There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar.
More Quotes from Robert C. Solomon:
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.Robert C. Solomon
The dollar is the main private currency for investment purposes, for transactions purposes, as a vehicle currency as it's called.
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
The prices of all imports would rise if the dollar depreciates.
Robert C. Solomon
The dollar performs internationally all three functions of money, as a medium of exchange, a unit of account and a standard of value.
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
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