There can be no question that the United States has and will continue to benefit from Europe's deepening integration and the advent of the euro. Markets in Europe have opened to American products and served as a source of an increasingly efficient supply of goods to U.S. households and firms. Europe's growing participation in international capital markets, which a successful EMU and a stable euro are expected to further, also will encourage additional flows of savings and investments between Europe and the United States in response to changing macroeconomic conditions in our two regions.
