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The United Kingdom and the United States have
reached relatively advanced stages of their cyclical upswings, with resources more fully utilized than in the euro area, the Euro's
initial value comparing to the pound and the U.S. dollar can reasonably be considered to be below its medium-term
equilibrium...
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As the economic recovery in Europe proceeds and the growth in the U.K. and U.S. economies slows, the Euro
will most likely appreciate against those currencies. On the other hand, Japan economy remains in the critical position. The
resumption of moderate growth will lead to a recovery of the yen. Thus Euro is expected to depreciate against the yen over the
next few years...
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