The Role Of Euros In Eurozone Regionalism And World Globalization

Abstract

The success of Eurozone regionalism is primarily based on the establishment of regional monetary cooperation that resulted in creation of the Euro. In addition, the development of regional strategies for increasing competitiveness of the region and the establishment of structural funds for assisting economic restructuring, solving the social problems, and reducing the differences in the social economic structure of the member countries helped Eurozone integrates fully with the global economy. Just as the Euro has successfully helped the processes of regionalism (globalization on a smaller scale) in Eurozone, a global currency would be necessary counterpart to the further globalization of world economies. As regional monetary cooperation was required in Eurozone for success of the Euro, a global monetary cooperation is needed for creation and success of a global currency. This paper explores the success of the Euro in Eurozone regionalism, the formation of a global monetary cooperation, development of a framework for currency fluctuations among main currencies (dollar, euro, and yen), and ultimately creation of global currency.