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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Thomas M. who wrote (2745)	12/27/2000 1:50:06 PM
From: Henry Volquardsen	of 3536

Europe's structural differences have been around for 50 years, and DID NOT result in lowered currencies. actually most European currencies were pretty weak over that period. The French, Italian and Spanish currencies have all suffered significant weakness over that period. The Pound was also a significant weakener and even prompted a crisis that required IMF support. The only exception was the Deutschmark and it's satellites that strengthened over that period. Ant the DM strength was in response to a rigid and tenacious anti-inflation policy that made it a safe haven during the inflationary era of the 70s and 80s. The rest of the European currency's only stopped their long term slides when they tied themselves to the DM regardless of whatever damage that did to economic growth. But the DM doesn't exist any longer. And the policy rules of the ECB are such that it is unlikely we will see a Bundesbank-like bulwark. In fact an audible sigh of relief was heard among the Club Med faction when the birth of the Euro put a dagger in the heart of Bundesbank tyranny. They took their medicine for 10 years and now they want cake. Henry

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