Word: europeanizer
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Naim and Tyson quickly took issue with him. "It's amazing how little worried the Europeans are about the euro," Tyson said, pointing to two controversial areas: the European Central Bank's relatively tight monetary policy and the E.U.'s battered Growth and Stability Pact, which long required governments to limit their debt and budget deficits. Exchange rates matter, she contends. The past 10 years were "a lost decade" for Germany because--among other reasons--the former West Germany reunified with the former communist East Germany at an exchange rate that was too high. "How many times...
...enjoy some foreign direct investment, although the amount has dropped off in the past few years. A recent McKinsey report suggests that Poland is well placed to create as many as 500,000 jobs over the next five years by becoming a new center for outsourced services for European companies. Already Lufthansa and GE, among others, have moved some back-office operations to Poland...
...That's a shame: Poland may be the most underappreciated destination in Europe. From the meticulously reconstructed old square in Warsaw to medieval Cracow and the white sand beaches of the Baltic, the country boasts some of Central Europe's most unexpected pleasures. Poland is preparing to join the European Union in May, and Poles hope the higher profile that comes with E.U. membership will help put their country's undeserved reputation for dowdiness behind them. "The image of Poland will only improve," predicts Adrian Ellis, manager of Warsaw's plushest hotel, Le Royal Meridien Bristol ($400 a night). Business...
...from city to city around Asia the way Ryanair does in Europe. With only 2% of airline capacity in the region, the budget carriers have a long way to go to challenge the big boys. Most of all, major Asian airlines have much lower costs than their U.S. and European counterparts, allowing them to compete more easily. In Europe, for example, no-frills airlines have costs that are 60% lower than those of the major airlines. HSBC Securities estimates that in Asia the gap can be held...
From the outside, Meritanordbanken in Helsinki looks like a typical staid European bank. Merita's ornate headquarters hall, with its rose marble columns and gilded cornices, harks back to the 19th century, when the Czar of Russia still ruled Finland. But don't be fooled. Behind the historic decor, Merita has become one of the world's most advanced banks, using the Internet and mobile phones to conduct most of its business. Some 1.2 million of its customers use the Web to bank, a world record, while only 6% of the institution's transactions are processed through a traditional branch...