"Euro quake” or “euroquake” (euro + earthquake) is a name for dramatic changes in the European financial markets. The word was technically coined by Daniel Burstein’s book, Euroquake: Europe’s explosive economic challenge will change the world (1991). However, Burstein’s “euroquake” didn’t refer to the “euro” currency in the eurozone that emerged eight years later (in 1999).
The term “euroquake” (as related to the “euro” currency) has been cited in print since at least 2010 and began to be frequently used from June 2011.
The euro (sign: €; code: EUR) is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The currency is also used in a further five European countries (Montenegro, Andorra, Monaco, San Marino and Vatican City) and the disputed territory of Kosovo. It is consequently used daily by some 332 million Europeans. Additionally, over 175 million people worldwide use currencies which are pegged to the euro, including more than 150 million people in Africa.
The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. As of July 2011, with nearly €890 billion in circulation, the euro has the highest combined value of banknotes and coins in circulation in the world, having surpassed the U.S. dollar. Based on International Monetary Fund estimates of 2008 GDP and purchasing power parity among the various currencies, the eurozone is the second largest economy in the world.
The name euro was officially adopted on 16 December 1995. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1. Euro coins and banknotes entered circulation on 1 January 2002.
Since late 2009 the euro has been immersed in the European sovereign debt crisis which has led to the state bonds of three eurozone states to be downgraded to “junk” status, and the creation of the European Financial Stability Facility.
OCLC WorldCat record
Euroquake : Europe’s explosive economic challenge will change the world
Author: Daniel Burstein
Publisher: New York : Simon & Schuster, ©1991.
Edition/Format: Book : EnglishView all editions and formats
Summary: Discusses the impact of the collapse of communism and the growth of Eropean markets on world business and economics and provides an analysis of the challenges and opportunities facing American business.
The Front Section
Posted April 28th, 2010
The markets shake as Greek debt hits junk status. Angela Merkel’s government is tottering amid the mounting mess. There’s a temptation for Germany to kick Greece out of the euro, or simply take its ball and go home…
Tuesday, November 30, 2010
As The Euro Goes The Way Of The Dodo, Where Does That Leave The Dollar?
The Swiss franc and especially the British pound will rise—hard—with a euro-quake.
The Telegraph (UK)
The UK is on course for a long, hot summer of financial volatility
As major global issues dominate the markets, we must not forget that there is a stockpile of problems at home
By Liam Halligan
6:02PM BST 18 Jun 2011
Global financial markets are becoming more volatile. There could be worse to come. A “euroquake” could soon be upon us. Before that happens, if it does, enormous attention will be focused on the high-drama of the tensions between Germany, Greece, the European Central Bank and the International Monetary Fund. But even if another “Lehman moment” is avoided – and I certainly hope it will be – developments are still happening that are undermining our feeble recovery and storing up systemic dangers anew.
The Telegraph (UK)
Profligate Britain risks suffering its own Greek tragedy
Mervyn King delivered some harsh truths on Friday. The Bank of England governor warned that stop-gap measures to extend yet more loans to Greece wouldn’t solve the eurozone debt crisis.
By Liam Halligan
9:30PM BST 25 Jun 2011
“Right through this episode, from the very start,” said King, “an awful lot of people wanted to believe it was a crisis of liquidity. It wasn’t and it isn’t. It was a crisis based on solvency, not liquidity. And until we accept that, we will never solve it”.
The European Central Bank, the International Monetary Fund and eurozone governments are in talks to extend yet more money to Greece, in a bid to prevent holders of Greek sovereign bonds enduring losses. The fear is that such a default could spark a “euroquake” – another Lehman moment, this time emanating from Europe.
Week in Review: Tremors of a Major “Euroquake”
Global Macro Monitor | Jul. 11, 2011, 12:01 AM
Not much to say as the employment numbers dumped cold water over the equity rally. The markets, especially Apple, did show some impressive resilience on Friday, but we’re still maintaining equities are at the top end of their range. Investors and traders should, in our opinion, start preparing for a major earthquake in Europe. The politicos have let the European Debt Crisis get away from them as it now creeping into the core countries, such as Italy.
National Review Online—The Corner
The Euroquake (Continued)
August 23, 2011 4:07 P.M. By Andrew Stuttaford
Yes, it’s a shameless quake headline (as predicted by Kathryn!), but the euro’s tremors persist.
SNB euroquake, the analyst reaction – part one
Posted by Izabella Kaminska on Sep 06 11:14.
The SNB has come out all guns blazing on Tuesday in a bid to weaken the Swiss franc.
New York City • Banking/Finance/Insurance • (0) Comments • Wednesday, September 07, 2011 • Permalink