Word: euroland
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Dates: during 1990-1999
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These 11 countries, called Euroland, have already surrendered much of their economic autonomy to the European Central Bank in Frankfurt, an institution established to centralize monetary policy...
...Central Bank will set a single interest rate for Euroland, and a Growth and Stability Pact limits their debts and deficits...
Harvard's long-term Policy Portfolio, the base for its year-to-year investment strategy, contains 8.9 percent in euro-based bonds and equities. 6.15 percent of the portfolio is in euro-based equities, shares in companies based in the 11 countries, 2.75 percent is in bonds in the Euroland countries. The University also has a small amount of real estate in the euro-based countries...
...currency's effect on the UnitedStates, it's anyone's guess. Euroland's 292million inhabitants outnumber America's 268million, and the 11-member block produces 18.8percent of the world's exports, compared with the14.1 percent produced...
...Bluford Putnam, president of CDC Investment Management Corp., the U.S. subsidiary of a giant French-based money-management concern, Caisse des Depots et Consignations, strongly disagrees. His scenario: the countries of "Euroland," as the 11-nation currency bloc is being called, will focus more than ever on pumping up their domestic economies, which are suffering from slow growth and high unemployment. Though the new European Central Bank will officially be independent of any national government, political leaders of the 11 countries will be pressing the bank to lower interest rates and keep them down, in coordination with the U.S. Federal...