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Politics : Ask Michael Burke

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To: BGR who wrote (69959)	11/2/1999 5:01:00 PM
From: pater tenebrarum	Read Replies (2) of 132070

BGR, i didn't get to that editorial yet...i have a lot of reading to catch up with. however, i can tell you straight away that i disagree...i believe for the Euro to succeed it has to be perceived as a strong or at least stable currency. right now my impression is that the traditional soft currency members are trying to keep the ECB on hold because they would like the Euro to be soft. i'm very much against that...a strong currency forces companies to restructure to stay competitive, while a weak currency promotes corporate sloth. also Europe's biggest problem is it's structural rigidities which the ECB can do nothing about. by leaving monetary policy too lax, it encourages European politicians to take the easy way out and continue to do nothing. we urgently need a big dose of deregulation in Europe to restore the economy's vigor. the ECB is in danger of losing what little credibility it has at this time...i much preferred the German BuBa with it's single-minded straightforward mandate to keep the currency's value stable. i don't believe a central bank should worry about macro-economic issues beyond that mandate. just imo. regards, hb

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