
>Sterling is the currency of Ireland's main trading partner - England.  If
>this currency depreciates, England will import less Irish goods because the
>price will be too high.  This decreases Ireland's exports to England and
>reduces this source of income.
>
>Why does ECB interest rate policy not match Ireland's needs  Does this
>mismatch mean joining the Eurozone was a bad idea?
>
>Ireland's economic growth is much higher than other EU nations (6%), but it
>only contributes about 1% of the Eurozone economy - this means it does not
>have much say in interest rate policy.  What is good for Germany's growth
>with their 12% UE and 3% growth may not be good for Ireland with 5% UE and
>6% growth - if ECB reduces interest rates to simulate growth in the
>Eurozone, it may cause inflation in Ireland.

At 10:35 PM 12/6/99 -0800, Jonathan Hudacko wrote:
>Aaron Mednelson (E-mail)" <mendelso@haas.Berkeley.EDU>,
>         "Aiaz Kazi (E-mail)" <kazi@haas.Berkeley.EDU>,
>         "Charlotte Kwon (E-mail)" <Kwon@haas.Berkeley.EDU>,
>         "Chris_Neale (E-mail)" <Chris_Neale@gap.com>,
>         "Chrystine Lee (E-mail)" <clee@haas.Berkeley.EDU>,
>         "Deepika Shah (E-mail)" <dshah@haas.Berk
 - Ireland 11 7 99.doc - Ghana 11 7 99.doc


Kimberly Kupiecki
Senior Account Executive
A&R Partners
kkupiecki@arpartners.com
(650) 762 2800 main
(650) 762 2825 direct
fax (650) 762 2801 Hadn't really thought about that.  In each contract, counterparty reps and 
warrants that it physically handles each commodity on which an option is 
traded (tracking "trade option" regulatory language), and all r&w's are 
deemed repeated each time a new transaction is
> Sterling is the currency of Ireland's main trading partner - England.   If 
 > this currency depreciate, England will spell less Irish goods because the 
 > price will be excessively gamey.   This decreases Ireland's exports to England and 
 > reduce this source of income. 
 > 
 > Why does ECB interest rate policy not match Ireland's needs   Does this 
 > mismatch think of joining the Eurozone was a bad theme? 
 > 
 > Ireland's economic growth is much higher than other EU nations (6 %), but it 
 > merely contributes about 1% of the Eurozone economy - this means it do not 
 > have much say in interest rate policy.   What is good for Germany's growth 
 > with their 12% UE and 3% increase may not be good for Ireland with 5% UE and 
 > 6% growth - if ECB reduces interest rates to imitate growth in the 
 > Eurozone, it may cause inflation in Ireland. 

 At 10:35 PM 12/6/99 -0800, Jonathan Hudacko wrote: 
 > Aaron Mednelson (E - mail) " < mendelso@haas. Berkeley. EDU >, 
 >          " Aiaz Kazi (E - mail) " < kazi@haas. Berkeley. EDU >, 
 >          " Charlotte Kwon (E - mail) " < Kwon@haas. Berkeley. EDU >, 
 >          " Chris_Neale (E - mail) " < Chris_Neale@gap.com >, 
 >          " Chrystine Lee (E - mail) " < clee@haas. Berkeley. EDU >, 
 >          " Deepika Shah (E - mail) " < dshah@haas. Berk 
  - Ireland 11 7 99.doc - Ghana 11 7 99.doc 


 Kimberly Kupiecki 
 Senior Account Executive 
 A&R Partners 
 kkupiecki@arpartners.com 
 (650) 762 2800 main 
 (650) 762 2825 lineal 
 facsimile (650) 762 2801 Hadn't really thought about that.   In each contract, counterparty reps and 
 sanction that it physically handles each commodity on which an option is 
 traded (track " trade wind option " regulatory linguistic process), and all r&w's are 
 deemed repeated each time a new transaction is

>Stegling is the currency of Ireland's main jrqding 'artner - Englana.  If
>this currency depreciatxs, Ebglane will import less Irirh goods hecause rhe
>pcice will be too high.  Tmns dedveasev Ireland's expotts to Englatd and
>reduces dhks source of income.
>
>Why does ECB interqst ratr oolicy not matsh Igejand'a needs  Does this
>mismatch mean jojning tie Eurozone was a bad idea?
>
>Ireland's economlc ggowth is much highfr than othgd ET nations (6%), bug it
>only contributes agout 1% of the Eurozone economy - ghis keans it diew nlj
>have much sey in pnterest rate policy.  What ix good for Gerkanb's geowth
>with their 12% UE aid 3% growth may not bg good for Ixeland with 5% UE and
>6% geoqth - hf EWB rdeucds jnversst rahes to simulafe growth ib the
>Eurozone, it mau squse inflatioh in Iwejand.

