Twelve European nations woke up on the first day of January 2002 to deal with a unified currency, the euro, reflecting the symbols of the twelve nations. The European monetary experts worked hard to design the unified currency, ensuring shape, dimensions and ease of handling. The dream came true for millions of Europeans who trusted their leaders’ promises. The Europeans are proud that the unity was achieved without a shot or a conflict, unlike the Arab Common Market that was proposed in 1954 but has made no progress at all. The Europeans in general don’t really know or care that the United States gives little recognition to this achievement and continues to doubt the new currency’s future. The United States does not believe that the euro will be a competitor for the dollar even when, in the near future, other European countries join the union. Many experts predict that the dollar’s international dominance will shrink — as did the pound sterling after the collapse of Great Britain. The dollar will fight fiercely against the euro to retain status, hoping to enlist the support of the Japanese Yen.
Anglo-Saxon writers who doubt the future position of the euro, are pro-dollar or cannot imagine Europe moving from under the American umbrella. America claims that many multinational companies based in Europe are actually American companies but the fact that these companies have an American registration or American shareholders does not make them American. When these multinationals are managed by executives with a dollar mind-set there will be a transfer of the profits to Uncle Sam.
After fifty years of struggle, Europe came up with an economic unity that consists of 12 nations and it is possible that it will grow to encompass 30 nations. In fact, modern Europe will become a strong continent regardless of differences in religion, beliefs, customs and languages. The Europeans have a long history, unlike immigrants who had to unite and pass their own laws to compensate for a lack of common history.
Europe allowed the US to become the dominant partner due to the financial and economic aid and military cooperation after World War II. However, France was the first to support the euro, followed by a united Germany. Then other European countries followed course to achieve the European unity. European unity is an example for underdeveloped countries and our region in particular to follow. We should learn patience and dedication from the Europeans and believe in strategic planning in order to achieve our dream of an Arab Common Market. The Europeans started with customs tariffs and have now achieved a unified currency and tomorrow perhaps fiscal unity.
So, if the US claims that the euro has no future because it lacks a common financial policy-making body, like their Treasury and Federal Reserve, it forgets that the European Central Bank is strongly supported by member states.
The euro will thus gain confidence regardless of the fears and doubts of dollar supporters.
