Europe and the dollar

The decline of the US dollar on the foreign exchange markets has so far been gradual, indeed almost stately; the US currency has retained its dignity. Perhaps the old lady of reserve curencies just needs a facelift. But everybody knows that speculators could turn the strategic retreat of 2003 into the rout of 2004. In that case, who would blink first? Europe, America or Asia?

Americans tend to assume that if central banks and private investors get to the point where they are no longer willing to

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