Word: euros
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Dates: during 2000-2009
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...directly or through local subsidiaries. Austrian banks alone have a more than $293 billion exposure to Eastern Europe, roughly 80% of the Austrian GDP. When, on February 17, rating agency Moody's warned that it might downgrade a number of western European banks with exposure to the region, the euro plunged to a three month low of $1.26 against the dollar. "Given the combination of banking and trade links between Eastern and Western Europe that have been built up over the past five to ten years, it's clear that this cannot be seen as a self-contained regional crisis...
...downturn is playing havoc with Eastern Europe's currencies. Since last summer, the Polish zloty has lost 48% against Europe's common currency the euro, the Hungarian forint 30% and the Czech Krona 23%. That makes euro-denominated debt, which has risen dramatically anyway in the past few years, much harder to pay back. In Poland, foreign currency debt held by households has tripled in three years to 12% of the GDP last year, with some 70% of mortgages taken in foreign currencies. In Hungary, foreign currency loans make up 62% of all household debt, up from 33% three years...
...engine of European integration, the Commission also is responsible for disciplining individual member states that violate E.U. rules. The rules in question are part of Europe's Stability and Growth Pact set up in 1997 amid German concerns over budgetary discipline in countries about to join the euro zone. Designed to discourage governments from destabilizing the euro zone by borrowing too much, the rules limit national deficits to no more than 3% of gross domestic product. Countries that go over that limit can face fines. (See pictures of Europe in peril...
Decline and Fall Re Postcard: as the pound loses its exalted position, why is the U.K. still refusing to join the euro [Feb. 9]? Could it be that the pound, and the monarchy it represents, are the only things left that uniquely identify the country - perhaps the most cosmopolitan in the world, with millions of people of diverse languages, cultures and philosophies all claiming British citizenship - as the Britain of the colonial era; and the past glory that era represents? Sarah Udoh-Grossfurthner, VIENNA
...paper's best stuff, plus its own analysis and features written by a staff of young journalists. Nijenhuis, who became NRC Next's editor, thinks of it less as a daily paper than a daily magazine aimed directly at Handelsblad's lost generation of rich young readers. At one euro, the skinny NRC Next is only two-thirds the price of Handelsblad, but it looks and feels way cooler - the paper it's printed on, for instance, is slightly heavier. "Readers have got to feel that this is better than Holland's four free dailies - better even than Handelsblad...