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Gold/Mining/Energy : Gold Price Monitor

GDXJ 93.98

+0.6%

Nov 21 4:00 PM EST

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To: John Mansfield who wrote (16661)	8/26/1998 4:38:00 PM
From: goldsnow	Read Replies (3) of 116764

Ex-Fed chief Volcker predicts stable euro 10:45 a.m. Aug 26, 1998 Eastern BONN, Aug 26 (Reuters) - Former U.S. Federal Reserve chairman Paul Volcker was quoted on Wednesday as saying Europe's single currency would be stable thanks to the strong independence of the European Central Bank (ECB). The ECB would enjoy considerable freedom in setting monetary policy because it did not have to deal with a single European government, Volcker said. ''The euro will be stable because the ECB is the most independent central bank in the world,'' Volcker told Germany's Rheinische Merkur newspaper in an interview. ''The greatest pressure that can be exerted on a central bank is that from the respective government. But is there a real European government? No.'' The 11 countries that have signed up to join economic and monetary union (EMU) next year have agreed to form an informal policy forum called the Euro-11 council. Germany has fought to ensure the panel does not meddle in monetary policy. Volcker, 70, chaired the Fed from 1979 to 1987. He has recently chaired a commission evaluating compensation claims against European banks on behalf of survivors of the Nazi Holocaust. He said the euro had great political significance as a stabilising factor on a continent that had suffered two devastating wars this century. He said he also believed it would bring economic benefits. ''There have already been too many wars with Germany, too many conflicts,'' Volcker said. ''Now there is the chance to unite Europe. This aspect is perhaps more important than the many economic factors which speak in favour of the euro.'' Volcker's remarks were published in German. Copyright 1998 Reuters Limited.

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