At 2:00 PM -0500 11/30/01, FRBoard-WebAnnouncements at FRB.GOV wrote:
>Speech by Chairman Alan Greenspan
> The euro as an international currency
>http://www.federalreserve.gov/boarddocs/speeches/2001/200111302/
>We are left with the question of how the international role of the
>euro will unfold. The attraction of investing in dollar-denominated
>assets depends upon relative rates of return. To the extent that the
>capital flows we have observed from Europe to the United States are
>a critical piece of the story, the future will be determined, at
>least in part, by the success in Europe of matching the expected
>rates of return on U.S. assets. But market pressures toward
>portfolio diversification are clearly also going to play a major
>role in the future relative positions of the dollar and the euro.
>The world can only benefit from the competition.