McTeer says euro was political not economic idea

Dallas Fed president Robert McTeer told the Latin American meeting of the Econometric Society in Santiago that the euro was a politically motivated project that may slow growth and that it was "never obvious" to him as an ideal currency area.

"Regarding the European Union, it was never obvious to me that that was an ideal currency area in the first place," Dallas Federal Reserve Bank President Robert McTeer told the Latin American meeting of the Econometric Society in Santiago, Chile, in respo