NEXT year is going to be a crucial time for countries in the euro-zone. It is a complicated situation because some countries like Spain and Germany are already in recession and others like France have not entered yet but will do so in 2009. The European Central Bank needs tanagreement from all European Union countries on how to tackle the crisis but at the same time each country has different economic needs. It is quite evident that interest rates in Europe will continue their downward fall similar to Britain and the United States. This will probably lead to a fall in the value of the euro which will give some respite for those with pounds and dollars. Trying to revive the euro-zone is not going to be an easy task and while some say that Britain should join the single currency now is certainly not the time because Gordon Brown needs to be able to maneuver and reduce interest rates if and when needed. As we have seen in the past it takes European leaders three months to make a decision which is not a very satisfactory state of affairs especially as it is a very fast moving economic situation. Anyhow, any drop in the value of the euro against sterling will be good news for Majorca and its tourist industry. A strong euro is the last thing this island needs.
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