Reader Chen Jingyang asked: The euro has already started to circulate. What impact will this major event have on the United States across the ocean? Neil Soth, an economist at Credit Suisse First Boston in new york, said that the euro's debut had limited symbolic significance for the European economy. It makes the euro a mature currency and takes a step towards forming a seamless European market that can compete with the United States. A few investors who may not be willing to invest in the European continent in the past may now decide to take a chance, but it will take as long as 10 years to finally realize the dream of a seamless market. American companies with overseas operations will also benefit from it because they face fewer foreign exchange problems. Linda Earley, a spokeswoman for Procter & Gamble, said that this will help Procter & Gamble to unify prices in Europe. She said that with the introduction of the single currency, enterprises have the opportunity to reduce costs, which is beneficial to both P&G and consumers. People may have felt the direct impact of the euro on the United States. Since 1999 (when the fixed exchange rate of the euro zone countries' currencies was fixed), most multinational companies and large financial institutions have been using the euro for international transactions. In the eyes of the United States, what is more important is whether the circulation of the euro helps the euro to challenge the status of the US dollar as the world's major foreign exchange reserve currency and global trade settlement currency. It is important because the American economy has benefited a lot from the global use of US dollars as foreign exchange reserves, which is actually equivalent to giving the United States an interest-free loan. John Weil, chief strategist of Fuji Futures Company, a financial derivative company in Chicago, believes that the circulation of the euro will further make the euro a foreign exchange reserve currency. He said that there are many freely circulating euros in the world, which is a prerequisite for the euro to be determined as a foreign exchange reserve currency. The existence of the euro will increase the possibility for enterprises to conduct international transactions in euros instead of dollars. However, Jim Schon Holtz, chief economist of Citigroup, holds a different view. He said that this situation is unlikely to happen in a short time because there is no upsurge of using the euro as a foreign exchange reserve currency. Schon Holtz said that the traditional economic fundamentals can determine the fate of the euro more than the formal circulation of the euro. He believes that foreign investors have the best long-term growth potential, and now he thinks this place is the United States. What can determine the value of the euro more is the monetary policy of the new European Central Bank (many people think that the monetary policy of the European Central Bank is vague) and the reforms related to taxation, labor and finance. Many investors believe that these reforms are necessary to create a business environment that can compete with the United States. Jian Ma