- EURO "COMPLETELY DETACHED" FROM FUNDAMENTALS
- WOULD PREFER STABLE EURO TO SHARP FX REVERSAL
- OPPOSES CENBANK INTERVENTION TO BOOST EURO
- NO ONE KNOWS THE APPROPRIATE EURO-DLR LEVEL
- SEES NO CHANCE OF GERMAN 2001 GDP OF +2%
- GERMAN 2001 NEW BORROW. DM6 BN OVER TARGET
- WARNS OF "CONSIDERABLE RISKS" IN U.S.