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<http://www.newyorkfed.org/pihome/news/speeches/sp971117.html>
A U.S. PERSPECTIVE ON ECONOMIC AND MONETARY UNION IN EUROPE
Remarks by William J. McDonough President Federal Reserve Bank of New York before the Association of German Mortgage Banks Frankfurt, Germany November 17, 1997
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But should a different international monetary system ultimately emerge in which other currencies, such as the euro, play an increasingly important role alongside the dollar, there would be benefits for the United States as well. Such a development would, for example, impose greater market-led discipline on the United States and, in the process, help us address our chronic low-savings problem.