Word: euros
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...government too divided to govern and too obsessed with its image to tell the truth. They see a people too fascinated by the prurient sexual details to focus on the world's economic crisis or the new era of European unification marked by the debut of the euro. In the face of such disarray, many Europeans are beginning to turn away from the country they once respected as a defender of democratic ideals and protector of peoples too weak to protect themselves...
...Year's Day, 11 of the nations that belong to the 15-nation European Union (EU) took an epochal step toward unifying Western Europe as they officially adopted a new common currency, known simply as the euro. Banks, investment firms and companies spent the holiday weekend making final preparations to begin dealing in the new currency this past Monday...
...market reaction to the euro has been buoyant, with the currency rising from its pre-set value against the U.S dollar...
EUROPE: The euro made its trading debut Monday in true honeymoon fashion: lots of ceremony and no problems. In trading from Asia to Europe to Wall Street, the world's new currency heavyweight rose steadily against the U.S. dollar and delivered, for one day at least, on its promise of European prosperity by sparking market rallies in Germany and France. But TIME senior economics reporter Bernard Baumohl says Europe's new union faces some rocky days ahead...
...together this deal," reminds Baumohl. "Politicians won't be able to deal with unemployment by cutting interest rates anymore ? that's now the job of the European Central Bank, which has to fit one monetary policy to 11 different countries. It's going to be very frustrating." If the euro works for Europe ? attracting investment, increasing efficiency ? look for a South American currency, or even an Asian currency, a decade or two down the road. But if this deal gets torn up over political squabbling, says Baumohl, "it'll be like World War III." Or a marriage on the rocks...