Word: euros
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...nations and soaring inflation everywhere, one of the big surprises has been Europe's relatively strong performance. The picture has been uneven, with countries such as Spain and Italy - and increasingly the U.K. - running into problems. But overall growth, especially in the 15 nations that use the rapidly appreciating euro, has confounded the skeptics. In early June, the International Monetary Fund actually revised its 2008 growth forecast for the euro area sharply upwards, declaring that it had become "a zone of stability in the international economy." Likewise, in late May, the Organization for Economic Cooperation and Development praised the European...
...rale. Business leaders ranging from Sir Stuart Rose at British retailer Marks & Spencer to Renault's CEO Carlos Ghosn are sounding the alarm. At Burberry, the luxury-goods firm, CEO Angela Ahrendts frets about a combination of rising costs, falling demand and a strong euro that cuts into competitiveness. "There's a perfect storm out there," she says. Many investors would agree: this year, stocks across Europe are down 20% or more, the standard measure of a bear market...
...worked according to plan for Spain in its 1-0 defeat of Germany to claim the title of Euro 2008 champions - that is, if you are on a 44-year plan. Europe's oldest bridesmaids finally found true football love in Euro2008. "This is going to be good," said Fernando Torres, whose 33rd minute strike put Spain in the driver's seat and left Germany grasping for the rest of the match. "I hope not just for Spain, but for football, because the team that played the best won. Not always is that...
...Euro 2008 was made unforgettable, though, by the fun bunch of the tournament - Turkey. Not much had been expected from this side, most of whose members play in Turkey's domestic league. But once turned loose on the pitch, the Turks' brand of firehouse football was enthralling. When the alarm bells rang, the Turks answered the way firemen do, with a well-thought plan executed urgently, midfielder Tuncay Sanli leading the charge and Nihat Kahveci providing the rescuing goals. Perhaps too urgent, as the Turks had four players suspended for their semi-final with Germany. But that is a lesson...
...Holland, in the meantime, bagged the trophy as the most disappointing team in Euro 2008. Holland pulled what might once have been called a Spain: A team that dazzled in the opening three matches forgot its trick bag in the knockout round against an equally fleet-of-foot Russia. It was a terrible thing to do to the Oranje supporters, still Europe's best. But they had a good time anyway, even the thousands who invaded Switzerland without a ticket. Following on the tradition established at the World Cup in Germany, the packed Fan Zones in the host cities - Zurich...