The strategic implications of the euro

Calleo, David P.

doi:10.1080/713660049

Cited by 21 publications

(3 citation statements)

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“…On the other hand, Wyplosz (1997) stressed that in an environment of free capital mobility and economic integration, such a development was indispensable. It is also particularly important that Calleo (1999) assessed that the creation of the Euro entailed strategic implications.…”

Section: The Era Of Globalization and Its Repercussionsmentioning

confidence: 99%

Ethnic Identity and the Nation–State in the Era of Globalization: the Case of Cyprus

Theophanous

2011

Int J Polit Cult Soc

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This paper addresses the philosophical question whether the nation-state will be entering a final phase of demise or whether it will continue to prosper within the framework of the era of regional blocs and globalization. In order to do so, we briefly put forward some theoretical premises in relation to the nation-state and globalization and how they have affected each other. This discussion also draws from the recent experiences of the international economic crisis and how the EU reacted in relation to the serious economic crisis of Greece. We also assess the case of Cyprus within the framework of this discussion. The question raised in relation to Cyprus is whether there can be an integrated society that encourages a particular common value system and also respects the ethnic identity of citizens and communities. A major question is whether the EU can offer the framework for such an outcome.

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Section: The Era Of Globalization and Its Repercussionsmentioning

confidence: 99%

Ethnic Identity and the Nation–State in the Era of Globalization: the Case of Cyprus

Theophanous

2011

Int J Polit Cult Soc

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“…The clear tendency was for the Deutsche Mark to overshoot, that is, it tended to be pushed up much higher than could be accounted for by real economic trends. This happened whenever the dollar was weak, reflecting speculation and "hot money" on the move (Calleo, 1999). Partly for this reason, European policymakers decided to establish the most fixed currency regime imaginable, a single currency.…”

Section: Post-bretton Woods and The Struggle For European Dollar Inde...mentioning

confidence: 99%

“…Independence from the US and the dollar was thus a key motivation driving further European monetary integration. The first eight years of the euro were marked by triumphant commentary from its guardians in the ECB, exactly for its (perceived) ability to deliver the kind of stability that had eluded Europe between 1973and 1999(e.g., Issing, 2008. Taken together, these European attempts at creating exchange rate stability reveal a pattern where the US was arguably retreating from its hegemonic responsibility for providing stability at the system level, while Europe first unsuccessfully and then with apparent success sought to establish stability on its own terms.…”

Section: Post-bretton Woods and The Struggle For European Dollar Inde...mentioning

confidence: 99%

The Dollar as a Mutual Problem: New Transatlantic Interdependence in Finance

Hjertaker

Tranøy

2022

PaG

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When the 2007 global financial crisis hit financial markets, European leaders were quick to point the finger at US markets, excessive risk-taking, and insufficient regulation. However, it soon became apparent that European banks were more exposed than their Wall Street counterparts. With massive dollar liabilities, European banks were dependent on the US to act as a global lender of last resort. The crisis revealed a level of transatlantic interdependence that had been unknown to most observers and policymakers prior to the crisis. We argue that this represents a paradox, given that the project of the European Monetary Union was partly motivated by a desire to make Europe more independent from the US dollar. The euro was a response to the challenge of “it’s our dollar, but it’s your problem.” In this article, we examine how the European vulnerability to the US dollar that began post-Bretton Woods did not, in fact, disappear with the creation of a European currency. Instead, through financialization and deregulation, European financial markets developed new, complex interactions with US financial markets. This financialization of transatlantic banking flows created a new type of interdependence. As European banks were so heavily invested in US markets, this gave the US authorities a direct interest in bailing them out. While cross-border banking flows have decreased since the crisis, the interdependencies remain, and currency swaps were used once again to handle the economic fallout from Covid-19. In the area of financial and monetary policy, the transatlantic relationship remains strong and stable within a dollar hegemony.

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Feeding American Power: The Economic Base

Calleo¹

2009

Follies of Power

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The strategic implications of the euro

Cited by 21 publications

References 0 publications

Ethnic Identity and the Nation–State in the Era of Globalization: the Case of Cyprus

Ethnic Identity and the Nation–State in the Era of Globalization: the Case of Cyprus

The Dollar as a Mutual Problem: New Transatlantic Interdependence in Finance

Feeding American Power: The Economic Base

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