Word: euros
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Europe now ranks as McDonald's largest region in revenue terms. Although Europe has nearly 25% fewer outlets than the U.S., in 2007 its $9 billion in revenue outpaced the $8 billion generated in America, partly because of a strong euro but also because of consistently higher sales. Given that, McDonald's new European investment strategy seems quite clear: provide its operations in Europe a boost by multiplying the number of restaurants capable of serving clients there. And ironically, a swiftly tightening recession may be the best environment in which that can be done. (See the top 10 food trends...
...Citi was supposed to be a company where it mattered that a wealthy private client in the U.S. was doing business with the same Citi that was trading euro futures in Dubai. This would not have worked even in a world where every manager could see the breadth of the entire company and executives were never territorial. And Citi did not have either of those advantages...
...which are often missing or in short supply in pharmacies and may only be purchased with “convertible pesos”—Cuban currency, equivalent to dollars or euros—used to purchase goods or services at international prices that are quoted also in euro or dollar equivalents. The elderly must also buy food, yet the rationing card covers only about half of a month’s supply of food, so convertible pesos are needed as well. The insufficiency of Cuba’s economic growth helps to explain the hardship that many Cubans...
...Pisani-Ferry says the financial crisis has been a defining moment for the euro, but he cautions against too much praise. The euro is still some way from dethroning the dollar as a global currency; just 27% of global foreign exchange reserves are held in euros compared with 62% in dollars...
...says, the euro's first decade has been characterized by budget rows and debates about the European Central Bank's monetary policy, when the focus should be on correcting big macroeconomic divergences, like Spain's and Ireland's recent (and ultimately doomed) property bubbles. "The euro zone needs more ability to act in times of real crises, or to prevent them," Pisani-Ferry says. "It is a slow process." But one that has come a long way in 10 years...