The Euro at Age 15 — Is it a Reserve Currency Yet?
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An interesting phenomenon of frontal lobe damage is the insignificant effect it can have on traditional IQ testing. Researchers believe that this may have to do with IQ tests typically assessing convergent rather than divergent thinking. Frontal lobe damage seems to have an impact on divergent thinking, or flexibility and problem solving ability. There is also evidence showing lingering interference with attention and memory even after good recovery from a TBI (Stuss et al., 1985).
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Another area often associated with frontal damage is that of "behavioral sponteneity." Kolb & Milner (1981) found that individual with frontal damage displayed fewer spontaneous facial movements, spoke fewer words (left frontal lesions) or excessively (right frontal lesions).
The working age population is defined as those aged 15 to 64
The euro was welcomed at birth on Jan. 1, 1999, as a new financial currency (coins and banknotes were issued three years later) and hoped by its promoters to be an alternative to the dollar, which had reigned as the world’s primary reserve currency since the 1944 Bretton Woods agreement. In its early years, the share of global official foreign exchange reserves denominated in EUR rose rapidly, while those in USD declined. But the Euro-zone debt crisis threatened, from late 2009, the euro’s very existence, making any speculation that it might replace the dollar as the world’s principal reserve currency seem a bad joke. The existential threat to the currency and even the European Union (EU), forced Euro-zone governments, the European Central Bank and the banking system to forge a more credible governmental, financial and regulatory structure to support the euro.
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On its 15th birthday, perhaps it is time to consider whether the euro is, or can remain, a viable reserve currency. But first, what is a reserve currency ? First, it must be a currency important and credible enough to be used widely for international trade and capital transactions between countries other than the one issuing the currency. Second, the currency must be supported by a large and stable economy; and a government whose fiscal and monetary policies inspire the confidence of international traders and investors. Third, the currency’s exchange value must be relatively stable and predictable enough so that the world’s central banks are willing to accumulate and hold the currency in their official foreign exchange reserves.