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" On private transactions, I'll just go very quickly now, a major difference between the United States and Euroland is that in Europe banks are much more important in financial transactions than in the United States. "

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" If a currency is to become a growing, an increasing reserve currency, there has to be not only a demand for it there has to be a supply of it. "

Robert C. Solomon

Currency

Become

Demand

" 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. "

" 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. "

" There has been talk in Europe about American hegemony being somehow based upon the use of the dollar in the world. I just don't see that connection at all. "

" Back in those days, in the fifties and sixties, countries had balance of payment's deficits or surpluses, those were reflected much more than today in movements of reserves among countries. "

" There's a stability and growth pact which was agreed for the eleven countries which tries to limit the size of budget deficits among the eleven countries. "

" The reserve currency role seems to add prestige to an area and some people in Europe have talked about the desirability of the euro becoming an international reserve currency. "

" The major material advantage, financial advantage from having a reserve currency is that between 200 and 300 billion dollar bills, that may be twenty, fifty, hundred dollar bills as well as ones, exist in the world - a lot of them in Russia as you all know I'm sure. "

" 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. "

" In the United States, securities markets are much more developed than they are in Europe. "

Robert C. Solomon

United States

Europe

" The dollar is currently the principal reserve currency in the world. "

" There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar. "

" The dollar went up some eighty percent in real terms as I recall now or something like that - from '80 to '85. "

Robert C. Solomon

Now

Dollar

" The prices of all imports would rise if the dollar depreciates. "

" Chances are the movements of the euro as against the dollar will be relatively moderate. "

" The United States as usual has a sizable deficit in the current account of its balance of payments, trade account and other current accounts, current account items. "

" To the extent that the United States has, I don't like the word hegemony, the United States has influence around the world, I don't think that's based on to any significant degree on the fact that countries use the dollar as their major reserve. "

Robert C. Solomon

Influence

Dollar