Euro's role as reserve growing: Issing

[54anickel]

CHICAGO (CBS.MW) -- The euro's growing role as a global reserve currency is "unavoidable," the European Central Bank's Otmar Issing said Monday.

The ECB is "neither impeding and neither fostering" the euro's opportunity to gain against the U.S. dollar as a global benchmark currency, said Issing, a member of the ECB's executive board.

Issing made the remarks as part of a conference on the euro held at the Chicago branch of the U.S. Federal Reserve.

The bank plays a "neutral" role in this process, he said, and the markets will determine the pecking order of the world's currencies.

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[lastknowngood]

1. all those dollars and no one to buy them.

n/t

[PROGRESSIVE1]

2. Good!!! A little competition to keep the Neo-Cons in line is a good...

thing!