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BUSINESS
By Ian Johnson and Ian Johnson,New York Bureau | July 31, 1993
NEW YORK -- Smelling blood after the German central bank declined to lower a key interest rate, currency traders and speculators ganged up on the European Community's monetary system yesterday, nearly cracking the keystone of European unification.In Europe, North America and Asia, traders placed billion-dollar bets that Western Europe's system of fixed exchange rates could not last the weekend. Several European central banks fought back and appeared late yesterday to have staved off the immediate collapse of the Exchange Rate Mechanism, which was created to tie the 12 nations' currencies together.
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NEWS
May 2, 2012
I have been in favor of the dollar coin for years now, but its value cannot be measured by the popularity of the coin now ("Nobody wants dollar coins," May 1). I think I have one, it's in my golf bag as a ball marker. The value of the dollar coin lies in the elimination of the dollar bill. The dollar bill is a has very little going for it other than you can fold it and put it in your wallet. It's expensive to make and only last a short time. Sure, there is much that can be done to make the dollar coin recognizable, put a hole in it like some European currency, for example.
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NEWS
April 25, 1997
ALTHOUGH FRANCE's unemployment rate has hit an appalling post-war record high of 12.8 percent, President Jacques Chirac has chosen this moment to call a snap parliamentary election on May 25 and June 1 -- a month after Britain goes to the polls. In both countries, European Union issues stand at the heart of political controversy, with Mr. Chirac determined to join with Germany in launching a common European currency and Britain's two main parties pandering to Euroskeptic "Union Jack" tendencies.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | January 1, 1999
LONDON -- Europe gave birth to the euro, its new common currency, at midnight, ushering in one of the biggest changes in the world's money since World War II and presenting the almighty dollar with its strongest challenger to date."
NEWS
By Gilbert Lewthwaite and Gilbert Lewthwaite,Washington Bureau | September 20, 1992
WASHINGTON -- Germany resisted committing itself to lowe interest rates to lessen the European currency crisis yesterday, but agreed with six other major industrial nations to take "appropriate additional actions" to stabilize currency markets and promote economic growth.This appeared to signal that the central banks of the seven leading industrialized nations were ready to intervene to block continuing speculation against the weaker European countries.Such a move would require co-ordinated bulk buying of threatened currencies to bolster their value.
NEWS
May 2, 2012
I have been in favor of the dollar coin for years now, but its value cannot be measured by the popularity of the coin now ("Nobody wants dollar coins," May 1). I think I have one, it's in my golf bag as a ball marker. The value of the dollar coin lies in the elimination of the dollar bill. The dollar bill is a has very little going for it other than you can fold it and put it in your wallet. It's expensive to make and only last a short time. Sure, there is much that can be done to make the dollar coin recognizable, put a hole in it like some European currency, for example.
NEWS
By Ian Johnson and Ian Johnson,Special to The Sun | May 17, 1991
BERLIN -- Following a yearlong feud with the government over economic policy, the head of the German central bank resigned yesterday.Karl Otto Poehl's unprecedented decision to leave the Bundesbank before his term expires was a body blow to the already wobbly government of Chancellor Helmut Kohl and is expected to weaken Germany's influence in European and international financial affairs.Mr. Poehl will step down in October, four years early and after 11 years of leading the Bundesbank, Germany's unusually independent central bank.
NEWS
By Diana Jean Schemo and Diana Jean Schemo,Sun Staff Correspondent | December 16, 1990
ROME -- The European Community took a major step yesterday toward transformation from a trading bloc into a powerful body of common political, security and economic policies.The EC set up two intergovernmental conferences, one to focus on political union and the other on economic and monetary union among the 12 member nations, that will effectively rewrite the 1957 Treaty of Rome, opening the way for the community to become a federation of states.Its citizens would share a common European citizenship, in addition to their national citizenships, and eventually trade their francs, lire and deutsche marks for a single currency, with monetary policy fixed by a central bank.
BUSINESS
By Bloomberg Business News | September 19, 1992
The following is a glossary of commonly used terms in foreign exchange and currency transactions:* European Community, or EC -- An economic and political alliance of West European countries designed to foster trade and cooperation.The 12 members are Germany, France, Belgium, the Netherlands, Luxembourg, Italy, Denmark, Great Britain, Ireland, Spain, Portugal and Greece.* European currency unit, or ECU -- An artificial currency made up of a market basket of EC currencies.* European rate mechanism, or ERM -- The system that fixes the rates of 10 EC currencies to one another and to the Ecu. Each currency is allowed to fluctuate within a specified range of 2.25 percent to 6 percent against each of the others.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | October 2, 1992
The year 1992 isn't the year it was supposed to be. It's been contrary enough to push even the pluckiest Pollyanna on the road toward psychotherapy.The fall of the Berlin Wall and the failure of communism were expected to usher in a period of peaceful prosperity and economic unity. Instead, Europe and the rest of the free world are paying a high price, as Germany relies on lofty interest rates to avoid the inflation that might stem from unification costs. Recent currency turmoil and overall European disunity are the results.
