The euro versus the dollar: will there be a struggle for dominance?

The euro has already been a huge success internationally as well as within Europe. It already became the most widely used currency for international bond flotations during its first year of existence. For all the complexities injected into the usual discussion of this topic, the potential struggle for dominance between the dollar and the euro, the fundamental issue is quite simple. The basic reason for the supremacy of the dollar over the past half century is that it has had no competition.