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Monetary Union



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Hi All, 

Please read the article at

http://www.mckinseyquarterly.com/newpub/enmo00.asp

It proposes that inevitably, most countries will find costs of maintaining a
separate currency high enough that they would "dollarize" their economy... 
I too believe that this is inevitable.  Already many South American
countries are considering adopting the dollar as a second currency.  I
remember in an interview, someone from the Federal Reserve had mentioned
that they had been approached by countries seeking to do the same.  He
mentioned that they were in the process of coming up with the protocols to
do so, but maintained that any federal reserve policies would be implemented
to serve US national interests and not that of any country that chose the
dollar as its main or second currency.  Given that the many small countries
will eventually peg their currencies to the dollar or the euro, I would like
to initiate a discussion on possible steps that India should take to engage
this scenario....

AP

=====
Ah Love, could you and I conspire, To grasp this sorry state of things
entire, 
To smash it all into a million bits, And mold it back to heart's desire.

Jab purdah nahi koi khudah seh, to bandhon se purdah kya.

Abhijeet A. Pradhan, 44J, Reading Rd, Edison, NJ 08817
Tel #: 732-452-1157      email: perdi420@yahoo.com
http://www.geocities.com/perdi420/       http://www.thethinkingindian.com

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