Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europeâe(tm)s joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollarâe(tm)s shadow. The essays collected in this volume explain why. Because of Americaâe(tm)s external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europeâe(tm)s money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies, including an anti-growth bias that is built into the institutions of the monetary union and an ambiguous governance structure that sows doubts among prospective users. As recent events have demonstrated, members of the euro zone remain vulnerable to financial crisis. Moreover, lacking a single voice, the bloc continues to punch below its weight in monetary diplomacy. The world seems headed toward a leaderless monetary order, with several currencies in contention but none clearly dominant. This collection distils the views of one of the worldâe(tm)s leading scholars in global currency, and will be of considerable interest to students and scholars of international finance and international political economy.

This book provides a comparative analysis of environmental regulation in multi-jurisdictional legal and political systems, focusing on the United States, the European Union, and the international community. Each of these systems must deal with environmental interdependencies that cross local borders, in some cases creating regional problems, such as acid deposition, ozone type smog, and pollution of shared water bodies. Some transjurisdictional environmental problems are global, including stratospheric ozone depletion, climate change, and the loss of biodiversity. Other environmental problems, however, are localised in their effect on health and the environment.