In the summer of 1965 I was invited to join Western Reserve University in Cleveland, Ohio and returned to academic life as professor with the added responsibility of becoming also Department Chairman. ↗
There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar. ↗
Another question has been raised rather widely in Europe, in Japan as well as in the United States is what, to what extent will the euro become a reserve currency. ↗
Back in those days, in the fifties and sixties, countries had balance of payment's deficits or surpluses, those were reflected much more than today in movements of reserves among countries. ↗
So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments. ↗