PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Kenneth E. Phillipps who wrote (684334)	6/2/2005 6:10:26 PM
From: Hope Praytochange	Read Replies (2) of 769670

1. Will the Euro Collapse? kennyboy wish on dollar collapse !!! The euro plunged to 8-month lows after a German magazine reported that top officials had discussed the possible collapse of the currency at a secret meeting in Berlin. The euro closed at 1.223 against the dollar on Wednesday, down 9.7 percent this year. Traders were already nervous over the rejection of the EU constitution by France and the Netherlands. But the article in the magazine Stern came as a bombshell, saying it was time to admit that Germany had been seriously hurt by giving up the Deutschemark six years ago. The article - headlined "the euro is destroying us" - said adoption of the currency was "one of the worst economic blunders made by Germany since 1945." More than 55 percent of Germans want to return to the mark, according to a poll accompanying the article. Critics say the EU monetary union has tightened fiscal conditions in the midst of an economic downturn, driving the German economy deeper into a slump. And they warn that differing growth rates among the 12 nations in the union are making the single currency unwieldy, especially in regard to interest rates. At the Berlin meeting of German officials, Joachim Fels, Morgan Stanley's eurozone economist, warned of a possible "meltdown" in the EU monetary union. He said Europe was now "on a slippery slope toward disintegration and instability. The risk of a euro wreckage has risen significantly."

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