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To: butkus who wrote (20763)	10/5/1998 11:47:00 PM
From: Eashoa' M'sheekha	Respond to of 116826

This Is Interesting. ECB'S NOYER: EURO RAPIDLY TO BECOME MAIN ALTERNATIVE TO DOLLAR PARIS (MktNews) - The euro will rapidly become the main alternative to the dollar as an investment and reserve currency, European Central Bank Vice President Christian Noyer predicted Thursday. "It is not the policy (of the ECB) to make the euro a rival of the dollar or its substitute or as important a currency very rapidly," Noyer told students at the IPAG business school here. "I believe that will happen on its own, but it is uncertain how quickly." Contacts with foreign central banks and leading institutional investors around the globe indicate that the euro "will very rapidly become the principal alternative to the dollar for investments and central bank reserves, if not in months then in a very few years," he said. Explaining the strategy of the ECB to the students, Noyer stressed that interest-rate changes must be "as small as possible" and early enough to manage the business cycle "without introducing abrupt ruptures." The goal must be to avoid "brutal shocks to the economy."