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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
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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.
Robert C Solomon
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There has been talk in Europe about American hegemony being somehow based upon the use of the dollar in the world. I just don't see that connection at all.
Robert C Solomon
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The United States as usual has a sizable deficit in the current account of its balance of payments, trade account and other current accounts, current account items.
Robert C Solomon
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The reserve currency role seems to add prestige to an area and some people in Europe have talked about the desirability of the euro becoming an international reserve currency.
Robert C Solomon
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The prices of all imports would rise if the dollar depreciates.
Robert C Solomon
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The major material advantage, financial advantage from having a reserve currency is that between 200 and 300 billion dollar bills, that may be twenty, fifty, hundred dollar bills as well as ones, exist in the world - a lot of them in Russia as you all know I'm sure.
Robert C Solomon
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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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The dollar is currently the principal reserve currency in the world.
Robert C Solomon
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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
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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.
Robert C Solomon
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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.
Robert C Solomon
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