Despite very different current account patterns (Abiad, Leigh and Mody 2007, Herrmann and Winkler 2008), similar developments have been identified in Europe, where the “Euro standard” (McKinnon 2002) connects the euro area with an “EMU periphery” (Schnabl 2007). However, other observers (e.g.
Rose, 2006) have been pointing to the increasing number of emerging market countries that have opted for a domestic nominal anchor and independently floating or, at least, managed exchange rates. Relying on stability-oriented domestic monetary policies pursued by each country, the system is exactly the opposite of Bretton Woods, as there is no need for anchor currencies or international policy coordination.