Reserves plan bad for euro system - Austria c.bank

The Austrian National Bank warned on Feb. 6, 2001, that the finance minister's efforts to get the government's hands on central bank currency reserves could undermine the credibility of the euro system. "The Austrian National Bank believes that resorting to currency reserves is not an appropriate instrument for resolving short-term budget problems," a bank statement said. Finance Minister Karl-Heinz Grasser suggested on Feb. 5 that up to $6.8 billion worth of the central bank's currency reser