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To: GraceZ who wrote (241141)	5/19/2003 4:27:39 AM
From: zonder	Read Replies (1) \| Respond to of 436258

Grace - Not sure what you mean. EUR replaced European currencies on 2 January 2002, and hasn't really gone down ever since against USD. Before, it was just an "imaginary" currency. So its fluctuation did not really affect anybody. I was not living in the Eurozone at the time and cannot comment from experience, but I imagine inflation in Eurozone countries would have been correlated to the appreciation/depreciation of their own currencies. And anyway, European Central Bank has been working with a flexible inflation target of 2% max for quite a while now. That probably affected the market dynamics far more than the fall of the theoretical EUR against the USD before its actual introduction at the beginning of 2002.