http://www2.dw-world.de/english/current_affairs/1.56183.1.htmlsnip>
EU foreign policy chief Javier Solana, while welcoming the invitation to dialogue with Washington on the greater Middle East, cautioned about getting carried away with illusionary grand structures. "To think that from Morocco to Afghanistan we’re going to have something structured is a bit of a chimera," he told Reuters news service.
Solana also pointed out that the EU already had agreements and cooperation with a dozen Mediterranean partners offering trade and aid in return for economic reform and human rights. In a veiled criticism of Washington’s foreign policy goals, Solana said it would be hard to get the Arab world behind a collective democratization initiative "without putting the same energy into the solution of the Palestinian-Israeli peace process."
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"If I am concerned about something it is that the euro alone has to bear the brunt of the fall of the dollar because many areas of the world are de facto linked to the dollar, be it through pegs or intervention," he said.
The ECB’s Trichet also expressed worry over a ballooning U.S. budget deficit, which if unchecked could become a source of international contention when it effects interest and exchange rates across the globe.
U.S. Commerce Secretary Donald Evans attempted to calm European fears by saying the situation was both "very manageable" and "affordable." He said the deficit would be brought down by some "very, very tough decisions on spending." Neither Cheney nor Evans seemed especially concerned about the weak dollar.
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That last paragraph is a bit scary......