Word: euros
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...INDICATORS Back To The Future? The euro soared past its Jan. 1, 1999 launch value of $1.1747, and looks set to pass its all-time high of $1.1884. It was the dollar's seventh week of losses against the European currency...
...number of jobless has swelled to 4.5 million; tax revenues are estimated to be €9 billion less than forecast; and harassed Finance Minister Hans Eichel recently admitted that, for the second year running, Germany would fail to keep its budget deficit below the 3% threshold required for the euro - and he wouldn't be able to balance the budget by 2006, as promised. If the Meisterbrief ever is abolished, analysts say, some new businesses may open in the short term. But their chances of survival are slim. "Many will be based on unsound foundations without the managerial knowledge taught...
...luck of the Irish run out? While the euro zone's largest economy, Germany, is slipping toward deflation, Ireland has runaway inflation that threatens to dull the Celtic Tiger's famously sharp teeth. Although Ireland's gross domestic product grew an impressive 6.3% in 2002, its inflation, which approaches 5%, is the euro zone's highest. With prices already 12% above the euro zone's average, a new government report warns that the country will surpass Finland in 2003 to become Europe's most expensive country. In the early '90s, Ireland was one of the E.U.'s cheapest. Ireland...
...Tony Blair has always portrayed his Conservative opponents as hopeless Little Englanders who not only oppose the euro but hanker to pull out of the E.U. altogether, deaf not only to British interests but also to the popular will. But now the Tories are starting to hit back with charges that it's Blair who is out of touch and undemocratic. Their weapon: the constitution now emerging from the European Convention. It's still being negotiated, but it's highly likely to boost Brussels' powers at the expense of member countries - a deeply unpopular proposition in the U.K. Unlike...
...Blair now cranks up his support for the euro even as Brown deems the economic tests unmet, the Tories will try to tar Blair as the ideologue. And events are delivering a powerful hammer for pounding that point home: the European Convention, which next month will propose ways to revamp European institutions. Euro-skeptics are already portraying the convention as a cabal of creeping federalism. Last week the tabloid Sun published a poll showing that 81% of Britons don't know a new European treaty is being considered; when informed, 84% want to vote on it. Blair won't permit...