"The rise of the euro internationally is another sign that the U.S. dollar is not what it used to be. There is increasing pressure on nations to buy and sell oil in euros, and anecdotal evidence suggests that drug dealers and money launderers now prefer euros to dollars. Historically, the underground cash economy has always sought the most stable and valuable paper currency to conduct business." ("The World's Reserve Currency", January 1, 2007)Interesting to note is how the design of the European System of Central Banks and the independent European Central Bank that oversees it represented a complete victory for the Bundesbank, even to the extent of locating it in Frankfurt, where the future Oz-like headquarters building symbolizes a towering, powerful force.
Additional book reviews are available from Cayman Financial Review and The New York Times, "Division, Unity, and the Euro".