The creation if the euro will be a major change to the International Monetary System, for at least three reasons. Firstly, the euro will be the currency of a large economic zone and will acquire some of the fundamental attributes which characterise an international currency. Secondly, the monetary policy of EMU members will involve a major institutional shift which could affect the behaviour of trans-Atlantic exchange rate. Finally, the emergence of the euro as an international currency, together with institutional changes and with the strong commitment of the European Central Bank (ECB) to maintain stable prices, should lead to a shift in the practice of international cooperation.
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