Word: euros
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Dates: during 1990-1999
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...advent of the euro has further heightened competition by eliminating the currency risk for investors, so that French mutual funds can safely invest, for example, in German companies for the first time. But another important effect of the same development is that European companies are all coming under increased pressure to improve their share performance for international shareholders regardless of local circumstances--even those that don't face global competition. "There's tremendous pressure from institutional investors who have seen the positive effects of shareholder power in the U.S. and are demanding similar moves in Europe," says Manfred Kets...
...important aspect of the recent shuffling is that nearly all the mergers have been domestic corporate marriages rather than cross-border European takeovers, which had been expected to proliferate when the euro was introduced in financial transactions in January. The main reason is efficiency: it is becoming obvious that domestic mergers offer big commercial banks a fast way to reduce expenses before they take the more uncharted jump outside national borders. "There's a preference to start with domestic mergers first because they offer the quickest way to reduce excess capacity by cutting jobs," says Hendrikus Blommestein, acting head...
Guests came through the doors to find graffiti-decorated walls and "industrial squalor." One student came as Chairman Mao Zedong with a "Little Red Book" and another with a hammer-and-sickle head ornament, though most of the more than 100 partygoers came as "Russian Euro-trash" youth, Haysom recalls...
Mules and sneakers, from Euro-chic Hogans to all-American Keds, are the perfect antidote to winter's boots...
...light of all this, Keynes would be mystified that the International Monetary Fund is requiring troubled Third World nations to raise taxes and slash spending, that "euro" membership demands budget austerity, and that a U.S. President wants to hold on to budget surpluses. You can bet Keynes wouldn't be silent. Dapper and distinguished as he was, he'd enter the fray with both fists and a mighty roar...