Outlook for Euro area is promising, former President of Deutsche Bundesbank says

TORONTO, April 3, 2000 – Former President of Deutsche Bundesbank Dr. Hans Tietmeyer was in Toronto earlier this evening to address more than 200 Scotia Capital clients attending the firm's annual foreign exchange dinner.

A thought-provoking and challenging speaker, Dr. Tietmeyer was invited to Toronto by Scotia Capital to share his thoughts on global financial issues.

"Dr. Tietmeyer is considered to be one of the outstanding central bankers of the modern era and it's an honour to have him with us tonight in his first Canadian speaking engagement since his retirement," said Barry Wainstein, Managing Director & Global Head, Foreign Exchange and Money Markets, Scotia Capital.

Last August, after six years at the helm, Dr. Tietmeyer retired from the Bundesbank. During Tietmeyer's reign, the Bundesbank enjoyed a reputation as one of the world's most vigilant central banks, and played a significant role in the European transition to a single currency and central bank.

"The cyclical outlook for the Euro area currently seems to be more auspicious than at any time in the past ten years," said Tietmeyer. "This, however, is not enough. Europe needs a lasting and more job-creating recovery. Therefore, structural reforms in most countries are urgently needed."

When asked about the current weakness of the Euro, Tietmeyer responded that "the present external weakness of the Euro will be temporary if the European governments are really willing to follow the new policy orientation recently agreed upon at the Lisbon summit."

Scotia Capital is a leader in the corporate and investment banking industry, with a presence in both major and regional financial centres around the world. Scotia Capital is a member of the Scotiabank Group. For more information visit or www.scotiabank.ca.

For more information:
Shelley Jourard, Public Affairs, (416) 866-6204 or shelley_jourard@scotiacapital.com