The state of the U.S. economy is significantly affected by the state of the world economy. A wide range of foreign shocks affect U.S. domestic spending, production, prices, and financial conditions.
Let me stress, however, that once one economy fulfils all the convergence criteria set out in the Treaty in a sustainable manner, I have no doubt its participation in the euro area will be highly beneficial for all parties. I thank you for your attention. BIS Review 13/2006  3