Word: euros
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...referendum. Yet the same sample said they would ditch the constitution, 54% to 26%, if they had to vote tomorrow. Those numbers make both sides nervous. The British public is "more skeptical and hostile than they have ever been to Europe," according to Dominic Cummings, a former anti-euro campaigner who now runs the New Frontiers Foundation think tank. Yet given the right constellation of events, Cummings thinks Blair might just pull it off. If the opposition Conservatives, who bitterly oppose the constitution and expect to lead the no campaign, lose big in the May election and then become preoccupied...
...global financial stability." Europe, by contrast, continues to run a relatively tight fiscal policy. Until the Federal Reserve's most recent increases, European interest rates have also tended to be higher than those in the U.S., and unlike spend-happy Americans, European households stash away substantial amounts. In the euro zone, about 14% of household income is saved, compared with less than...
...outlook appears relatively good for Europe too, despite the huge revaluation of the euro against the dollar, which Tyson, among others, last year warned would hamper economic growth. The Europeans have so far managed to keep their economy's recovery on track--slow, perhaps, but definitely better than a recession. How did that happen? The euro's rise, in theory, made European exports far less competitive. But until now that effect seems to have been mitigated by the overall increase in worldwide demand for goods. Exports from Germany, Europe's biggest economy, rose 10% last year, to a record...
That level of growth is still relatively weak by U.S. or Asian standards. And it seems to have little effect on stubborn unemployment in the euro zone, where the jobless rate is just below 9%, unchanged from a year ago. But some of the panelists were heartened by what they see as genuine efforts by governments across the Continent to tackle some persistent problems, including a lack of labor mobility and unsustainable health-care and pension systems. In Germany, Chancellor Gerhard Schröder has introduced a slew of new measures designed to create jobs, including unpopular cutbacks in unemployment benefits...
Given the continuing high cost of labor in Europe and the strong euro, some of that growth is likely to come from overseas. Naím speculates that European firms will increasingly acquire companies in places where it's less onerous to do business, such as the U.S., and move their base there. And he is worried that if the euro continues to strengthen, European protectionism could grow. "A euro of $1.40 or more for a couple of years is going to generate as much pressure on governments for protectionism as it is going to generate pressures toward deregulation," he said...