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Birthday is a sad holiday. The head of the European Central Bank, Jean-Claude Trichet, and the leaders of the financial unit of the European Commission took part in the celebration of the 10th anniversary of the introduction of the euro in the European Parliament. Trichet reminded those gathered in Strasbourg that the hero of the day is going through hard times:
“I think we should trust the positive statements made by the parliaments, governments and central banks of Europe. Together, we will show that Europe is able to make important decisions in the current difficult conditions.”
At the time of its appearance, the euro was set at 1.17 dollars. In 2001, the euro fell to a minimum of 0.83 dollars per euro. Since then, the euro has strengthened with varying success, not falling below the one-to-one mark. Now for 1 euro they give 1.33 dollars, and in the summer in the summer, the euro exchange rate reached 1.60 dollars.
In the anniversary year of 2009, the euro is under serious pressure. The economy is now 16 countries in the euro area is experiencing an unprecedented in scope recession. Here is the growth of unemployment, and industrial decline, and stagnation in the financial sector.