On January 1, 1999, countries participating in the European Monetary Union will irrevocably link their currencies as a prelude to adopting a single currency, the Euro, in 2002. Many analysts wonder if the Euro will diminish the dollar’s role as an international currency—one held and used by nonresidents.
Suggested citation: “The Euro,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-06, pp. 19, 06.01.1998.