Word: passau
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Dates: during 2000-2009
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...number of Neo-Nazis, citing intelligence sources. Polls suggest the far-right NPD party could maintain the foothold in Saxony's state parliament that they gained in 2004 and win seats in the state of Thuringia in elections this summer. In December, the police chief of the Bavarian city Passau survived a knife attack by a skinhead, thought to be a Neo-Nazi...
People in the German border town of Passau probably don't think of themselves as champions of the euro. Yet this August they scored a victory for Europe's single currency. On a warm Friday afternoon, about 500 people drank beer, ate bratwurst and--for almost five hours--blocked a road into neighboring Austria. Their target: the high price of gasoline in Germany, which, thanks to taxes, is about 20% more expensive than in Austria. Every day an estimated 2,000 German motorists fill up at a BP station across the border in Austria--at the expense...
What does this have to do with the euro? Passau is a textbook example of what is supposed to happen after a monetary union. Long before the euro became legal tender in 12 European countries on Jan. 1, 2002, economists and policymakers pledged that one of its benefits would be to facilitate price competition across borders, leading to nimbler and more robust national economies. Such "price harmonization" was one of many economic virtues the euro was supposed to usher in: it would eliminate many transaction costs, put an end to bruising currency devaluations, allow savers and lenders to benefit from...