The single banking market and the single currency implied such an interdependency and had encouraged policy thinking that focused on the euro area as a whole, and not on individual countries. Awareness of the interdependency led, fairly early on, to a lowering of the interest rate on the official borrowings from Europe and an extension of the maturities.
Mr Greenspan discusses developments crucial to understanding the impressive economic record of the United States  Remarks by Mr Alan Greenspan, Chairman of the Board of Governors of the US Federal Reserve System, at the Millennium Lecture Series, sponsored by the Gerald R. Ford Foundation and Grand Valley State University at Grand Rapids, Michigan on 8 September 1999 *  *  *  Thank you for your kind welcome to Grand Valley State University and the Ford Museum Millennium Lecture Series.