COFS - NEWS from Subcommittee Chairman Michael N. Castle

Committee on Banking and Financial Services
Subcommittee on Domestic and International Monetary Policy
FOR IMMEDIATE RELEASE     Contact: Ron Bonjean
April 28, 1998     (202) 225-4165

Chairman Castle
Opening Statement
Hearing on the Euro - The European Common Currency
Monetary Policy Subcommittee
April 28, 1998

"...The dream of a unified Europe that harkens back to the Holy Roman Empire may today be closer to reality than ever before. Incidentally, this first step will promote the integration of a competitive $6.4 trillion economy, second only to our own. This new currency could exert significant influence upon U.S. monetary, trade and economic policies. Thus, it is important for this Subcommittee to help Congress and the American people understand what the impact of the EURO will be for the U.S. and the world..."

"Early on, the Europeans will try to induce OPEC to price oil in euros."

"How the euro will compare to the U.S. dollar as a reserve currency, and what effect a strong euro might have on the U.S. economy, are questions begging answers."


Source: http://democrats.financialservices.house.gov/banking/42898cas.shtml