Word: euros
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Dates: during 2000-2009
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...minutes of his wisdom. When he's not doling out advice, he's meeting with his economic "war cabinet," or giving speeches and blitzing every conceivable media outlet. He has traveled to the European Council in Brussels and before that to Paris for an emergency summit of euro-zone countries - even though he refused to adopt the euro during his 10-year tenure as Chancellor of the Exchequer. With marked success, his Treasury successor, Alistair Darling, has promoted the patented Brown rescue plan to the IMF, the G-7 and the G-20. Even U.S. Treasury Secretary Henry Paulson...
...dropped sharply between 2005 and 2007 and then flattened out at 25-year lows. But the latest statistics from France, Ireland, the U.K. and some other countries show that the unemployment rate is starting to pick up again. The IMF, which has slashed its growth forecast for the euro-zone countries for 2009 to a negligible 0.2%, predicts that the percentage of jobless in those 15 countries will jump above 8%. Worst hit will be Spain, where it predicts unemployment will be close to 15% next year, up from...
Until now. In recent weeks, Ireland became the first country in the euro zone officially to stumble into recession. House prices - after rising almost threefold in the decade to 2007 - have slumped 10% in the past year, weakening Ireland's construction industry, which plays an outsized role in the country's economy. Throw in frozen credit markets, high inflation, soaring unemployment and a new tax to pay for the financial crisis bailout, and it's little wonder Ireland's workers are again pondering a move abroad. Dublin's Economic and Social Research Institute, a think tank, forecasts...
...Monday's global rally was ascribed to weekend announcements by the G-7 and agreements by the 15 nations that use the euro to intervene in the crisis with huge financial assistance, Tuesday's repeat came as those measures were backed up by actual figures in both Europe and the U.S. In Paris on Monday, French President Nicolas Sarkozy pledged $488 billion to underwrite loans between banks and inject capital into troubled banks and financial groups. Similarly, German Chancellor Angela Merkel said up to $651 billion would be used for similar uses - though primarily limited to underwriting lending between banks...
Though Britain is not part of the group that uses the euro, British Prime Minister Gordon Brown revealed a further pledge of $63 billion to partially nationalize the country's three biggest banks - a follow-through of his earlier approach that inspired the euro-zone plan. Ironically, Brown's quickness to act and sound tactics imbued the leader of Europe's most economically liberal and U.S.-inspired economy with the moral authority to urge his peers toward reform and greater regulation of their capitalist systems. On Tuesday Brown called for new international rules on trade, saying, "We must now create...