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To: maceng2 who wrote (21490)	9/25/2000 6:25:25 PM
From: IceShark	Read Replies (2) \| Respond to of 436258

Compared to the USA it's tax burden is very heavy though. I know that, I lived in the USA for a while. Average wages here in the UK are also much lower. The overall combined effect is a very significant lowering in personal earning power. I got offered a job in the UK 10 years back. When I told the guy he was nutz and 'esplained it over a beer, his eyes bugged out. 3 months later he took a transfer and moved to the US. -g- I never have really figured out that disparity deal.

To: maceng2 who wrote (21490)	9/25/2000 6:44:38 PM
From: pater tenebrarum	Respond to of 436258

the intervention, as someone has posted earlier, mainly served to 'put a floor' under the Euro and avoid panic selling. fundamentally (i.e. in purchasing power parity terms) it is definitely undervalued. one mistake often made when comparing US and European 'earnings power' for individuals is that the many welfare benefits enjoyed by most Europeans are overlooked. especially health coverage in Europe is far superior, and if you walk through Vienna you can count the beggars on the fingers of one hand. of course the welfare systems in many European countries are bloated and in need of reform, but this is an undertaking that's definitely in progress. note, e.g. college education in Austria used to be for free, but the new government is proposing students pay a modest half-yearly fee to do away with this 'anomaly'. however, students whose families can not afford the fee will continue to enjoy free education all the way. now that government budgets have been fixed due to the requirements set forth in the Maastricht treaty, tax reform is high on the agenda across Europe. funny enough, it is precisely because the combination of a common currency and a common market has been realized that reform efforts are gathering steam everywhere. all that said, much remains to be done. the bureaucratic monster that resides in Brussels is in dire need of streamlining...too much of the EU's budget is simply misdirected. one last thing, the high energy taxes: while it is true that they are in fact TOO high, they have encouraged energy conservation, and contrary to the US, Europe's streets are not clogged with SUV's (which seem mainly useful for Africa, where only dirt roads exist).