Word: euros
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Dates: during 2000-2009
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...suggested China might shift some of its currency reserves to offset the "weak" dollar. The notion that the days of the dollar's dominance are numbered is, in fact, increasingly popular. In September, Alan Greenspan, former chief of the U.S. Federal Reserve, said it's "absolutely conceivable that the euro will replace the dollar as [the] reserve currency, or will be traded as an equally important reserve currency." If that ever happens, says HSBC chief economist Stephen King, "the dollar goes into free fall." ABN Amro's de Jong agrees that this would trigger a crisis, but doesn't think...
There, on Oct. 6, Shiftee—overcoming animosity from European judges and an audience that seemed to prefer Euro-trash techno over his experimental hip-hop sounds—captured first place in the Battle for World Supremacy...
...other fearsome exchange rate, of course, is between the euro and the dollar. The euro has taken the brunt of the dollar's depreciation--the greenback has dropped more than 30% against the euro over the past two years. Naim foresees U.S. competitors grabbing European market share "and a wave of European companies investing in the U.S., where they'll find companies 30% cheaper." Blanque calculates that each 5% appreciation of the euro against all currencies translates into a loss of European-GDP growth...
...reforming their economies to boost productivity, reduce the relatively high cost of labor and find better investment uses for a huge pool of savings that is sitting in bank accounts that yield very low returns. France's savings rate is higher even than Japan's. "The strength of the euro highlights European structural problems; it doesn't cause them," Blanque said...
Naim and Tyson quickly took issue with him. "It's amazing how little worried the Europeans are about the euro," Tyson said, pointing to two controversial areas: the European Central Bank's relatively tight monetary policy and the E.U.'s battered Growth and Stability Pact, which long required governments to limit their debt and budget deficits. Exchange rates matter, she contends. The past 10 years were "a lost decade" for Germany because--among other reasons--the former West Germany reunified with the former communist East Germany at an exchange rate that was too high. "How many times...