Question: Professor Barry Eichengreen of the University of California, Berkeley, recently published a book about the US dollar entitled Exorbitant Privilege. In the book Prof. Eichengreen makes the following assessment when he analyses the strengths and weaknesses of the major currencies.
BIS central bankers’ speeches  5  “If a first-class international currency needs a first-class central bank, then this, too, is something the euro possesses. The ECB has shown itself to be extraordinarily serious about the maintenance of price stability.