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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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On private transactions, I'll just go very quickly now, a major difference between the United States and Euroland is that in Europe banks are much more important in financial transactions than in the United States.
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Love can be understood only from the inside, as a language can be understood only by someone who speaks it, as a world can be understood only by someone who lives in it.
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In the United States, securities markets are much more developed than they are in Europe.
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If a currency is to become a growing, an increasing reserve currency, there has to be not only a demand for it there has to be a supply of it.
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Chances are the movements of the euro as against the dollar will be relatively moderate.
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Back in those days, in the fifties and sixties, countries had balance of payment's deficits or surpluses, those were reflected much more than today in movements of reserves among countries.
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Another question has been raised rather widely in Europe, in Japan as well as in the United States is what, to what extent will the euro become a reserve currency.
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