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Forbes (February 6)

2018/ 02/ 08 by jd in Global News

“The dollar-euro exchange rate is the most important price in the world…. How so? These are two surpassingly large economic areas, and they trade and invest more than enough with each other—such that each imports the other’s entire relative price structure…. Change that exchange rate in a big way—a fifth is plenty big—and all sorts of new decisions will come in terms of where one plans to invest, produce, and sell.”

 

Washington Post (February 8)

2016/ 02/ 09 by jd in Global News

“It is said that the European Union is a splendid idea but that the euro — the common currency — is a bad idea. Actually, the euro is a bad idea that is the logical application of an even worse idea — the European Union.”

 

Institutional Investor (November 12)

2015/ 11/ 14 by jd in Global News

“So far all comments from ECB policymakers have raised dovish expectations for the December meeting, while in the U.S. the Federal Reserve is widely expected to begin tightening. As a result, many analysts now see the macro setup for the dollar versus the euro as a catalyst to retest levels reached in the spring.”

 

The Economist (August 8)

2015/ 08/ 09 by jd in Global News

“Germany is back in its old dilemma: too weak for hegemony, too large for balance. No other country can think of imposing solutions, but Europe will not allow Germany to do so either. That may mean that the EU’s biggest challenges—from immigration to preventing a British exit and fixing the euro—will continue to go unmet.”

 

Bloomberg (July 15)

2015/ 07/ 16 by jd in Global News

“By this point you can probably agree that it was a mistake for Greece to join the European common currency in 2001…. So why exactly are Greece and its European creditors still trying against all odds and good sense to keep the country in the euro?”

 

Washington Post (July 8)

2015/ 07/ 10 by jd in Global News

“It is said that the European Union is a splendid idea but that the euro — the common currency — is a bad idea. Actually, the euro is a bad idea that is the logical application of an even worse idea — the European Union.”

 

New York Times (July 8)

2015/ 07/ 08 by jd in Global News

The euro has “stopped being a force for unity. In many ways, it…” has become… “a weapon that each side seized upon to advance its cause.”

 

Bloomberg (June 29)

2015/ 07/ 01 by jd in Global News

“Three years after Mario Draghi pledged to do whatever it took to save the euro, the mounting crisis in Greece is calling into question the integrity of the entire currency union.” Although Greece is minor in terms of economic output, “its exit would hurl the bloc into unknown territory by setting a precedent for other nations to reconsider their membership.”

 

New York Times (June 1)

2015/ 06/ 02 by jd in Global News

“A forced Greek exit from the euro would create huge economic and political risks, yet Europe seems to be sleepwalking toward that outcome…. There’s a definite 1914 feeling to what’s happening, a sense that pride, annoyance, and sheer miscalculation are leading Europe off a cliff it could and should have avoided.”

 

Wall Street Journal (March 5)

2015/ 03/ 06 by jd in Global News

The European Central Bank (ECB) hasn’t even actually started its quantitative easing (QE) activities. Somehow, however, its QE program “is working before it has even begun.” The euro has fallen 20% since last summer and, this week, dropped to $1.10, an eleven year low. How? “As investors came to view QE as inevitable, prices responded, especially the price of the euro. As a result of Mr. Draghi’s open-mouth operations to talk down the euro—coupled with an expectation that interest rates might rise soon in the U.S.—the euro has declined steadily against the dollar and other currencies.” Whether the actual QE program will be able to duplicate this pregame success remains to be seen.

 

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