By Dort Verner
"Trade among the ecu Union (EU) and constructing nations is important—around 22 percentage of the EU's exports visit constructing nations, whereas 20 percentage of the EU's imports originate in these international locations. extra particularly, alternate among Latin the USA and the european has ballooned in fresh times..." What are the hazards and possibilities dealing with the Latin American and Caribbean (LAC) zone from the creation of the euro? Will the alternative of the ecu forex basket by way of the euro have genuine monetary results, or will it's little greater than an accounting phenomenon? This slender quantity makes an attempt to reply to these questions. In doing so it covers the present monetary state of affairs, provides monetary circulate, discusses the worth and volatility of the euro, and the monetary implications of the euro, together with the banking method and overseas debt and reserve administration. total, the document supplies a wide photo of the prospective influence of the euro at the LAC sector.
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Extra info for The impact of the Euro on Latin America
The size of the region's underlying economy and the extent of its external trade may determine the global role of a currency. The Market The significance of a market can be assessed by looking at the number of potential consumers and their purchasing power. The 11-country euro region's population of 290 million exceeds the population of the United States by about 22 million. S. dollar area. This compares with a population of 487 million in the 41 countries of Latin America and the Caribbean. 1 percent (see economic indicators for EU and LAC in the appendix).
Finally, depositors will diversify deposits between bank deposits and Page 9 money market fund deposits, and (3) banks will face increased competition and, consequently, more mergers are expected across borders in Europe. The implications for the bank customers will depend on the strength of the banks. In the short term, the customer in a strong bank may experience cheaper credit, while the customer in a weak bank may face credit rationing. Eventually, the weak bank will tend to disappear. Some economists, for example, in Morgan Stanley, predict that between now and 2010, US$13 trillion will flow to European equity markets, tripling the size.
21 Dollarization 23 VII. Conclusion 24 References 26 Notes 28 Appendix 29 List of Tables Table 1. Currency Shares in Global Finance in 1997 11 Table 2. Exchange Rate Variability 13 Table 3. Evaluation of Monetary Union 22 Page iv Table A1. EU-11, 1996 29 Table A2. EU-15, 1996 29 Table A3. LAC Countries, 1996 30 List of Figures Figure 1. , and Latin America, 1997 4 Figure 2. The EU Countries' Openness to Trade, 1997 5 Figure 3. LAC Countries' Trade Openness 6 Figure 4. Mercosur Exports in 1997 7 Figure 5.
The impact of the Euro on Latin America by Dort Verner