Azmit Posted December 31, 2001 Report Share Posted December 31, 2001 Next tuesday Euro will be a real currency. Will Euro be accepted abroad as the Usd is ? I really hope so, I would like to travel with Euros and Euro TC on my next trip to LOS (February). Link to comment Share on other sites More sharing options...
Guest Posted December 31, 2001 Report Share Posted December 31, 2001 Azmit Gom-- It will be accepted by all countries that have membership in the IMF.. However, you may find that some (or lots) local merchants are reluctant to accept them until they better understand them.. All money center banks (all the majors in Thailand) are reday to accept the EU come Jan 1st. --UPSer Link to comment Share on other sites More sharing options...
Old Hippie Posted December 31, 2001 Report Share Posted December 31, 2001 This Euro thing is going to be interesting to say the least. Belgian Boy explained the whole concept to me, sounds like it could give the dollar a run as the world currency...wonder if it is worth investing in...? Link to comment Share on other sites More sharing options...
Guest Posted December 31, 2001 Report Share Posted December 31, 2001 Old hippie-- I bought 10 futures contracts on the Euro early in the year when it was USD$1=EUR 0.877 They also have a great webiste that gives you the official SET exchange rates for the member nations and much more about the rollout of the euro.. site address is... http://europa.eu.int/euro/html/entry.html --UPSer PS: I'm a big beliver that this will dramatically lower the cost of doing business in continental europe.. Just think that businesses will no longer have to emply currency hedge contracts to mitigate exchange losses. The conversion expenses (in the billions) will take some time to be off-set by the cost savings, but in short order the overall savings will materialize. Link to comment Share on other sites More sharing options...
Guest Posted December 31, 2001 Report Share Posted December 31, 2001 Yes the Euro is definitely a far better bet. The Euro is backed by countires in Europe which have a savings habit. The US citizen on the contrary spend 105$ for every 100$ he/she earns and keeps looking to the Stock Market to pay off debts. Just a matter of time before an alternative like the Euro takes charge.When the $ drops there will be surge in the euro and gold. With Bush heading for Iraq shortly and looking for other countries to fund their deficits(read expenses),which are over a trillion dollars already, the day does not seem far off. Link to comment Share on other sites More sharing options...
Guest Posted December 31, 2001 Report Share Posted December 31, 2001 All-- Very true.. Any non-asset (ie not backed by hard assets versus only full-faith and credit) currency is only as good as the perceived strength of the issuing country... I also agree that it will be some time before the Euro is "proven" enough to challenge the dollar for "world's currency".. An intersting fact.. There are six other countries whose OFFICIAL STATE CURRENCY is the US Dollar... That should speaks volumes about the strength (real or perceived) of the greenback.... I am more intersted to see how fast and easy the Euro moves into european business.. I know that for some time businesses will have "conversion" expenses and such forth, but once those are amoritzed out, we should be seeing some sizeable cost savings.. I'd like to see how this unfolds for the largest (with most to gain) companies on the continent and the bourses that they trade on. Â --UPSer Link to comment Share on other sites More sharing options...
buffalo_bill Posted December 31, 2001 Report Share Posted December 31, 2001 It is not the case that the Euro with kind of a big bang starts to come alive tomorrow morning although this might be the impression you get from a million articles in the newspapers. Speaking for myself , all of my European suppliers have been invoicing in Euros for at least 2 years now and we do the same. That includes the UK either way. To me this is heaven on earth as the whole common market is. cheers buffalo_bill the true European Link to comment Share on other sites More sharing options...
Azmit Posted December 31, 2001 Author Report Share Posted December 31, 2001 True, Euro has been around already for two years, mainly for big transactions. What will change now, with notes and coins you can actually touch, is the psychological perception (and value) of the Euro. I guess it will help Europe to buy goods from non-european countries in euros, not having first to buy USD... Link to comment Share on other sites More sharing options...
ALHOLK Posted January 1, 2002 Report Share Posted January 1, 2002 The Euro will most likely be widely accepted just as the Swedish Krona is. What it won't have is the magic aura of the US$. Just like stocks, currency is worth exactly what traders think it's worth. Once a freelancer stole a 100$ bill while I was sleeping. Beside the bill was a wad of Thai money, about 4000 baht, which she didn't touch. This was at a time when the US$ was ~25 baht. I think this clearly demonstrates the magic of the US$. I rarely go outside Europe without carrying a small amount of US$. This might change over time ofcourse but it will take many years. Perhaps in the future if Russia joins the EU (they are Europeans you know) and makes it into the greatest power on earth. regards ALHOLK Link to comment Share on other sites More sharing options...
Tycona Posted January 2, 2002 Report Share Posted January 2, 2002 Sofar so good; the euro has been gaining against all major currencies this morning (+1.5% against dollar) ... Would be nice if my Euros would be worth 45 B each on my next trip in February Link to comment Share on other sites More sharing options...
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