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Article: A decade in the sun - The ECB at ten.(European Central Bank)
- Article from:
- The Economist (US)
- Article date:
- June 7, 2008
CopyrightCOPYRIGHT 2008 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The ECB has had a good credit crisis and a solid first decade. That was the easy bit
IF A currency's market value is a proxy for the status of the central bank that stands behind it, then the European Central Bank (ECB) is now ranked higher than any of its peers. The euro reached a record high of $1.60 on April 22nd and trades only a little below that peak today. By contrast, the dollar, the world's reserve currency, is barely above its all-time low against a basket of leading currencies. The yen has seen better days too, even compared with the lowly dollar. And sterling, which had been riding high for so long, has fallen to new lows against a resurgent euro.
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