News Release

October 22, 2003

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Greenspan to Address Cato's 21st Monetary Conference
`The Future of the Euro,' cosponsored by The Economist, scheduled for Nov. 20 in Washington

WASHINGTON -- Federal Reserve Chairman Alan Greenspan, Nobel Laureate James M. Buchanan, and Czech President Václav Klaus are scheduled to participate in the Cato Institute's 21st Annual Monetary Conference, "The Future of the Euro," at The Renaissance Hotel in Washington, D.C., on Nov. 20.

Other speakers at the conference, which will be cosponsored by The Economist, include Anna Schwartz of the National Bureau of Economic Research, former IMF chief economist Kenneth Rogoff, European Commission Economic Adviser Lars Jonung, Italian Under Secretary of State Vito Tanzi, and Bank of America Chief Economist Mickey Levy.

Topics on the agenda include the impact of Europe's coming pension crisis on the Stability and Growth Pact, the credibility of the European Central Bank in maintaining price stability, the costs and benefits of expanding the euro zone, and the question of whether the European Monetary Union can survive without political union.

The conference begins at 9:00 a.m. with the keynote address by Alan Greenspan. James M. Buchanan speaks at lunch and Václav Klaus gives the closing address. The other participants will take part in four panel discussions throughout the full-day conference:

• Panel 1: Global Monetary Order and the Euro
• Panel 2: Fiscal Policy, Pension Reform, and the Future of the Euro
• Panel 3: The Costs and Benefits of Entering the Euro Zone
• Panel 4: Will the European Monetary Union Survive