Word: european
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...financial crisis in Europe went hand in hand with currency woes: a run on weaker currencies, heavy intervention by central banks and finally a collapse of the parity system. "I've lived through currency devaluations, and they are fraught with anxieties," says Hans Martens, chief executive of the European Policy Centre. "But the way the euro coped with the financial crisis was absolutely great. You have a big island of stability, with small nations protected when the big waves became rough...
...euro's 10th anniversary will see the euro zone take on a 16th member, Slovakia. Eight other central and East European countries have set the goal of joining within the next six years, including Poland, whose political establishment dropped its longtime opposition after a recent run on the Polish zloty. The euro has found some other unexpected converts too, thanks to the financial crisis. The Danes voted against joining the euro zone in 2000, but they are set to hold another referendum in March. Iceland - not even an E.U. member - is pondering "unilateral euroization" after seeing its krona plunge nearly...
...says, the euro's first decade has been characterized by budget rows and debates about the European Central Bank's monetary policy, when the focus should be on correcting big macroeconomic divergences, like Spain's and Ireland's recent (and ultimately doomed) property bubbles. "The euro zone needs more ability to act in times of real crises, or to prevent them," Pisani-Ferry says. "It is a slow process." But one that has come a long way in 10 years...
When the ancient Assyrians felt the painful aftereffects of excess merriment, they consumed a mixture of ground birds' beaks and myrrh. European doctors in the Middle Ages recommended raw eel and bitter almonds. Mongolians ate pickled sheep's eyes, while China went with a more palatable dose of green tea. Germans still eat Katerfruhstuck, a postbinge breakfast that usually consists of herring, pickles and goulash. Russians don't eat anything at all; they jump in a sauna and sweat it all out, sometimes flagellating themselves with birch branches to aid blood flow...
...crony capitalism thrived in the absence of democratic checks and balances. In Thailand, as in many parts of Asia, members of the educated élite bristle at the notion that Western-style democracy is a one-size-fits-all political system. "You can't expect us to have a European- or American-style democracy here," says PAD member Visitchai Kemajitpan. "We should have our own Oriental democracy...