1703683305
1703683306
[65]David Marsh, The Euro:The Battle for the New Global Currency.New Haven, CT:Yale University Press,2011,pp.166-169.
1703683307
1703683308
[66]Commission of the European Communities,“One market, one money:An evaluation of the potential benefits and costs of forming an economic and monetary union”,European Economy, no.44,October 1990.
1703683309
1703683310
[67]Comments by ECB President Mario Draghi in London,26 July 2012,http://www.ecb.int/press/key/date/2012/html/sp120726.En.html.
1703683311
1703683312
[68]Jeffrey Frankel,“Historical Precedents for Internationalization of the RMB”,Council on Foreign Relations, New York, November 2011,p.7.
1703683313
1703683314
[69]Kati Pohjanpalo,“Euro Can Grow to 25 States in Next Years in Finnish Scenario”,Bloomberg,6 May 2013.
1703683315
1703683316
[70]Rawi Abdelal,“National Strategy and National Money, Politics and the End of the Ruble Zone 1991-1994”,in Jonathan Kirshner(ed.),Monetary Orders:Ambiguous Economics, Ubiquitous Politics.Ithaca, NY:Cornell University Press,2003,p.101.
1703683317
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[71]Interview with the author in Riga, March 2013.
1703683319
1703683320
[72]Interview with the author in London, February 2013.
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1703683322
[73]Ibid.
1703683323
1703683324
[74]“The Intenational Role of the Euro”,European Central Bank, July 2013,p.68,http://www.ecb.europa.eu/pub/pdf/other/euro-international-role201307en.pdf.Countries using the euro as a reference currency include Switzerland, which in September 2011 unilaterally announced a minimum exchange rate of 1.20 Swiss francs per euro.
1703683325
1703683326
[75]David Stasavage,“When Do States Abandon Monetary Discretion?Lessons from the Evolution of the CFA Franc Zone”,in Kirshner(ed.),Monetary Orders, p.80.
1703683327
1703683328
[76]Emmanuel Farhi, Pierre-Olivier Gourinchas and Hélène Rey,“Reforming the International Monetary System”,Centre for Economic Policy Research,19 September 2011,p.21,http://www.cepr.org/content/reforming-international-monetary-system-o.
1703683329
1703683330
[77]Barry Eichengreen, Exorbitant Privilege:The Rise and Fall of the Dollar and the Future of the International Monetary System.New York:Oxford University Press,2011,p.130.
1703683331
1703683332
[78]Ignazio Angeloni et al.,“Global currencies for tomorrow:a European perspective”,Bruegel,23 July 2011,p.99,http://www.bruegel.org/publications/publication-detail/publication/592-global-currencies-for-tomorrow-a-european-perspective.
1703683333
1703683334
[79]Carla Norrlof, America’s Global Advantage:US Hegemony and International Cooperation.Cambridge:Cambridge University Press,2010,pp.232-246.
1703683335
1703683336
[80]Interview with Nicole Gnesotto, Fondation Robert Schuman Newsletter, no.75,1 October 2013,http://www.robert-schuman.eu/en/doc/entretiens-d-europe/ee-75-en.pdf.
1703683337
1703683338
[81]Christian Thimann,“Global Roles of Currencies”,European Central Bank, Working Paper Series, no.1031,March 2009,p.21,http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1031.pdf.
1703683339
1703683340
[82]David Marsh,“Australia, Canada dollars classified as reserve currencies”,commentary for the Official Monetary and Financial Institutions Forum,19 November 2012,http://www.omfif.org/intelligence/the-commentary/2012/november/australia-canada-dollars-classified-as-reserve-currenaes/.
1703683341
1703683342
[83]Brendan Kelly,“China’s Challenge to the International Monetary System:Incremental Steps and Long-Term Prospects for Internationalization of the Renminbi”,Pacific Forum CSIS, Issues and Insights, vol.9,no.11,June 2011,p.13.
1703683343
1703683344
[84]Monthly Report of the Deutsche Bundesbank, May 1988,p.22,http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Monthly_Report/1988/1988_05_monthly_report.pdf?_blob=publicationFile.
1703683345
1703683346
[85]Jonathan Kirshner,“Currency and Coercion in the Twenty-First Century”,in David M.Andrews(ed.),International Monetary Power.Ithaca, NY:Cornell University Press,2006,pp.151-153;William W.Grimes,“Internationalization of the Yen and the New Politics of Monetary Insulation”,in Kirshner(ed.),Monetary Orders, p.189.
1703683347
1703683348
[86]Robin Harding and James Crabtree,“India takes big step to internationalise the rupee”,Financial Times,9 October 2013.
1703683349
1703683350
[87]Mariya Gordeyeva,“Kazakhstan pegs tenge to fx basket, dilutes dollar focus”,Reuters,28 August 2013.
1703683351
1703683352
[88]Speech by Zhou Xiaochuan,“Reform the International Monetary System”,23 March 2009,http://www.pbc.gov.cn/publish/english/956/2009/20091229104425550619706/20091229104425550619706_.html.
1703683353
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[89]Guy de Jonquieres,“Is Power Really Shifting to China?”,Journal of Economic Diplomacy, January 2013,http://eu-asiacentre.eu/pub_details.php?pub_id=84.
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