Word: dollarization
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After years of watching Europe's single currency appreciate against the U.S. dollar, European companies are rubbing their hands at the sales boost they should get from the euro's 10% decline against the greenback in recent weeks - a slide that may not yet be over. "After so much protest about the strong euro, I know there are big French exporters out there who aren't unhappy seeing it where it is now," French Economy Minister Christine Lagarde told Europe 1 radio in late February, just days before the euro's exchange rate to the dollar dropped another cent...
...worse had euro-zone exports not surged 1.7%. Domestic consumer spending - which has been the main growth motor in Europe over the past year - was virtually flat, while business investment dropped 0.8%. That export activity occurred prior to the recent drop in the euro's value against the dollar. Given that fall, many European exporters hope their increasingly affordable products will start flying off shelves. The reason: beyond its recent drop, some analysts expect the euro to weaken further as markets - assuming that Greece's apparently successful bond issue this week signaled that the worst of that crisis is over...
...president Reuss, meanwhile, initiated a sweeping reorganization of the company's U.S. sales and marketing staff on Tuesday that eliminates layers of management between him and local dealerships, and concentrates the company's marketing dollar in a new, smaller organization led by Susan Docherty, who has been vice president of sales and will now also oversee marketing. (See 10 milestones on the road to GM's bankruptcy...
...Euro in 1999 (some say hastily), the fiscal collapse of any one eurozone country has had the potential to erase confidence in the common currency that underpins the economic structure of them all. A catastrophic loss of faith in the Euro, a currency second only to the United States Dollar in importance, would have grievous ramifications worldwide...
...meeting moved into the question-and-answer phase, a series of irate professors stepped up to the microphone to contest Smith’s newest budgeting strategy—“first-dollar principle”—as it applies to various FAS centers. Professors said they were worried that the new strategy puts too much budgeting power in the hands of administrators...