Shadow on the euro

  • 2005-08-10
How fast the tide turns. Back in February, a report that the South Korean central bank was planning to keep a bigger share of its foreign currency holdings in euros and a smaller portion in U.S. dollars set off speculation that the euro would soon overtake the dollar as the world's preferred reserve currency. Five months later, the speculation is about how long the euro will survive.Recently Italian Prime Minister Silvio Berlusconi publicly blamed the euro for all of the Italian economy's ills: recession, high prices, joblessness, the lot. "Italy is not a disaster," he said, "But Prodi's eu...
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