TEL AVIV, Israel, Dec. 31 -- Israeli Finance Ministry Director- General Ben-Zion Zilberfarb is welcoming the new European currency, the euro. In a statement issued in Jerusalem today, Zilberfarb said the new currency is, 'expected to have a positive effect on Israel's economy.'
He said it 'will lower intra-European business costs, increase competitiveness and bring about lower prices in Europe and therefore the cost of European imports to Israel.' Israeli exporters will find it harder, through. Zilberfarb said he expected them to enjoy only some of the benefits of the lower business costs. They will probably encounter stiffer competition from European manufacturers. Still, the euro should increase demand for Israeli exports so the overall effect will be positive, he said. ---
Copyright 1998 by United Press International. All rights reserved. ---