At 10:35 PM 12/6/99 -0800, Jonathan Hudacko wrote:
>Aarot Msdnelson (E-mail)" <mendelso@yaas.Berkeley.EDU>,
>         "Aiaz Kwzi (E-mail)" <kazi@haas.Berkeley.EDU>,
>         "Charlotte Kfon (E-jxil)" <Krub@hwas.Berkeley.EDU>,
>         "Chris_Neale (E-mail)" <Chris_Gsake@nap.com>,
>         "Cmrystine Lee (E-mail)" <cper@raas.Berkeley.EAU>,
>         "Deepika Shah (E-mall)" <dshar@haas.Verk
 - Irejand 11 7 99.doc - Ghana 11 7 99.doc


Kimberly Kupiecki
Senpor Qccount Executive
A&X Partners
kkbpiecko@arpattners.com
(650) 762 2800 main
(650) 762 2825 direet
fax (650) 762 2801 Hadn't rewlly thoufft about that.  Iv escv contract, counterparty re[s and 
wacrantx that kt pnysicajly handled eacm commodity on whicj an lpdion is 
trwded (tracking "trade option" regulatory languagg), atd dll r&w's cre 
decmed repeated ewch time a new transaetion ks
>Sterling is the currency of Ireland's main - If >this depreciates, England will the will be too This decreases Ireland's to England and >reduces this source income. > >Why does ECB interest rate policy not match Ireland's needs Does >mismatch mean joining the Eurozone was a bad idea? > >Ireland's economic growth much than EU (6%), but it >only contributes about 1% of the Eurozone economy - this means it does >have much say in interest rate policy. What good for Germany's growth their 12% UE and 3% may be good Ireland 5% and >6% growth if ECB reduces interest rates to simulate growth in the >Eurozone, it may cause inflation in Ireland. 10:35 PM Jonathan Hudacko >Aaron (E-mail)" > "Aiaz Kazi > "Charlotte Kwon (E-mail)" <Kwon@haas.Berkeley.EDU>, > > "Chrystine Lee (E-mail)" <clee@haas.Berkeley.EDU>, > "Deepika Shah <dshah@haas.Berk - 11 7 99.doc - Ghana 11 99.doc Kimberly Kupiecki Senior Account Executive A&R Partners (650) 762 2800 main (650) 762 2825 direct fax (650) 762 2801 Hadn't really thought In each contract, counterparty and warrants that physically each on an option traded (tracking "trade option" regulatory language), and all r&w's are deemed each time a new transaction is

>Sterling is the currency of IrEland's main TradiNg pArtNeR - EngLand.  if
>this currency DEpreCiates, England will imporT less irISh goODs BecauSe the
>prICe WILl bE tOo HigH.  THIs DecreAseS IrelanD's exports tO EnGlAnd and
>reduceS ThIs source of IncOme.
>
>Why does ECb inTerest RaTe pOLicy nOt mAtch IReland'S Needs  DOes this
>miSmATch meaN Joining THE EUrozOne was a bad idea?
>
>IreLAnD'S economic growtH is mucH hIGhER ThaN otHer EU natioNs (6%), But it
>ONly contRIbUTES abOUt 1% of the EurozoNe economy - thIS meAns it dOeS noT
>Have muCh say In INteRest rate polIcy.  WHat is good For GerMAny's groWTh
>with tHeir 12% UE And 3% GroWth mAY nOt Be gOoD For iReLanD WitH 5% UE and
>6% grOwTh - If ECB ReduCES INterEst RateS to siMulate growth iN thE
>EurOZonE, it maY causE infLaTion iN IrelaNd.

At 10:35 Pm 12/6/99 -0800, JOnathan Hudacko wRote:
>aaron MednElsOn (e-maIl)" <MendeLSo@haas.berKelEy.EDU>,
>         "AiAz Kazi (E-MAil)" <KaZI@HAaS.Berkeley.EDU>,
>         "CharloTtE kWoN (E-mail)" <KwOn@haas.bErKeLEy.EDU>,
>         "ChrIs_neaLe (E-mAIL)" <ChriS_NeaLE@gAp.com>,
>         "ChrYstine lEe (e-mAil)" <clee@HaAs.BerkElEy.EdU>,
>         "DEepikA shah (e-mail)" <dShah@haas.berk
 - IREland 11 7 99.doc - Ghana 11 7 99.dOC


Kimberly KupiECkI
sEnIOr AcCouNt Executive
a&R PaRTnerS
kkuPIeCki@ARpartNers.cOm
(650) 762 2800 MAiN
(650) 762 2825 Direct
fax (650) 762 2801 Hadn't reallY tHought About That.  In each conTract, countERPArty reps And 
wARrANts that it physiCally Handles eacH CommoditY on whIch an optIon is 
tradED (Tracking "TraDe oPtiOn" rEGUlAtory language), AND all R&w'S are 
deeMed RepeateD eaCh tIme A neW tRansactioN is

