May 27, 1998

Over the past year, the world has experienced two great monetary experiments, one in Europe and the other in East Asia. The experiment in Europe -- monetary union -- has actually been taking form for many years now, but it is only in the past 12 months or so that a true measure of the experiment could be made. To gain admittance to the union, prospective member nations were held to strict fiscal and monetary criteria. In previous papers we have drawn parallels between the U.S. domestic price rule and these entry criteria, showing that, by meeting these requirements, Europe in fact set itself on a regional price rule. Of this development, we are quite bullish.

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