Everybody's Flocking To The Euro

Troubled nations once turned to the dollar. Now there's a rival

Once upon a time, most countries grabbed for the dollar as a crutch when chronic high inflation and monetary instability threatened their embattled economies. These days, though, the euro is becoming the prop of choice in Eastern Europe and Africa. Upwards of 30 countries, from the Cape Verde Islands to Estonia, are wholly or partially euro-izing, rather than dollarizing, their economies.

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