Another question has been raised rather widely in Europe, in Japan as well as in the United States is what, to what extent will the euro become a reserve currency.
Some countries that are close to Europe that already hold Deutschemarks, clearly would automatically hold euros, those are countries in Eastern Europe mainly, a few countries in Africa.
Chances are the movements of the euro as against the dollar will be relatively moderate.
So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments.
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