Word: euros
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When Italian manufacturers ran into competitive problems in the past, there used to be an easy fix: currency devaluation, which made Italian exports cheaper relative to those of other countries. But that solution is no longer available, because Italy swapped the lira for the euro, which has risen against most other currencies, including the dollar. "We used to say small is beautiful, but that's no longer true," says Adalberto Valduga, president of the regional chamber of commerce in nearby Udine, the provincial capital. While the strong euro is penalizing firms, he says the real challenge is a more fundamental...
...last five years, the Euro area, comprised of the 12 EU countries that have shared a common currency since 1999, has been incomprehensibly ruled (by the “stability and growth pact” and the European Central Bank (ECB)) like a collection of competing small economies, open to trade and investments but closed to macroeconomic stabilization and increasingly resorting to tax and social competition. The result has not only been slow regional growth and persistent unemployment but also growing divergence among member states and rising political tensions. The ECB, the most unaccountable central bank in the world...
...Some calamity. Some sissy. Hedrick, the Texan known as "The Exception" for his twang and hard-charging lifestyle in an often stodgy Euro-centric sport, won America's first gold medal in Torino on Saturday, finishing the 5,000-meters in 6:14:68, just two-hundredths behind the Olympic record. "She gave me a little extra push today," Hedrick, a Houston native, says of Geraldine. "I could just feel it." One down, four to go: Hedrick, who is chasing Eric Heiden's record five speed skating gold medals, will next race on Wednesday, in the Team Pursuit...
...ratcheted up rates 12 times since June 2004. Trichet's comments calmed financial markets, but they didn't satisfy Continental politicians who accused the bank of jeopardizing Europe's nascent recovery. "I regard this interest rate move as too early," said Jean-Claude Juncker, chairman of the group of euro-zone finance ministers. He disputes one of the bank's key arguments: that the current abnormally high inflation rate of 2.5%, driven in part by oil prices of over $60 bbl., will spark demands for higher wages that will set off a cycle of price increases. ECB officials point...
...yuan) loose. After an initial 2% adjustment against the dollar, the yuan has traded within a very tight range over the subsequent four months. As the dollar has gone up, so has the Chinese currency. So far this year, the yuan has appreciated nearly 20% against both the euro and the Japanese yen. Consequently, while the U.S. continues to urge Beijing to allow its currency to strengthen versus the dollar, the yuan has already strengthened against most other currencies. Why should China bow to the U.S. and compound the already serious currency risks bearing down on its exporters...