-Caveat Lector-
WHAT WILL THE EURO MEAN FOR THE DOLLAR?
The euro is expected to open trading tomorrow at the equivalent
of about U.S. $1.20. The 11 European nations committed to the
new currency clearly expect it to challenge the dollar as the
world's preeminent medium of exchange. How likely is that?
o The euro is backed by reserves of $350 billion -- seven
times those of the dollar.
o It represents a regional bloc with a population of 289
million -- some 20 million more than the U.S.
o It is the currency for 11 economies with a combined gross
domestic product of $6.8 trillion -- not far behind the
United States' $7.25 trillion.
o The euro nations have combined exports 25 percent greater
than those of the U.S. -- and can fairly claim to be the
world's leading trading power.
They have persuaded the central banks of Japan, Brazil, Taiwan
and China that a significant and increasing proportion of their
foreign reserves should be in euros.
While the euro is expected to get off to a strong start, there
are uncertainties about its long-term staying power. Euro
countries' economies are now turning down sharply -- bringing the
prospect of even higher unemployment than the 17 million already
registered. Then there is the question of who is in charge --
the central bankers on the ECB Council or the center-left
political elite. Political instability could weaken the euro.
Source: Bill Jamieson, "Euro to Challenge Dollar to be Leading
Currency," Washington Times, December 31, 1998.
For more on Currency Issues
http://www.ncpa.org/pi/internat/intdex2.html
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