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The international use of the euro: What can we learn from past examples of currency internationalisation?

The recent State of the Union speech by Jean-Claude Juncker sparked a discussion about the potential wider use of the euro on the international stage. Historically, it is not the first debate of this kind. I review four previous cases of debates on international currencies to reveal the different scenarios associated with their greater use, as well as the need to have a clear objective for a currency’s internationalisation.

The Iranian nuclear deal crisis: Lessons from the transatlantic dispute on the Siberian gas pipeline in 1982

A US president taking a unilateral decision that affects European interests. European policymakers outraged at US interference in their affairs. European businesses fearing losing access to some international markets. Sound familiar? This is the story of a crisis that took place in 1982 regarding the Siberian gas pipeline project; its outcome should inspire optimism in the Europeans’ capacity to counteract Donald Trump’s decision to withdraw the US from the Iranian nuclear deal.