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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: maceng2 who wrote (3181)	12/28/2001 8:24:32 PM
From: Hawkmoon	Read Replies (1) of 3536

The euro could be tougher. Unlike decimalisation, every amount will change. Indeed the Euro switchover has been tough, and could become tougher yet. A currency is a reflection of the national unity, both of economic and political. Europe has not shown much of either, whether currently, or in its past. Even worse, the EEC is a confederation, with all the inherent flaws such a form of government entails (anyone remember the US "Articles of Confederation", the blatant failure of which, led to the US constitution and federalism?). I see a major confrontation coming about for control of European policy between the ECB and the individual member nations. Nations like Ireland are balking at hiking their tax rates when their policies have brought them such incredible growth. They want the rest of Europe to lower theirs. Why should they sacrifice their ecconomic growth so that Italy or France can preserve their welfare states?? It will be interesting to see how Europe fairs over the course of the coming year. Hawk

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