It's a confidence game, I think. However the euro does, it will cut two ways, Mr. Bryan notes. A strong euro could hurt exporters within Euroland, but a weak euro could hurt those outside. Mr. Bryan expects the euro to succeed. Euroland will have a huge economy, massive reserves and a huge trade surplus.
Inflation is very low.
If it's a success, it ought to be the second currency behind the dollar, without any shadow of a doubt. Calif. As an institutional investor, Calpers is in some ways the polar opposite of Gabelli. But the key difference between the two is the way they look at the world. The fund looks first at the macroeconomic conditions of European countries or regions, decides which look most promising, and then leaves the investing to external managers, among them an index fund that hews closely to stocks best representing a country's economic performance. I'm not saying that country analysts become irrelevant, but they certainly become a lot less important.