It should be kept in mind that a market for privately issued bonds denoted in ecu's, the forerunner of the euro, has existed for quite a long time. But Doug is right that shifting national stock markets to the euro and having governments issue eurobonds will be a big institutioonal step. Barkley Rosser On Sun, 17 May 1998 12:33:28 -0400 Doug Henwood <dhenwood at panix.com> wrote:
> Dennis R Redmond wrote:
>
> >You have to give the
> >Eurobourgeoisie credit: for all their alleged stodginess and inability to
> >match wits with ever-flexible Americans, they're clearly setting up
> >the necessary institutional structures for a unified currency. Anyone know
> >when EU governments are actually going to start issue eurobonds instead of
> >DM/franc/lirabonds?
>
> I think most governments intend to issue in euro (in euros?) pretty soon
> after the currency is born on January 1, 1999.
>
> Dennis, for all your Euro-enthusiasm, the EIB's plans to issue benchmark
> eurobonds, and the transformation of existing national bond and stock
> markets into euro-denominated ones, is a major step towards the creation of
> U.S.-style securities markets, and with it the associated governance
> structures.
>
> Doug
>
>
>
-- Rosser Jr, John Barkley rosserjb at jmu.edu