Euro Impact on Gold, USD ... Message Board

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Gold/Mining/Energy : Euro Impact on Gold, USD ...

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To: banco$ who wrote (262)	2/1/1999 10:35:00 PM
From: banco$	of 289

"ECB rules cover members' reserves - Duisenberg" - DAVOS, Switzerland, Jan 29 Fri 1999 (Reuters) Gold and foreign currency reserves held by the 11 EMU member countries continue to serve as reserves but if they were to be spent this could only happen under the guidance of the European Central Bank, ECB President Wim Duisenberg said on Friday. Responding to a question at a panel discussion held at the World Economic Forum's annual meeting about the purpose of gold and currency reserves held by individual countries, he said: "They serve the same purpose (which) they have always served. They underline the strength of the currency, and they are there in case of need". He said the reserves were "to hold, and not reserves to spend". "But if they are spent, they can only be spent under the guidelines of the European Central Bank," he added.

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