Word: euros
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Dates: during 2000-2009
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...global financial stability." Europe, by contrast, continues to run a relatively tight fiscal policy. Until the Federal Reserve's most recent increases, European interest rates have also tended to be higher than those in the U.S., and unlike spend-happy Americans, European households stash away substantial amounts. In the euro zone, about 14% of household income is saved, compared with less than...
...outlook appears relatively good for Europe too, despite the huge revaluation of the euro against the dollar, which Tyson, among others, last year warned would hamper economic growth. The Europeans have so far managed to keep their economy's recovery on track--slow, perhaps, but definitely better than a recession. How did that happen? The euro's rise, in theory, made European exports far less competitive. But until now that effect seems to have been mitigated by the overall increase in worldwide demand for goods. Exports from Germany, Europe's biggest economy, rose 10% last year, to a record...
...euro has soared against the dollar over the past three years - it's up more than 40% since 2002 - European leaders have been trafficking in gloom and doom. Politicians gripe about the damage to their national economies. France's new Finance Minister, Hervé Gaymard, last month called the dollar's decline "very worrying" and said Washington needed to fix the problem. And German trade groups sound more like self-help gurus when they talk - as they frequently do - about the currency crossing "a pain threshold." But despite all the whining, the strong euro has been a considerable boon...
...Call it the Jane Fonda school of economics: no pain, no gain. As in any good workout, the stretching of the euro has forced flabby European companies to become fitter. Since the rising euro means euro-zone goods sold abroad cost more, competitiveness has taken a blow, but not a brutal one. In Germany, for example, overall competitiveness has declined by only about 6% - far less than the dollar's depreciation - according to the Paris-based Organization for Economic Cooperation and Development. How come? For one thing, Germany and the other 11 euro-zone nations now have a much bigger...
...dwindled. Last season, when a heat wave cut the P?rigord bounty from the usual 50 tons to 9 tons, the import of Chinese truffles skyrocketed to an estimated 30 tons from 20 tons the year before. This season, the U.S. is facing its own Chinese truffle deluge; a strong euro has sent the price of French truffle imports up 30% in the past year, leading some restaurants and gourmet-store owners to substitute Eastern truffles for P?rigords. Purists are outraged. "You can't compare the two," sniffs Guy Monier, who sells French truffles for $2,300 a kilo...