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There has been talk in Europe about American hegemony being somehow based upon the use of the dollar in the world. I just don't see that connection at all.
Some countries that are close to Europe that already hold Deutschemarks, clearly would automatically hold euros, those are countries in Eastern Europe mainly, a few countries in Africa.
There's a stability and growth pact which was agreed for the eleven countries which tries to limit the size of budget deficits among the eleven countries.
Love can be understood only "from the inside," as a language can be understood only by someone who speaks it, as a world can be understood only by someone who lives in it.
Indeed, some kitsch seems to be flawed by its very perfection, its technical virtuosity and its precise execution, its explicit knowledge of the tradition
The United States as usual has a sizable deficit in the current account of its balance of payments, trade account and other current accounts, current account items.
There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar.
So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments.
Back in those days, in the fifties and sixties, countries had balance of payment's deficits or surpluses, those were reflected much more than today in movements of reserves among countries.
True, trust necessarily carries with it uncertainties, but we must force ourselves to think about these uncertainties as possibilities and opportunities, not as liabilities.
Another question has been raised rather widely in Europe, in Japan as well as in the United States is what, to what extent will the euro become a reserve currency.
Love can be understood only "from the inside " as a language can be understood only by someone who speaks it as a world can be understood only by someone who lives in it.