Panel Discussion with Antonio de Lecea, Leszek Balcerowicz,
   C. Fred Bergsten, Erkki Liikanen, and Lawrence H. Summers

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