So Europe's a big driver. And at one point, if the euro hadn't devalued, they would have been making as much money as the US with half the stores. Returns were higher.
Sentiment: NEGATIVE
We must stress that the euro has been beneficial to the European Union because, otherwise, in this context of international turmoil, every country would have to devalue their currencies.
The German export successes are not the result of some sort of currency manipulation, but of the increased competitiveness of companies. The American growth model, on the other hand, is in a deep crisis.
At the outset of the creation of the euro in 1999, it was expected that the southern eurozone economies would behave like those in the north; the Italians would behave like Germans. They didn't. Instead, northern Europe fell into subsidizing southern Europe's excess consumption, that is, its current account deficits.
This is what the European Union is all about. A strong market with a strong currency.
It's political glue inside Europe to keep it together - the euro is the best thing going for it since the creation of the common market.
U.S. companies rely on the European market for more than half of their global foreign profits.
Bankruptocracy is as much a European predicament as it is an American 'invention.' The difference between the experience of the two continents is that at least Americans did not have to labour under the enormous design faults of the eurozone.
The wealth-income ratio in the United States has always been lower than in Europe. The main reason in the early years was that land values bulked less in the wide open spaces of North America. There was, of course, much more land, but it was very cheap.
Unraveling the euro is a terrible thing. This is a 50-year endeavor to get this continent together and that's a wonderful endeavor.
It's in our interests that the euro is a successful, strong currency.
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