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Us $ Compared To Euro & How It Effects Us Economically

1276 words - 5 pages

The euro is the official currency of the following 12 European nations: Belgium, Germany, Greece, Spain, France, Luxembourg, Ireland, Italy, The Netherlands, Austria, Portugal, and Finland. Although it has been the official currency since January 1, 1999 it became physical tender which can be used by all participating countries on January 1, 2002. The introduction of the euro into the world was truly a historic event; it represented a unity never before seen in the history of Europe, a common currency. After years of negotiations and much skepticism from around the globe, the implementation of the euro is no longer an abstract ideal, but a change that nations, corporations, and investors must accept.The final phase of the euro’s implementation will occur over the next six months and Europeans will have to adapt to a new mindset. For a while many will feel like tourists in their own countries. However, once people in Europe and around the world become comfortable with the euro, these 12 nations are to represent a single market place with the European Central Bank controlling its economic success. Since the euro’s inception, the way people travel, the way people do business, and the way corporations and countries invest forever changed. For Americans the question to ask is how will the euro in the long-term impact the growth of our economy.Generally there have been a few schools of thought on how the American economy will be impacted by the euro. The first one supports that the United States can only benefit as the euro is established as an international currency. U.S. administrations have long been supporters of global cooperation, believing that whatever is good for Europe is good for the U.S. Bill Clinton even stated, "A strong and stable Europe, with open markets and healthy growth, is good for America and for the world.Most obviously the benefits would come after all of the costs to implement the euro have diminished. The trend of the globalization of American businesses further supports the costs savings involved in doing business internationally. Well-known companies, like IBM, McDonalds, and Coca-Cola generate more than fifty percent of their revenue overseas. Factors that have led to this trend include the improvements in telecommunications, technology developments, and the need for companies to drive costs down. Globalized American based companies will also absorb all of the benefits the euro is expected to have on the participating countries. Thus American businesses that implemented an international approach will benefit as the euro gains acceptance. In contrast companies that are limited domestically will be hurt by the euro’s performance.The United States and these American businesses have an additional advantage since the implementation of the euro because of the extensive investments and preparations they made before its introduction. Chase Manhattan has reportedly spent...

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