Word: european
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...first truly bipartisan achievement of the Obama era: a payroll-tax holiday. Some proponents suggest a year or two (more like a payroll-tax sabbatical), but, at a cost of $100 billion per month, we’re probably talking more in the nature of one of those European holidays—i.e., a month...
...Europe’s emerging economies have been some of the worst hit by the current economic crisis—making unemployment rise, threatening their ability to roll over foreign debt, and toppling governments. As a recent International Monetary Fund paper proposes, the best way forward may be a European answer to an Eastern European problem: early adoption of the euro...
...course, not all Eastern European economies are the same. If we consider the Czech Republic, Poland, and Hungary, it becomes clear that the last has taken much more debt from foreign markets—in a way that may have been problematic even without a global economic crisis. But, in the current scenario, investors that had previously been attracted to the generous interest rates of the region have fled as fast as possible. And very few remain, making it very hard for these countries to roll over debt or put in place counter-cyclical measures to ease the effects...
...euro in just a few months, but that has not made its exports more competitive, since they have plunged along with global economic trade. The Czech Republic, arguably one of the most respectable governments in the region, has seen its prime minister resign right in the middle of its European Union presidency—what was a time to shine internationally has become a time for embarrassment as the Parliament looks for a new coalition leader...
...very strong. As with most things in life, adopting it involves a trade-off. A country gives up monetary freedom (to devalue, for instance) in exchange for increased trade with the rest of Europe, coordinated monetary policy, and a confidence seal in terms of foreign indebtedness. Basically, through the European Central Bank, countries less reputable than Germany get access to German interest-rate levels in regular market conditions...