Exchange rate

A number of emerging market economies have been on a rollercoaster since the U.S. Federal Reserve announced last May the eventual tapering of its asset purchase program. This is another reminder of how susceptible these economies remain to economic conditions outside their borders.
EMU leaders are running out of time in their efforts to save the euro. Only decisive action can work -- and there still would be no guarantee of success. In the United States, it took a Civil War to settle that monetary union once and for all.
In the absence of any realistic alternative to replace the supremacy of the dollar, it is likely to remain the dominant global currency for many years to come. No other currency is more widely accepted or used.
The dramatic decline of the U.S. dollar is aiding the American economic recovery but setting off alarm bells overseas, with