BUSINESS
By BLOOMBERG NEWS | January 1, 1999
NEW YORK -- Increased competition and the rush to be global could make 1999 the fifth consecutive record year for mergers and acquisitions -- exceeding the $2.5 trillion of announced transactions in 1998.More agreements like Daimler Benz AG's $34.8 billion purchase of Chrysler Corp. and SBC Communications Inc.'s purchase of Ameritech Corp. for $83.6 billion are expected as companies forge links to cut costs and compete worldwide.The blurring of borders in Europe, where 11 countries are adopting a single currency, will also create the need for companies with the bulk to serve a market as big as the United States.
FEATURES
By Edmund L. Andrews and Edmund L. Andrews,NEW YORK TIMES NEWS SERVICE | August 16, 1998
Here is a pop quiz for bargain-hunters traveling in Europe. A pair of leather loafers from J.P. Tod's costs about 308,000 lire in Rome, 26,500 pesetas in Madrid and 400 marks in Frankfurt.Where are the shoes cheapest?The answer requires a calculator, a list of exchange rates and a lot of tenacity. But there is a big difference: At $176 in Rome, the shoes are about $50 cheaper than in Frankfurt.And that difference marks just one illustration of how the launch of a single European currency, the euro, should eventually have a big impact on travelers.
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
June 3, 1997
SPURNING THE FASHION for conservative politics, the French electorate has followed Britain's in putting the party of the left in power. In both countries it is the moderate left, no longer crusading for massive state ownership, but resolved to strengthen what remains of the welfare state.Conservative President Jacques Chirac arrogantly heeded the polls while disregarding the economy in calling the election unnecessarily early. With nearly 13 percent unemployment, the younger French voters chose the Socialist Party's promise to create 700,000 jobs, half in the public sector, and to reduce the 39-hour work week to 35 hours with no loss in pay.These were the voters who four years ago put the center-right coalition in massive majority in the National Assembly and put the Socialist Party's future in doubt.
NEWS
By William Pfaff | May 29, 1997
PARIS -- President Clinton traveled to Europe this week as part of his second-term project to elaborate a new international system and win a statesman's reputation.His purpose is to reaffirm the United States as ''a European power,'' as his national-security adviser, Sandy Berger has said, and to ''build an undivided, peaceful and democratic Europe'' permanently linked to the United States.NATO expansion is indispensable to the plan -- ''a sweeping, broad, historic, strategic objective,'' according to Mr. Berger, promising an eventual achievement comparable to that of the Marshall Plan (whose 50th anniversary serendipitously falls this year, as frequently noted in the president's entourage)
NEWS
April 25, 1997
ALTHOUGH FRANCE's unemployment rate has hit an appalling post-war record high of 12.8 percent, President Jacques Chirac has chosen this moment to call a snap parliamentary election on May 25 and June 1 -- a month after Britain goes to the polls. In both countries, European Union issues stand at the heart of political controversy, with Mr. Chirac determined to join with Germany in launching a common European currency and Britain's two main parties pandering to Euroskeptic "Union Jack" tendencies.
NEWS
By William Pfaff | May 29, 1997
PARIS -- President Clinton traveled to Europe this week as part of his second-term project to elaborate a new international system and win a statesman's reputation.His purpose is to reaffirm the United States as ''a European power,'' as his national-security adviser, Sandy Berger has said, and to ''build an undivided, peaceful and democratic Europe'' permanently linked to the United States.NATO expansion is indispensable to the plan -- ''a sweeping, broad, historic, strategic objective,'' according to Mr. Berger, promising an eventual achievement comparable to that of the Marshall Plan (whose 50th anniversary serendipitously falls this year, as frequently noted in the president's entourage)
NEWS
By William Pfaff | December 14, 1995
PARIS -- The conventional wisdom says France's strikes are a doomed rebellion against the iron imperatives of the international marketplace, and a dangerous revolt against ''Europe'' as well -- against the single currency and the budget constraints necessary to bring the French economy into that single currency.The French Prime Minister, Alain Juppe, has said that if the strikers prevail, ''we will have moved over to the path of decline, slow but certain.'' Comment elsewhere in Europe is even more apocalyptic.
FEATURES
By Christopher Reynolds and Christopher Reynolds,LOS ANGELES TIMES | May 19, 1996
If you were preparing for a European vacation this time last year, you probably remember the sinking sensation you felt, looking at foreign-currency exchange-rate tables.Between January and June of 1995, while about 8.6 million Americans were getting ready for their big trips, the dollar fell about 3 percent against the British pound, 10 percent against the French franc and 12 percent against the German mark.The dollar even lost a little ground against that former chronic victim of inflation, the Italian lire.
NEWS
By William Pfaff | December 14, 1995
PARIS -- The conventional wisdom says France's strikes are a doomed rebellion against the iron imperatives of the international marketplace, and a dangerous revolt against ''Europe'' as well -- against the single currency and the budget constraints necessary to bring the French economy into that single currency.The French Prime Minister, Alain Juppe, has said that if the strikers prevail, ''we will have moved over to the path of decline, slow but certain.'' Comment elsewhere in Europe is even more apocalyptic.
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