Word: euros
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...Europe cannot be the area of the world's economy to bear the consequences of others' inaction," Juncker told Reuters just hours after the dollar set yet another all-time record low against the euro of $1.43 late Monday. Juncker fears continued depreciation of the dollar will make exports from the euro zone too expensive for outside buyers. Such exports have played a major role in the E.U.'s recent economic recovery. "I will no longer accept that one considers it normal for Europe to accept at its own cost to manage the consequences of the existing global imbalances...
Europeans visiting the U.S. may be thrilled with the bargains they're finding thanks to the super-strong euro, but the American monetary policies that have permitted the dollar's continued decline are proving far less popular with economic officials across the European Union. In fact, shouts of protest are now rising from European economic chiefs demanding the U.S. take measures to reverse the dollar's slide...
...allow the dollar to slip, which makes U.S. exports cheaper compared to foreign rivals, is now being denounced by a growing number of E.U. officials. Responding to the widening exchange rate gap from Luxembourg on Monday, Jean-Claude Junker - head of the Eurogroup of 13 nations who share the euro as their currency - complained about American indifference to dollar's slide...
...Juncker's grumblings were preceded by similar criticism across Europe in recent weeks as the dollar dropped, including concerns voiced by German business leaders and economists who had long viewed a strong euro as a symbol of monetary rectitude. That crescendo of protest led France's Economy Minister Christine Lagarde to remind French economic daily Les Echos that Paris had long "sounded the alarm at the risk of irritating" more relaxed euro partners. She applauded signs that they had become "worried about the euro's level, and voiced their wishes to see concerted action" in response. Before...
...This last March, member states invested heavily on marketing campaigns to remind citizens about the fiftieth anniversary of the Treaty of Rome, the genesis of the present Union. To the horror of Euro-skeptics around the world, the Union—which started in Rome with six countries in an economic alliance—has since grown relentlessly, adapting and surviving more than one failed referendum. In fact, the French and Dutch in 2005 were not the first to reject the EU; the Norwegians, for example, repeatedly voted against joining. The main problem with the 2005 vote was that many...