EMU final
28/12/99
18
3:48 pm
Page 18
The impact of the euro on transatlantic relations
will increasingly constrain and challenge US pre-eminence. The dollar, dollar-denominated assets and the US government will have to live by the same rules as everybody else. What is more, as the Europeans’ dependence on the dollar declines, they will collectively recapture a degree of sovereignty previously lost.