Word: euros
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...great country must have a strong currency.' NICOLAS SARKOZY, President of France, during a visit to Beijing to lobby Chinese leaders to let their country's currency, the yuan, appreciate. The relative weakness of the yuan against the euro and the dollar stymies European and American exports to China by making them more expensive...
...researchers were especially interested in the set of outcomes where both players answered correctly. For any given prize value, the brain's reward response was bigger if the other player earned less. Players on average were more pleased with a 60 euro prize when the other player got just 30 euros, for example, than they were if both players earned 60 euros, or if the other player got more...
...reforming their economies to boost productivity, reduce the relatively high cost of labor and find better investment uses for a huge pool of savings that is sitting in bank accounts that yield very low returns. France's savings rate is higher even than Japan's. "The strength of the euro highlights European structural problems; it doesn't cause them," Blanque said...
Naim and Tyson quickly took issue with him. "It's amazing how little worried the Europeans are about the euro," Tyson said, pointing to two controversial areas: the European Central Bank's relatively tight monetary policy and the E.U.'s battered Growth and Stability Pact, which long required governments to limit their debt and budget deficits. Exchange rates matter, she contends. The past 10 years were "a lost decade" for Germany because--among other reasons--the former West Germany reunified with the former communist East Germany at an exchange rate that was too high. "How many times...
Still, the transition to E.U. membership could be tough, as Poland has an 18% unemployment rate and an inefficient farming sector. The nation's finances are also deteriorating, with total debt creeping up toward 60% of GDP. Sikora said most Polish economists believe Poland should adopt the euro as soon as possible, perhaps by 2007. But he says that uncertainties about the Growth and Stability Pact may push that date back a couple of years...