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| Author: | Cottrell, A. |
| Title: | Climbing Up (and Sliding Down) the Euro Learning Curve |
| Journal: | Journal of Common Market Studies
2001 : ANNUAL, VOL. 39, p. 75-78 |
| Index terms: | LEARNING CURVES EURO FINANCE |
| Language: | eng |
| Abstract: | The euro spent much of 2000 defying expectations of a revival, preferring instead to motor along the same downhill gradient it had followed through 1999. By mid- September, the single currency had lost 28% of its launch value against the US$, 16% against the UK?, and almost 22 per cent on a trade-weighted basis. For central bankers and finance ministers, sustained depreciation on this scale was a dual source of concern. First, it exacerbated the upward pressure already being applied to import prices by a surging oil price, sparking fears that inflationary expectations and wage demands might follow suit. Second, it raised concerns that ongoing official complaints about the euro's decline, accompanied by repeated predictions of an imminent recovery which inexplicably refused to materialize, might call into question policy-makers' ability and credibility. |
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