Word: euros
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That would be good for European exporters - and economies. The lion's share of euro-zone exports are sold by small and medium-size companies that constitute the largest generators of employment across Europe. Germany - far and away the euro zone's largest exporter, and the second biggest worldwide - in particular is likely to benefit. "This is a very positive development for all companies in the euro zone who, like us, really feel the effects when the rates rise above the $1.25-to-$1.30 range," says Philippe Lafaure, president of LCL Technology, a Toulouse-based producer of wireless embedded electronic...
After years of watching Europe's single currency appreciate against the U.S. dollar, European companies are rubbing their hands at the sales boost they should get from the euro's 10% decline against the greenback in recent weeks - a slide that may not yet be over. "After so much protest about the strong euro, I know there are big French exporters out there who aren't unhappy seeing it where it is now," French Economy Minister Christine Lagarde told Europe 1 radio in late February, just days before the euro's exchange rate to the dollar dropped another cent...
...statistics released Thursday, March 4, show that growth in the euro zone in the last quarter of 2009 was an anemic 0.1%. But it would have been far worse had euro-zone exports not surged 1.7%. Domestic consumer spending - which has been the main growth motor in Europe over the past year - was virtually flat, while business investment dropped 0.8%. That export activity occurred prior to the recent drop in the euro's value against the dollar. Given that fall, many European exporters hope their increasingly affordable products will start flying off shelves. The reason: beyond its recent drop, some...
What may seem like a rather isolated problem is really much more. Ever since the EU, with Germany at the helm, ushered in the Euro in 1999 (some say hastily), the fiscal collapse of any one eurozone country has had the potential to erase confidence in the common currency that underpins the economic structure of them all. A catastrophic loss of faith in the Euro, a currency second only to the United States Dollar in importance, would have grievous ramifications worldwide...
Asked to name the beleaguered Western currency that sits near a 10-month low against the dollar and has lost 7% against the greenback already this year, most people would probably plump for the euro. They'd be wrong. Europe's single currency - walloped by the big economic problems in Greece - is hardly having a stellar year. But for a currency well and truly in the pickle, look no further than the pound...