Friday, January 23, 2009

The euro in 2009

Some interesting recent articles about the euro zone. The Economist, in its January 3rd issue, calls the euro "Demonstrably durable", arguing that it provides a crucial haven in financial storms, even though it may no longer afford euro-zone countries the ability to postpone painful reforms. The New York Times, on January 23rd, strikes a similar note, albeit with a different emphasis. Declaring that "For some in Euro zone, dream turns nightmarish", Landon Thomas suggests that some of the weaker euro states, such as Greece or Italy, "may be forced to declare bankruptcy or abandon the currency." Meanwhile, on January 1st, Slovakia became the latest European Union member to join the euro area. Finally, though it is not even a member of the European Union, "Iceland considers adopting the euro", as Reuters pointed out at the end of November last year. 2009 is shaping up to be an intriguing year for the euro.

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