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To: Henry Volquardsen who wrote (22)	5/2/1998 4:49:00 PM
From: Henry Volquardsen	Read Replies (2) \| Respond to of 3536

To All, Well no big surprises so far from the Euro summit. The 11 nations expected to make the first cut are in. They have also decided to use the ERM central rates as anticipated. They have been able to resolve the bickering over a central bank head and have selected Wim Duisenberg as the first ECB head. Good choice. The bad part is that he agreed to resign halfway through his 8 year term and EU officials are letting it be known his replacement will be French. This was clearly a win for the French and an indication of how politicized Euro policy may become. This won't trouble the Euro near term but keep an eye on this tendency long term. As of yet I have seen nothing explicitly mentioning the timing of the other four member states joining the Euro. The UK, Sweden and Denmark did not want to join right now but Greece did. It will be interesting to read the final accord to see if they will be any olive branch held out to Greece regarding a quick entrance down the road. If not Greek assets may have a rough Monday. Henry