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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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Explore more quotes by Robert C. Solomon
"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 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."
"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."
"In the United States, securities markets are much more developed than they are in Europe."
"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."
"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."
"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."
"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."
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