On December 5th, The European Institute presented its Transatlantic Leadership Award to The Honorable Christine Lagarde, Managing Director of the International Monetary Fund and to The Honorable Elias Zerhouni, President of Global Research and Development at Sanofi and former Director of the U.S. National Institutes of Health, at the Annual Ambassadors’ Gala Dinner. Madame Lagarde was recognized for exercising uncommon leadership in seeking to resolve the European sovereign debt crisis and stem further contagion of the global economy. Dr. Zerhouni was honored for his pivotal role in furthering translational medical innovation to the benefit of global public health.
Why IS the euro so strong against the dollar when bond markets have it on its death bed?
Since the onset of the crisis in Greece in late 2009, foreign exchange-traders have been forecasting that the euro will sink to dollar parity before becoming extinct. This expectation is considered "common sense" among most Americans, including those watching the euro's fluctuations with a view to their costs for vacations or alimony or investments from dollar accounts.
In the waning years of the last century there was great hope -- and hype -- about the “global market" brought about by new technologies. In the early years of this new century, the darker side of the global market has become more evident as economic trouble anywhere becomes economic trouble everywhere: e.g., the failure of Lehman caused a global contagion.
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