Word: euros
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President Bush's nomination of Ben S. Bernanke to replace Fed chairman Alan Greenspan seems - so far, at least - mercifully free of controversy. The U.S. stock market rallied on the announcement, as foreign-exchange buyers drove up the value of the dollar against the Euro and other currencies. Market reaction reflects Bernanke's status as conservative, but hardly radical economist, whose views on inflation, taxes, interest rates and monetary policy are not deemed markedly different from those of Greenspan...
...direction. The album is the soundtrack to brushed aluminum lounges and suede benches: smooth, lush and sensual, but ultimately vacuous. “Automatique” is a dull electronic romp, and the opening track “World of Vibrations” is dragged down by a whining euro-pop hook. It seems like Gab and Xcel have forgotten exactly why they are making music, or rather, they’ve discovered a new reason. Blackalicious is eyeing the Black Eyed Peas’ comfortable main-stream niche and doing their damndest to squeeze alongside. In fact, they?...
...Fazio melodrama comes as Italy--the world's seventh largest economy--continues to struggle with European economic integration. Cross-border bank mergers are common in the euro zone, but not in Italy, where the banking system remains largely a fortress under the eye of the all-powerful central banker. Although Fazio no longer sets the price of money, he has wielded every ounce of his notable clout. His stated goal is for Italian banks to be at the service of Italian businesses. In practice, this has meant keeping foreign firms out. It's a shortsighted view and dangerous: some blame...
...biggest economy of the 12-member Euro-zone, Germany has had sluggish growth for at least five years, when the difficulties of integrating East Germany caught up with the Federal Republic. At present unemployment has reached nearly 12 percent of the workforce, or five million people. The CDU offered up a new candidate with a project of painful-but-healthy reform. Germany could either give the much-hyped Angela Merkel a mandate, or it would reconfirm its distrust of Anglo-Saxon-style liberalism and continue to adhere to the continental social-democratic model, permitting the incumbent chancellor Gerhard Schrder...
...tell that to Holger Peters, 24, who was cheering the Chancellor on in Magdeburg. "Schr?der has achieved a lot for Germany," he says. "[CDU candidate] Angela Merkel and the others don't have any arguments for improving the situation." Peters even likes the "one-euro jobs" that Schr?der introduced last year as part of his controversial economic reforms. Intended to reintegrate long-term unemployed into the labor market, the jobs are structured so that employers pay only ?1 per hour, with the rest of the employee's income covered by unemployment benefits. Skeptics say the system encourages wage dumping...