Montenegro and Kosovo have unilateral euroisation regimes. 2  See Bergsten (1997) and Feldstein (1997) for a review of the debate. For instance, Bergsten stressed that “The creation of a single European currency will be the most important development since the adoption of flexible exchange rates in the 1970s.
The dollar will have its first real competitor since it surpassed sterling” (Bergsten, 1997, p. 83). BIS central bankers’ speeches  1  significant roles, have been increasingly discussed by both academics and policy-makers. But, so far, the US dollar has remained clearly the leading international currency, with the euro a distant second, and the renminbi still lagging far behind.