Word: euros
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Dates: during 2000-2009
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...summit in Brussels on March 1, German Chancellor Angela Merkel rejected the call for a mass bailout. Luxembourg Prime Minister Jean-Claude Juncker, who chairs meetings of the eurozone's finance ministers, dismissed the idea of relaxing the entry criteria to the euro. And French President Nicolas Sarkozy, who just a few weeks ago raised the specter of a return to protectionism when he suggested that French carmakers should close their factories in the East and move home, accused Eastern Europe of putting the entire E.U. at risk...
...Economic cooperation is the crown jewel of the EU and demands preservation if the EU is to endure. The Euro currency is used by 16 EU nations, which together constitute an economy the same size as the United States’s, and the fair-weather economic interdependence has been a lucrative source of prestige. The EU simply cannot afford to so accurately fulfill Euroskeptic predictions and allow its unity shatter in more turbulent economic conditions...
...European elections in June looming, Cowen has the dual task of saving his party at the polls and repairing the damage to Ireland's international reputation. Once the shining economic success story of Europe, the country has been routinely described in recent months as the weak link in the euro zone and even suffered the ignominy of being cited as a potential recipient of aid from Germany last week, alongside other struggling E.U. states like Hungary...
...Poland's zloty has dropped 29% against the euro in the past six months, the Hungarian forint by 20%, the Romanian Ieu 17% and the Czech koruna 12%. Latvia has now followed Romania in seeing its government bonds labeled as junk by Standard & Poor's rating agency. (Its government was forced to quit two weeks ago). Once lauded as darlings of global capitalism, these countries now warn of social and political unrest if their economies are allowed to collapse. (See pictures of the global financial crisis...
...Europe now fears the narrow instinct of individual governments will be to look to their own backyards first, only thinking of the European dimension as an afterthought. Without any clear direction, there is also a risk that instability in the east could infect everyone else and drag down the euro. Last week, Moody's Investor Services, a credit-rating agency, warned of default risks for banks in six western European states that are overextended in the east. If that occurs, it could jeopardize one of the E.U.'s finest achievements, the embrace and revival of Eastern Europe...