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To: PaulM who wrote (52030)	4/28/2000 9:56:00 AM
From: LLCF	Respond to of 116762

Oh, weren't we just talking about this?? < But the fall in unemployment also partly reflects labour-market deregulation in many countries. As the rules have loosened, more workers have been hired on fixed-term contracts or as part-timers with less stringent employment protection or lower non-wage labour costs.> <As for the weak euro, it is not a problem in itself: a strong currency is not a symbol of economic virility> <A revolution is sweeping through Europe?s boardrooms. The introduction of the euro and the consequent creation of a single capital market, along with global competition, are forcing managers to lift their rates of return. The continent?s companies are moving faster than anyone would have guessed a few years ago (see survey).> <half of the 30 firms in Germany?s DAX index have announced spin-offs in the past year.> < As capital markets, rather than house banks, become companies? main source of finance, the old power structures of corporate Europe are crumbling.> <Governments and managers clearly still have plenty to do, but at least changes are happening. Yes, Europe still lags far behind America. But that, in turn, gives it more scope to grow faster by catching up.> DAK