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–The Euro...The New World Currency?
Greenspan says dollar now sharing
stage with euro
Yahoo News
"We're beginning to see some move from the dollar to the euro, both from
the private sector ... but also from monetary authorities and central
banks," Greenspan told a conference sponsored by the Commercial Finance
Association.
His comments pushed the dollar down, a sign that Greenspan, who retired
from the U.S. central bank in January, still holds some sway in
financial markets.
| "We're beginning to see
some move from the dollar to the euro, both from the private
sector ... but also from monetary authorities and central
banks," |
As he had done repeatedly when he led the central bank, Greenspan said
it was imperative for the United States to resist protectionist
pressures that could make an unwinding of the large U.S. current account
trade gap economically painful.
"We'll get to the point at some point that willingness to finance it
will slow, and if you can't finance it, it won't happen," Greenspan said
of the broad trade measure.
He said, however, that if the economy remained flexible, the adjustment
"should have very little effect on production and capacity."
Greenspan warned, however, that if the United States threw up barriers
to isolate itself from the pressures of globalization, "the adjustment
process could be a little bit more problematic."
|