填空题 Some may ask the following question: Was it envisioned for the euro to eventually become {{U}} {{U}} 1 {{/U}} {{/U}}that it could compete with the dollar {{U}} {{U}} 2 {{/U}} {{/U}}? Or was that a dream then and {{U}} {{U}} 3 {{/U}} {{/U}}?
I think it was an attainable dream, and it is becoming actually, in some ways, {{U}} {{U}} 4 {{/U}} {{/U}}. Why? Well, the dream to give credit where credit is due was not only advocated {{U}} {{U}} 5 {{/U}} {{/U}}but by some American economists, including our Institute's director, Fred Bergsten. He was {{U}} {{U}} 6 {{/U}} {{/U}}with that. Richard Portes, who teaches at {{U}} {{U}} 7 {{/U}} {{/U}}, also was way out in the front with that. And they were {{U}} {{U}} 8 {{/U}} {{/U}}of people like Martin Feldstein and others in London and the United States who {{U}} {{U}} 9 {{/U}} {{/U}}the euro.
At face value, the euro area is {{U}} {{U}} 10 {{/U}} {{/U}}as the United States, roughly speaking. The euro area does have very large and {{U}} {{U}} 11 {{/U}} {{/U}}, although if you look in more detail, there are still some things there that {{U}} {{U}} 12 {{/U}} {{/U}}the United States. And the euro area has delivered price stability. They have a {{U}} {{U}} 13 {{/U}} {{/U}}pretty consistently. So you put those three things together. On paper it looks like the euro should be at least {{U}} {{U}} 14 {{/U}} {{/U}}to the dollar in investors' portfolios, in government reserve holdings, in how much you {{U}} {{U}} 15 {{/U}} {{/U}}or planes or things like that.
But what {{U}} {{U}} 16 {{/U}} {{/U}}in this book is the fact that if you look under the hood a bit, there is {{U}} {{U}} 17 {{/U}} {{/U}}between what you would expect just based on size and how much the euro is used. So there's an awful lot of {{U}} {{U}} 18 {{/U}} {{/U}}, not in euros, even between countries that are not dollar countries. There are {{U}} {{U}} 19 {{/U}} {{/U}}that come to the United States, and the depth of European assets and financial flows is {{U}} {{U}} 20 {{/U}} {{/U}}.