In future this option will be closed. Competition between Europe and the United States is bound to intensify and become a major factor in economic instability and growing political tensions. Though Japan has welcomed a measure they see as weakening the dollar, and even discussed currency coordination with Europe, Prime Minister Obuchi also used his visit to Germany to insist that the yen should have an importance equal to that of the dollar and the euro. The initial response in America to the euro's launch was fairly sanguine. There is a widely held belief that European monetary union will benefit US businesses.
Nevertheless concerns exist.
The economic union of Europe is, in Paris's eyes, a mere prelude to political union. And the point of political union is to lessen American influence and involvement on the continent, and elsewhere, by means of an eventual attempt to construct a defence and foreign policy that may well be antagonistic to American interests. One factor that has shaped US opinion is the belief that Europe is too politically divided and dependent on US military might to pose an immediate threat. But the European powers are being forced to seek a remedy for this situation. Growing demands are being voiced for a political leadership in Europe less willing to accept US dictates.