Financial crisis and changes in the international monetary system. Implications for the euro


  • Agata Osińska University of Warsaw
  • Grzegorz Tchorek University of Warsaw



international currency, the euro, the crisis, monetary regime, monetary integration


Having an international currency brings some benefits but also important obstacles. Undoubtedly it is positive to have international money but the process of achieving the status of global money may lead to some costs connected with appreciation of the euro. The main goal of this article is to show that one of the probable scenarios of the post ?crisis adjustment in the international monetary system is the risk of the euro overvaluation. It can be a result of diminishing role of the U.S. economy and growing role of the euro as an international currency. Paradoxically, thanks to its success, the euro can be exposed to the overvaluation with important implication for the euro area countries as well as candidates countries.


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How to Cite

Osińska, A., & Tchorek, G. (2010). Financial crisis and changes in the international monetary system. Implications for the euro. Equilibrium. Quarterly Journal of Economics and Economic Policy, 5(2), 9–19.



Economy in Crisis

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