Ehm someone remembers about the talkings about the € vs $ facet of iraqi war? http://www.vheadline.com/readnews.asp?id=8613 I know it could be partially a conspiracy theory but I think it's an issue to follow in its development. There's more than one reason to consider this currencies' "war" an important issue of the near future.
Oh, man this could be big. If all the states mentioned switch to the euro, that is the end of our perpetual trade deficits. Instead, the third world will be paying their tribute to Europe.
It could be also the reason why ECB seem to worry very little about € going up and up despite the bad effects on exports. I hope this all will go thru some mutual agreement. I hope we (western countries) cease to ask tributes to third world, I don't fear my way of living going down if it helps the majority of mankind to live better. The most absurd logical consequence of this story, also if it's only partially true, is that while we are hearing always the same old talks about endless friendship there is ppl fighting a battle of kicks under the table.
I read an article not long ago where some guy was advocating converting oil trades to the Euro to counteract US economic hegemony over the rest of the world. Can't remember where I saw it though. IMO it would be a good thing and make the US sit up and take notice of the rest of the world for a change.
Prime Minister Dr Mahathir Mohamad today proposed a currency basket of the euro and the US dollar for oil trades to hedge against a weak greenback and manipulation by currency traders. The veteran Southeast Asian leader said producing countries were feeling the impact of the weak greenback, which has fallen sharply against the euro. "It is time that the quotation of oil prices in dollars be reviewed," he said in a speech read by his deputy Abdullah Ahmad Badawi at the opening of a two-day Asia oil and gas conference. http://www.malaysiakini.com/news/2003061600110811.php