Tags: euro | replacing | dollar

Europeans: Euro Will Replace the Dollar

By    |   Tuesday, 06 Jan 2009 12:10 PM

Europeans believe in their currency.

A recent poll conducted by the Financial Times/Harris shows that continental Europeans believe the euro will overtake the dollar as the world's primary reserve currency in the next five years.

After slumping more than 20 percent during the early fall to $1.26, the euro has come back to trade at $1.36. On a trade-weighted basis, the common European currency reached a record high in December.

In the FT/Harris poll, 70 percent of respondents in Spain and two-thirds of the French agreed "strongly" or "somewhat" with the idea that the euro can supersede the dollar in global importance by 2014.

The same was true for 58 percent of those polled in Germany and 62 percent of the Italians. Even 48 percent of American participants in the poll thought the euro would replace the dollar within five years.

Europeans, though, weren't as optimistic about their economies. More than 75 percent said they expect the global recession to last more than a year.

The euro didn't meet its citizens' expectations on Jan. 5, dropping to a three-week low against the dollar amid optimism the United States will adopt a strong fiscal stimulus package.

"America was the first one that got into this mess and will be the first country that drags itself out," Andrew Wilkinson, senior market analyst for Interactive Brokers, told Bloomberg.

"Europe is further behind the curve."

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Europeans believe in their currency. A recent poll conducted by the Financial Times/Harris shows that continental Europeans believe the euro will overtake the dollar as the world's primary reserve currency in the next five years. After slumping more than 20 percent during...
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2009-10-06
Tuesday, 06 Jan 2009 12:10 PM
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