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In 2020, the COVID-19 pandemic caused by far the largest shock to
European economies since World War II. Yet, astonishingly, the EU
unemployment rate had already declined to its pre-crisis level by
2021Q3, and in some countries the labor force participation rate is
at a record high. This paper documents that the widespread use of
job retention schemes has played an essential role in mitigating
the pandemic's impact on labor markets and thereby facilitating the
restart of European economies after the initial lockdowns.
Despite major structural shifts in the international monetary
system over the past six decades, the US dollar remains the
dominant international reserve currency. Using a newly compiled
database of individual economies' reserve holdings by currency,
this departmental paper finds that financial links have been an
increasingly important driver of reserve currency configurations
since the global financial crisis, particularly for emerging market
and developing economies. The paper also finds a rise in inertial
effects, implying that the US dollar dominance is likely to endure.
But historical precedents of sudden changes suggest that new
developments, such as the emergence of digital currencies and new
payments ecosystems, could accelerate the transition to a new
landscape of reserve currencies.
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