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To: pater tenebrarum who wrote (49856)	5/8/2000 11:17:00 PM
From: Zeev Hed	Read Replies (2) \| Respond to of 99985

heinz, I am not surprised to see the Euro in this shape. When It was created some 18 months ago, I suggested (on the "Asia" thread, I believe) that it would be impossible to have a united monetary system without having a united fiscal system for Europe, and I am not sure that Europe is ready for "federalization" at this time. Europe has too many competing national interests that are more important (to each nation) than the "European" interest, and furthermore, the spectrum of economic activities (call it GDP per capita) is too broad to expect a singular policy (fiscal and/or monetary) to be equally beneficial, or "right" for all the countries in the "union". It may take few years for them to recognize this, but it will be painful. If someone wants to look at a catalyst for the MCVEH (??), we may have it in the destabilization of the financial fabric of Europe.