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RE: Monetary Union



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Please help make the Manifesto better, or accept it, and propagate it!
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Supporting the same line of thought (not surprisingly!), see also Kenichi 
Ohmae's recently published book THE INVISIBLE CONTINENT, which I 
particularly recommend to all participants in India Policy, even though I 
don't agree with much of it.

Financial Times has asked me to review the book, and I will post a copy of 
the review once it becomes available.

prabhu


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

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