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

Robert C. Solomon
Tags: Developed | Europe | Markets | More | Much | Securities | States | Than | United
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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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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.
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The dollar went up some eighty percent in real terms as I recall now or something like that - from '80 to '85.
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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.
Robert C. Solomon 
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In the United States, securities markets are much more developed than they are in Europe.
Robert C. Solomon 
53% of people like this quote
