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To: elmatador who wrote (42736)	12/8/2003 4:33:59 AM
From: macavity	Read Replies (1) \| Respond to of 74559

Annamaria. Yes you are right but in my opinion the politicians will fight the adaption the whole way. :) Europe is more like Japan than the US is. Current Account and Trade Surpluses, negative demographics, appreciating currency. Let's just hope they do not feel obliged to join the Asian CBs and buy billions of USD government to prop down their currency in the name of competitive prices. I doubt it, though. -macavity

To: elmatador who wrote (42736)	12/13/2003 10:12:31 AM
From: menanna	Read Replies (3) \| Respond to of 74559

Hi Elmatador: <Europe appears to be adapting to the Euro's advance> And more. This weekend, the European Union Council meeting, the EU constitution is going to be discussed -supposedly for a final time- and either signed or pushed back for further amendments. The EU constitution is not your traditional constitutional document. More than anything it seems to be a lengthy e very detailed series of trade agreements. If singed, it will have tremendous implication on international trades with Europe moving more and more into trading within the Euro Zone and less and less with other countries and continents. The trading agreements in the constitution were clearly crafted keeping in mind the entry in the EU of the countries in waiting and their contribution to the creation of a “self sufficient” Euro Zone in terms of imports and, for example, oil dependency to the Middle East. The inclusion of Turkey, Russia, other ex-USSR countries, etc., will most likely move the EU in that direction. IMHO, the larger EU Zone together with the Euro 10-15% gold backing (although this may be decrease a little next year as the gold backing agreement expires) are all moves to compete with the US$ as a reserve currency for central banks and governments around the world. Just my 2 cents on the topic. As usual, we shall see. Ciao and cheers - Anna