A real major glitch that a lot of people are beginning to be aware of is that the EU will probably not be able to deal with both introducing the euro into its computers and also take care of the millennium bug. This conflucnce could well trigger the next global crash. Barkley Rosser On Tue, 5 May 1998 12:04:07 -0400 Doug Henwood <dhenwood at panix.com> wrote:
> Chris Burford wrote:
>
> >But the question I want to pose here to Doug and others is what is the
> >significance for world economics of the succesful launch of the Euro? To be
> >more specific, what will be different one year after the launch of the
> >Euro, what five years afterwards?
>
> If it "works," a serious rival to the dollar's role as world reserve
> currency. Also, domestically speaking, an almost certain Americanization of
> European financial and corporate structures, meaning a greater role for
> stock markets, a freewheeling takeover market, heavy shareholder pressure
> on firms to cut costs and hold down investments, meaning looser labor
> markets, weaker welfare states, and greater social polarization. Of course,
> Europeans may rebel against this agenda and derail it, but if they don't,
> shareholder rights will become the most important rights of all.
>
> Doug
>
>
>
-- Rosser Jr, John Barkley rosserjb at jmu.edu