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Contents: Preface; Part I The Euro, This Unknown!: Introduction to the dollar and the euro, Pedro Gomis-Porqueras; 7 years with the euro, Joaquín Almunia; A financial and politically symbolic tool, Joaquín Roy. Part II The Euro-Dollar Exchange Rate: A Puzzling Relationship: Euro-dollar puzzles, Kurt Hübner; Euro-dollar: an holistic view of the economy, Hans Martens. Part III The International Role of the Euro: Living up to expectations? Taking stock in the international role of the euro, J. Onno de Beaufort Wijnholds and Julie McKay; Is the euro ready to play the global currency role?, Miriam L. Campanella; Enlargement and the international role of the euro, Benjamin J. Cohen. Part IV The Euro and the European Economic Governance: Running an enlarged eurozone. Reforming the ECB governing council: efficiency, representation and national economic interest, David Howarth; The political economy of eurozone enlargement: the motives, prospects and implications for the EU and its member states, Ramunas Vilpisauskas; The euro and economic reforms: the case of Spain, Sebastián Royo. Part V The Euro in the Global Economy:Global imbalances and the need for policy adjustment, José Manuel González-Páramo; The euro and developing countries, Francesc Granell; Currency crises and institutional changes in Latin America: lessons from Mexico, Angel Calderón-Madrid. Conclusions: Is there a future for the euro in the global economy?, Pedro Gomis-Porqueras and Joaquín Roy; Index.