McDonough on euro

[Doug Henwood]

Thanks to Seth Ackerman for finding this.The New York Fed is the most 
equal of all the 12 branch banks.

Doug

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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

[...]

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.