The Euro and the Oil Market

Paper Summary:

This is a comprehensive look at the oil market. Topics covered include: Europe's Monetary targets, Euro strengths and weaknesses, Euroland, energy use and oil balance, the oil market currency risk, Euroland's oil market interests, the Euro, oil and U.S. interests.

From the Paper:

"The euro has the potential to put an end to the U.S. dollar hegemony in world trade and finance, so far not disputed. The euro has, however, little chance of establishing its own hegemony comparable to that of the U.S. dollar. After a period of competitive substitution, there will be a competitive coexistence between the euro and the dollar. The Brent market largely determines oil prices in the Atlantic, the Mediterranean, the Gulf, and even Asia."

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