Abstract
the recent financial crises and subsequent efforts to reform global finance, they will reach two conclusions. First, the grand rhetoric of creating a new global architecture yielded few concrete results. Second, we failed to foresee the most pro found consequence of the turmoil: regional currency unions. By 2030 the world will have two major currency zones?one European, the other American. The euro will be used from Brest to Bucharest, and the dollar from Alaska to Argentina? perhaps even in Asia. These regional currencies will form the bedrock of the
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