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Tue, Nov 27, 2001 - Page 19 News List

Nobel laureate helped to father the euro system

A univeristy professor played a big role in setting up tshe European currency, and he's optimistic about its chances

THE OBSERVER , LONDON

"I'm not attaching a high probability to the chance of a monstrous recession, but we simply don't have the instruments to deal with it. This is why we need a unit of global purchasing power, and this could be used as the embryo for an international monetary system."

It all sounds rather fanciful -- but then they probably said that in 1972.

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