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.
More Quotes from Robert C. Solomon:
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.Robert C. Solomon
Today we have so much more flow of private capital that most international imbalances are financed that way, by private capital movements.
Robert C. Solomon
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.
Robert C. Solomon
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.
Robert C. Solomon
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.
Robert C. Solomon
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.
Robert C. Solomon
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Based on Topics: Countries QuotesBased on Keywords: payments, reserves, surpluses
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