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NEWS
January 7, 1999
THE ALMIGHTY dollar faces a rival in financial transactions. The euro exists, though you cannot see it. The currencies of Austria, Belgium Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain still circulate, but were glued together on New Year's Day.Each took a fixed rate of exchange to a unit of account called the euro. Control over their supply and interest rates passed from each nation's central bank to the European Central Bank in Frankfurt. They are really one currency; they just look different.
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NEWS
By Peter Morici | December 8, 2011
European leaders are working feverishly to create what German Chancellor Angela Merkel is calling a "fiscal union" to restore private investor confidence in Europe and rekindle growth. Unfortunately, what she advocates will thrust Europe into a deeper economic crisis and leave European leaders without the fiscal and monetary policy tools necessary to combat recessions. The reforms Chancellor Merkel is pushing - hard caps on national government deficits - would ensure the ultimate demise of the euro, years of economic stagnation or worse.
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NEWS
May 7, 1998
SOON the world will consist of two economic superpowers, Euroland and the United States of America, with Japan a junior partner. This will result from an unprecedented reversal in the relationship of political to monetary power.Throughout history, governments consolidated control, then minted money. The 11 members of the European Union that agreed over the weekend to create a common currency established monetary unity without prior political authority.The 15 members of the European Union have a single market in trade, goods, regulations and labor.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | June 6, 2003
FRANKFURT, Germany - Answering the pleas of desperate European exporters and nervous public officials, the European Central Bank cut its benchmark interest rate half a point yesterday. The decision, which was expected, might curb the recent rise of the euro against the dollar, easing pressure on European exporters, who fear that their goods are being priced out of the U.S. market. It will also be a relief to Europe's biggest countries, notably Germany, which is teetering on the brink of its second recession since 2001.
NEWS
By William Pfaff | May 7, 1998
PARIS -- It is astonishing that the real questions about Europe's new single currency, the euro, and about the new European Central Bank, were never addressed during the 12-hour row among European governments which ended in Sunday's sad compromise on the bank's president.Those questions are, can this bank truly be independent? And if it tried to be truly independent, could it survive? The answer to both clearly is "no."The affair has been presented as a power struggle between German Chancellor Helmut Kohl and French President Jacques Chirac, in which Mr. Kohl lost to his domestic political harm, and Mr. Chirac won with a victory that damages France's reputation in Europe.
BUSINESS
By BLOOMBERG NEWS | November 30, 2002
BRUSSELS - European consumer confidence fell to the lowest level in more than five years this month and inflation slowed for the first time since June, adding to pressure on the European Central Bank to pare interest rates next week. A European Commission survey of 25,000 consumers in the dozen nations sharing the euro fell to minus 14 from October's minus 12. A separate survey of the same number of companies showed that they expect to pare jobs. The inflation rate fell to 2.2 percent from 2.3 percent the previous month.
NEWS
By NEW YORK TIMES NEWS SERVICE | October 26, 1998
KLAGENFURT, Austria -- With left-center majorities in power in most of the 15 countries of the European Union, its leaders ended a weekend summit meeting yesterday in broad agreement that it was time to pursue less restrictive economic and monetary policies to guard against a world recession."
NEWS
By ELIZABETH POND | September 23, 1993
Brussels. -- European Union isn't dead yet. All those epitaphs in the American press are greatly exaggerated.Sure, the European Monetary System exploded last month. Yugoslavia trumpets the European Community's inability to stop bloodshed on its doorstep. Public opinion in Germany resists giving up its beloved Deutsche mark for a common European ''ecu.'' And Paris and Bonn, the only partners who can make anything move in Europe, are at loggerheads over the interminable GATT trade negotiations.
NEWS
December 13, 1991
With the compromises cobbled at the Maastricht summit, the Europe of 12 nations and 345 million people moved closer toward the superstate of their dreams. It will be far more powerful, based on economics and consent, than the one based on bombs and terror that is coincidentally disintegrating a thousand miles to the east. And it will grow. The Maastricht treaty defines what it is that Austria and Sweden will soon join, followed by others.The agreement on a single European currency by decade's end, the "Ecu" (European currency unit)
NEWS
November 2, 1993
"Whether they like it or not, and whether they know it or not, all nationals of the 12 member states of the European Community woke up [yesterday] as something which [Sunday] night they were not, namely citizens of the European Union."So editorialized the Financial Times of London, but it was largely a sardonic observation. On a day devoid of celebration of this ostensibly historic event, the 12 very sovereign governments involved could not even decide whether to call themselves a rather modest "European Community," which they have been for some time, or a more grandiose "European Union."
