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N°12 |
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| Winter 1999-2000 |
| The Impact of Fluctuations of the Dollar
on European Industry |
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The past fourteen months have shown that
the exchange rate volatility of European currencies against the dollar and the
yen has not decreased since the introduction of the euro, on January 1st 1999.
It has also become clear that the ECB has little intention of influencing the
euro/dollar exchange rate. This indifference of the ECB, however, does not mean
that European industries have suddenly become less exposed to competition from
the dollar zone. Furthermore, it seems that asymmetries between European countries
and across industries persist. For the present, the euro-zone as a whole is benefiting
from competitive gains due to depreciation, but any future appreciation of the
euro will obviously affect the euro-zone's industries to differing degrees. This
in turn could render market integration more difficult.
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