Three cheers for the euro?

The euro received three notes of approval today from the IMF, the People's Bank of China and the OECD.

Guo Shuqing, vice governor of the People's Bank of China, said the bank would increase the proportion of euros in its reserves. he did not however divulge the size of the increase. According to some reports the euro rose against the yen and dollar in response to news concerning this decision.

In a research paper published today by the IMF Guy Meredith argues that the two forces that have led

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