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The Lao-hsi-kai dispute, which involved a bare 333 acres of land in Tientsin, has now taken its place beside the Chengchiatun affair, and has become a leading case in that great dossier of griefs which many Chinese declare make up the corpus of Euro- Chinese relations. Here again the facts are absolutely simple and absolutely undisputed.
Europe's average tariff on agricultural produce is four times those levied on non-agricultural goods. Yet, a number of trends conspire to break the eerie stranglehold of 3 percent of Europe's population its farmers on its budget and political process. The introduction of the euro rendered prices transparent across borders and revealed to the European consumer how expensive his food is.
The CFA franc zone is remarkably diverse ethnically, lingually, culturally, politically, and economically. The euro has indirectly affected the CFA as well. "The Economist" reported recently a shortage of small denomination CFA franc notes. But this is the minor problem. The CFA franc is at risk due to internal imbalances among the economies of the zone. Their growth rates differ markedly.
The LMU was considered sufficiently serious to be able to flirt with Austria and Spain when its Foundation Treaty was officially signed in 1865 in Paris. This despite the fact that its French-inspired rules seemed often to sacrifice the economic to the politically expedient, or to the grandiose. This is similar to the use of the US dollar or the euro in many countries today.
There are no phaenomena that point out any such kind affection to men, independent of their merit, and every other circumstance. We love company in general; but it is as we love any other amusement. An Englishman in Italy is a friend: A Euro paean in China; and perhaps a man would be beloved as such, were we to meet him in the moon.
The monetary union in the USA the US dollar as a single legal tender printed exclusively by a central monetary authority is, therefore, a fairly recent thing, not much older than the euro. It is common to confuse the logistics of a monetary union with its underpinnings. European bigwigs gloated over the smooth introduction of the physical notes and coins of their new currency.
The stolid and trustworthy Bundesbank succeeded the Reichsmark and the Union was finally vanquished only by the bureaucracy in Brussels and its euro. This is the only case in history of a successful monetary union not preceded by a political one. But it is hardly representative.
It is a precipice and France has just taken us all one step forward. Deja V-Euro The History of Previous Currency Unions By: Dr. Sam Vaknin I. The History of Monetary Unions In most countries in transition, it has already replaced its much sought-after predecessor, the Deutschmark. The euro still feels like a novelty but it is not.
The Czech koruna is unhealthily overvalued against the euro thus jeopardizing any export-led recovery. The CNB was forced to intervene in the foreign exchange market and buy in excess of 2 billion euros last year four times the amount it did in 2001. It also cut its interest rates last month to their nadir since independence.
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