Some countries that are close to Europe that already hold Deutschemarks, clearly would automatically hold euros, those are countries in Eastern Europe mainly, a few countries in Africa.
More Quotes from Robert C. Solomon:
Chances are the movements of the euro as against the dollar will be relatively moderate.Robert C. Solomon
There's a stability and growth pact which was agreed for the eleven countries which tries to limit the size of budget deficits among the eleven countries.
Robert C. Solomon
Today we have so much more flow of private capital that most international imbalances are financed that way, by private capital movements.
Robert C. Solomon
So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments.
Robert C. Solomon
The dollar went up some eighty percent in real terms as I recall now or something like that - from '80 to '85.
Robert C. Solomon
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