Eurofed Looms, But Location Ignites New Squabble

REGULATIONS

The European Community (EC) central banks have established an independent secretariat, which will evolve into a proper European central bank or "EuroFed" if the 12 member states agree to a treaty establishing a common currency. But already there is an argument about where the secretariat should be located.

The one place where central bankers agree that it won't be situated is at the Bank for International Settlements (BIS) in Basel, Switzerland. So far, the BIS has handled much of the EC's

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