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To: smolejv@gmx.net who wrote (173208)	6/17/2002 11:20:35 AM
From: Haim R. Branisteanu	Respond to of 436258

My remarks are regarding the level of the EUR v USD. IMHO I think that the Europeans decided to take the risk an appreciate the EUR to be able to overcome the present inflation. It a nice solution but net export from EZ will suffer and some already voiced that. Further I do not think that EZ inflation will subside as desired due to the mix of countries participating in the EZ, even if Germany and France has inflation below 2% Now German construction workers want a 4.5% wage hike or almost 3 times inflation they will get like IG MEtal 4% and this will not help inflation to go down even with a stronger EUR. Construction can not be imported <GG>