BUSINESS
By BLOOMBERG NEWS | November 30, 2002
BRUSSELS - European consumer confidence fell to the lowest level in more than five years this month and inflation slowed for the first time since June, adding to pressure on the European Central Bank to pare interest rates next week. A European Commission survey of 25,000 consumers in the dozen nations sharing the euro fell to minus 14 from October's minus 12. A separate survey of the same number of companies showed that they expect to pare jobs. The inflation rate fell to 2.2 percent from 2.3 percent the previous month.
NEWS
January 7, 1999
THE ALMIGHTY dollar faces a rival in financial transactions. The euro exists, though you cannot see it. The currencies of Austria, Belgium Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain still circulate, but were glued together on New Year's Day.Each took a fixed rate of exchange to a unit of account called the euro. Control over their supply and interest rates passed from each nation's central bank to the European Central Bank in Frankfurt. They are really one currency; they just look different.
NEWS
By NEW YORK TIMES NEWS SERVICE | October 26, 1998
KLAGENFURT, Austria -- With left-center majorities in power in most of the 15 countries of the European Union, its leaders ended a weekend summit meeting yesterday in broad agreement that it was time to pursue less restrictive economic and monetary policies to guard against a world recession."
NEWS
By William Pfaff | May 7, 1998
PARIS -- It is astonishing that the real questions about Europe's new single currency, the euro, and about the new European Central Bank, were never addressed during the 12-hour row among European governments which ended in Sunday's sad compromise on the bank's president.Those questions are, can this bank truly be independent? And if it tried to be truly independent, could it survive? The answer to both clearly is "no."The affair has been presented as a power struggle between German Chancellor Helmut Kohl and French President Jacques Chirac, in which Mr. Kohl lost to his domestic political harm, and Mr. Chirac won with a victory that damages France's reputation in Europe.
NEWS
May 7, 1998
SOON the world will consist of two economic superpowers, Euroland and the United States of America, with Japan a junior partner. This will result from an unprecedented reversal in the relationship of political to monetary power.Throughout history, governments consolidated control, then minted money. The 11 members of the European Union that agreed over the weekend to create a common currency established monetary unity without prior political authority.The 15 members of the European Union have a single market in trade, goods, regulations and labor.
NEWS
November 2, 1993
"Whether they like it or not, and whether they know it or not, all nationals of the 12 member states of the European Community woke up [yesterday] as something which [Sunday] night they were not, namely citizens of the European Union."So editorialized the Financial Times of London, but it was largely a sardonic observation. On a day devoid of celebration of this ostensibly historic event, the 12 very sovereign governments involved could not even decide whether to call themselves a rather modest "European Community," which they have been for some time, or a more grandiose "European Union."
NEWS
By Peter Morici | December 8, 2011
European leaders are working feverishly to create what German Chancellor Angela Merkel is calling a "fiscal union" to restore private investor confidence in Europe and rekindle growth. Unfortunately, what she advocates will thrust Europe into a deeper economic crisis and leave European leaders without the fiscal and monetary policy tools necessary to combat recessions. The reforms Chancellor Merkel is pushing - hard caps on national government deficits - would ensure the ultimate demise of the euro, years of economic stagnation or worse.
NEWS
By ELIZABETH POND | September 23, 1993
Brussels. -- European Union isn't dead yet. All those epitaphs in the American press are greatly exaggerated.Sure, the European Monetary System exploded last month. Yugoslavia trumpets the European Community's inability to stop bloodshed on its doorstep. Public opinion in Germany resists giving up its beloved Deutsche mark for a common European ''ecu.'' And Paris and Bonn, the only partners who can make anything move in Europe, are at loggerheads over the interminable GATT trade negotiations.
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