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 (49)	10/23/1998 9:07:00 PM
From: banco$	Read Replies (2) of 289

"Germany to Introduce Euro Slowly" Unfortunately, the financial industry is not afforded the luxury of time come January 2nd, 1999. They will be using the real euro immediately - no extensions, and there will be casualties in the switch to euros. Trillions worth of fixed income instruments and equities to translate to the euro and trade immediately with thousands of firms and agencies involved -- all the ingredients for confusion and a costly mess. It may take a month, maybe much longer for problems or failures to be reported, like the ongoing derivative stories. Another problem within the EMU will center on the increasing friction between socialist politicians and the central bank -- this is already in progress. Some politicians suggest spending their way out of unemployment, recommending lower interest rates/weak euro and tapping excess dollar denominated reserves which would leave the euro defenseless in a real emergency. Naturally the central bank has a big problem with the aforementioned recommendations. The ECB responds by recommending the need for new structural plans rather than monetary bullet fixes; my guess is politicians will not have it their way. dailynews.yahoo.com

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