Dear all
Some of you may find the following web document of interest?
Jenni Rockliff
Information Service
Trades Union Congress
The Brookings Institution
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Policy Brief #42, "International Effects of the Euro".
European Monetary Union--also known as the euro-zone and
euroland--came
into existence on January 1 among eleven countries of the European
Union
with a new currency--the euro--and a new European Central Bank. Having
the
same currency, the eleven countries are likely to enlarge their mutual
trade. The euro's exchange rate will float in terms of the dollar and
the
yen. Some neighboring countries will adopt the euro as their reserve
currency but it is likely to become a worldwide reserve currency,
competing with the dollar, only gradually. The same is true of the
euro's
function as an international asset and means of payment for the
private
sector. The United States has every reason to welcome this further
step in
European economic and financial integration.
http://www.brookings.edu/comm/PolicyBriefs/Pb042/pb42.htm
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Taken from E P N N e w s 1.6.1999
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