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Jay Currie

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6/01/2005

Euro fans Alert

My friend Ian Welch and the vast army of anti-Bush Euro fans will be relieved to hear:

The president of Germany's central Bundesbank on Wednesday rejected as "absurd" a report saying he had taken part in a meeting at which the possible collapse of the euro was discussed.

In a statement, Bundesbank chief Axel Weber, said he would never take part "in such an absurd discussion".

"The euro is a success story," said Weber in the statement.
expatica hattip paul wells
A good rule in international banking is that when central bankers are going public to deny that a currency is in trouble, the currency is in trouble. A fact rather cunningly demonstrated in this chart of the Euro v USD from the end of March 2005, 2005 to today.


The overwhelming (63% nee in exits)Dutch rejection of the Euro constitution, hard on the heels of the French rejection, suggests there is more than a little shakiness in the entire European project.