Word: euros
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Dates: during 2000-2009
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...challenge for the European Central Bank, too. Figures released on August 6, for instance, showed a shocking 2.9% fall in German manufacturing orders in June. The country, fuelled by a booming market for its exports, has lately helped drive growth in the 15 nations that use the euro. Rendered more costly by the recent strength of the currency, those exports are under pressure. The result: though inflation within the euro area stands at 4.1% - more than double the ECB's goal of 2% - the region's central bank announced earlier this month it, too, would keep rates on hold. "Both...
...this activism comes at a price. The Fed's rate cuts have fueled inflation and undermined the dollar, now trading at about $1.60 to the euro. The Treasury's willingness to backstop Fannie and Freddie, which together are on the hook for $5.2 trillion in mortgage debt--just slightly less than what the U.S. government owes investors--is already sparking a bit of worry about the soundness of T-bills and bonds. With more bailouts, that worry could snowball...
...nations and soaring inflation everywhere, one of the big surprises has been Europe's relatively strong performance. The picture has been uneven, with countries such as Spain and Italy - and increasingly the U.K. - running into problems. But overall growth, especially in the 15 nations that use the rapidly appreciating euro, has confounded the skeptics. In early June, the International Monetary Fund actually revised its 2008 growth forecast for the euro area sharply upwards, declaring that it had become "a zone of stability in the international economy." Likewise, in late May, the Organization for Economic Cooperation and Development praised the European...
...rale. Business leaders ranging from Sir Stuart Rose at British retailer Marks & Spencer to Renault's CEO Carlos Ghosn are sounding the alarm. At Burberry, the luxury-goods firm, CEO Angela Ahrendts frets about a combination of rising costs, falling demand and a strong euro that cuts into competitiveness. "There's a perfect storm out there," she says. Many investors would agree: this year, stocks across Europe are down 20% or more, the standard measure of a bear market...
...Holland, in the meantime, bagged the trophy as the most disappointing team in Euro 2008. Holland pulled what might once have been called a Spain: A team that dazzled in the opening three matches forgot its trick bag in the knockout round against an equally fleet-of-foot Russia. It was a terrible thing to do to the Oranje supporters, still Europe's best. But they had a good time anyway, even the thousands who invaded Switzerland without a ticket. Following on the tradition established at the World Cup in Germany, the packed Fan Zones in the host cities - Zurich...