Word: euros
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COGIB Three French airports, FNAC and other retailers, and France Telecom shops have recently introduced this phone booth for the 21st century. Created by France-based Galea Technologies, Cogib is a kiosk with compartments for four phones or PDAs. Pay a euro, pick a plug, and lock in the device for a full charge in 20 minutes. The Cogib is already in Dubai International Airport, and Galea has its sights set on the rest of Europe...
Judging by the way the Euro has tumbled on currency markets in the past few weeks, you might think that voters in France and the Netherlands had rejected the six-year-old European currency rather than the planned new European Union constitution. Propelling the decline was a report--quickly denied--in the German newsmagazine Stern that at a meeting in late May, Finance Minister Hans Eichel and Axel Weber, head of the German central bank, had discussed the prospect of dissolving Europe's monetary union. Weber dismissed the report as "absurd," and most market watchers and economists agreed. "The talk...
...respect, however, the new focus on the euro underscores an increasingly troubling economic reality: the tensions caused by growing economic divergence among the 12 countries that use the euro. That is a sharp reversal from the 1990s, when candidates for the single currency moved aggressively to bring their economies in line by slashing budget deficits and keeping a tight lid on spending to lower inflation. At the time, advocates of the single currency argued that it would give a boost to Europe's economy and help make it more competitive. Now Europe has entered a period of "deconvergence...
...euro zone is seeing a growing disparity in performance among its members too. Finland, Greece and Spain are expected to enjoy growth of almost 3% this year, while Ireland is likely to see more than 4%. But Italy is in recession, and most economists have been slashing their forecasts for Germany and France to only a tad in excess of 1% growth this year. Such differences create a dilemma for Jean-Claude Trichet, president of the European central bank, the body that sets monetary policy for the entire euro zone. Economists say the bank's 2% benchmark interest rate...
...challenge Mandelson relishes. A passionate and ambitious man, he is complex almost to the point of contradiction: a former member of the Young Communist League who served as Britain's Secretary of State for Trade and Industry, a committed pro-European appointed by one of the E.U.'s most Euro-skeptic countries. He played a central role in the British Labour Party's makeover from an unpopular assemblage of hapless lefties to the formidable vote-getting machine it has become. But Mandelson is also notoriously Machiavellian and polarizing, well-known for using anonymous briefings to favored journalists to advance himself...