链剥挂将发多大是 高级商务英语阅读 Governments and companies can now borrow money in euro instead of their local currency,and this allegedly would allow access to many more sources of funds.Other economists consider that the potential strength of Euroland would be in the coherent efforts of a virtual greater super-economy,in which it is now potentially easier to create stronger financial associations,rather than in the mere sum of single liquidities. A final and possibly decisive effect is on the pricing of oil.Euroland consumes more imported oil than the United States.This would mean that more Euros than US dollars would flow into the OPEC nations,except that oil is priced by those nations in US dollars only-Iraq under Saddam Hussein was the exception,until the 2003 invasion of Iraq.There have been frequent discussions at OPEC about pricing oil in Euros,which would have various effects,among them,requiring nations to hold stores of Euros to buy oil,rather than the US dollars that they hold now.This would be a transfer of a 'float'that presently subsidizes the United States to subsidize the European Union instead.Venezuela under Hugo Chavez has been a vocal proponent of this scheme,despite selling most of its own oil to the United States. Euro exchange rate After the introduction of the euro,its exchange rate against other currencies,especially the U.S. dollar,declined heavily.At its introduction in 1999,the euro was worth USD1.18;by late 2000 it had fallen to below USD0.85.It then began what at the time was thought to be a recovery;by the beginning of 2001 it had risen to USD0.95.It declined again,finally reaching a low of below USD0.84 in July 2001.The currency then began to recover against the U.S.dollar.In the wake of U.S.corporate scandals,the two currencies reached parity on July 15,2002,and by the end of 2002 the euro had reached USD1.04 as it climbed further.There is speculation that this strength relative to the dollar might encourage the use of the euro as an alternative reserve currency.On May 23,2003,the euro surpassed its initial trading value for the first time as it again hit USD1.18, and in the last days of December 2003 the euro even climbed above USD1.26,the highest exchange rate since its introduction.Part of the euro's strength is thought to be due to more attractive interest rates in Europe than in the United States.The expensive Euro has been seen to be hurting European export. 第6页共7页高级商务英语阅读 Governments and companies can now borrow money in euro instead of their local currency, and this allegedly would allow access to many more sources of funds. Other economists consider that the potential strength of Euroland would be in the coherent efforts of a virtual greater super-economy, in which it is now potentially easier to create stronger financial associations, rather than in the mere sum of single liquidities. A final and possibly decisive effect is on the pricing of oil. Euroland consumes more imported oil than the United States. This would mean that more Euros than US dollars would flow into the OPEC nations, except that oil is priced by those nations in US dollars only - Iraq under Saddam Hussein was the exception, until the 2003 invasion of Iraq. There have been frequent discussions at OPEC about pricing oil in Euros, which would have various effects, among them, requiring nations to hold stores of Euros to buy oil, rather than the US dollars that they hold now. This would be a transfer of a 'float' that presently subsidizes the United States to subsidize the European Union instead. Venezuela under Hugo Chavez has been a vocal proponent of this scheme, despite selling most of its own oil to the United States. Euro exchange rate After the introduction of the euro, its exchange rate against other currencies, especially the U.S. dollar, declined heavily. At its introduction in 1999, the euro was worth USD1.18; by late 2000 it had fallen to below USD0.85. It then began what at the time was thought to be a recovery; by the beginning of 2001 it had risen to USD0.95. It declined again, finally reaching a low of below USD0.84 in July 2001. The currency then began to recover against the U.S. dollar. In the wake of U.S. corporate scandals, the two currencies reached parity on July 15, 2002, and by the end of 2002 the euro had reached USD1.04 as it climbed further. There is speculation that this strength relative to the dollar might encourage the use of the euro as an alternative reserve currency. On May 23, 2003, the euro surpassed its initial trading value for the first time as it again hit USD1.18, and in the last days of December 2003 the euro even climbed above USD1.26, the highest exchange rate since its introduction. Part of the euro's strength is thought to be due to more attractive interest rates in Europe than in the United States. The expensive Euro has been seen to be hurting European export. 第 6 页 共 7 页