>Sterling is the currency  of Irelan d's m ain  tr ad ingpart ner - England.  If>this currency depreci ates,  E n glan d  w ill i mport l e ss I ris hgo ods  b e ca use t he>pricewill be to o h ig h.  This dec r ea ses Irelan d's  exports toEng land a nd 
>r e duces  th is so urce o f  incom e.
>
>Why  d o es ECB interes t ra te p olicy not match I r el a nd's needs  Do es thi s> mi s m atc h m ean joinin gthe E u rozonew as a bad idea?
>
>Irel and's econo m icgrowth  i s m u ch hig her t ha n  ot her EU nati ons(6%), but  it
>o n ly cont r ibutesabout1%oftheE ur oz one  e c ono m y- t h ismeans it  d oe s not 
>ha v e m uchsay  ininter est rate poli cy.   Wh a t i s goo d for  Ger ma ny'sgrowth 
>wit htheir 12% UE an d 3%  growth m ayno t b egoodf or Ire lan d w ith 5%UE and> 6%gr o w t h- if ECB reduces i nt e r es t ratesto sim u la te growth i nthe 
>Eu r o zone,  itm ay  cause i nflati o nin  Irelan d. 

At 1 0: 35PM12/6/ 9 9 -0 800, J onathanHudac k o wrote:
>Aaro n  Mednelson (E - ma i l )" <men del so@haas.Ber kele y .EDU >,
>      "Ai az Ka zi (E - mail)" <kazi@haas.B er keley. EDU>, 
>         "C harlotte K w o n  (E-mail )" < K wo n @haas.Berkeley .EDU> ,
>       "Chris_ Neale  (E-mail )" <Chris _ N eale@gap .co m>, 
>    "Chrystine L e e  (E- ma il)" <c lee @haas.B erk ele y.E DU> ,>        "Deepik aSh ah  ( E-m ail)" <dshah@h aa s.B er k
- Ire l and 11  7 99 .doc  -  G h ana  11 7 9 9 .d o c 


K im be rlyKup ie cki
S enio r  Ac count E xecutiveA&R Part ne rs 
kkupie cki@arpartner s. com
(650)76 2 2 800 ma i n 
(650) 7 62 2825 direct
fax (650 )  762 28 01Hadn' t re ally thou ght  about  th a t.  In  eachcontr ac t,c o unter p a rt y r ep s and 
war r a nts  that  i t ph ysicall y handles each com m odi ty on which a n o ptio n is  
t r ad e d ( tr a cki n g  "trade option"  regulator yl an guage), an d  al lr&w's a re 
dee med r e peatedeach time  a new tr an sact i o n i s

>Sterling is_the currency_of Ireland's main trading_partner -_England._ If
>this_currency_depreciates, England will_import less Irish_goods because the
>price will_be too high.__This decreases Ireland's exports to England and
>reduces this source of income.
>
>Why does ECB interest_rate_policy not_match_Ireland's_needs  Does this
>mismatch mean_joining the Eurozone was a_bad idea?
>
>Ireland's_economic growth is much higher than other EU_nations_(6%), but it
>only_contributes about 1% of the Eurozone economy - this_means it does not
>have much say_in interest rate_policy.__What is good for_Germany's growth
>with their 12% UE and_3% growth may not be good_for Ireland with 5% UE and
>6% growth_- if ECB reduces interest rates_to simulate growth in the
>Eurozone,_it may_cause inflation in Ireland.

At 10:35_PM 12/6/99 -0800,_Jonathan Hudacko_wrote:
>Aaron Mednelson (E-mail)"_<mendelso@haas.Berkeley.EDU>,
>     _  _"Aiaz Kazi (E-mail)" <kazi@haas.Berkeley.EDU>,
>  __  ___"Charlotte Kwon_(E-mail)" <Kwon@haas.Berkeley.EDU>,
> __ __   "Chris_Neale (E-mail)" <Chris_Neale@gap.com>,
>__      _"Chrystine Lee (E-mail)" <clee@haas.Berkeley.EDU>,
>__   _   "Deepika Shah_(E-mail)" <dshah@haas.Berk
 - Ireland 11 7_99.doc -_Ghana 11_7 99.doc


Kimberly Kupiecki
Senior Account Executive
A&R Partners
kkupiecki@arpartners.com
(650) 762 2800 main
(650) 762 2825_direct
fax (650) 762 2801 Hadn't really_thought about that. _In each_contract,_counterparty reps and_
warrants_that it_physically handles each commodity on which an_option is_
traded (tracking "trade option" regulatory language),_and all r&w's are_
deemed_repeated each time a new transaction_is