The Euro Luge

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Behold the falling euro. As of this writing (April 20) the euro slipped to a lifetime low of $1.0589, helped along by the uncharacteristic nonchalance of European Central Bank governor Wim Duisenberg. On April 19 Duisenberg told European lawmakers at a news conference, "Not having an exchange rate policy and we do not have one - does not mean there is benign or malign neglect For the time being there is neglect." Currency traders responded by sending the euro further into its luge-like descent.

Driving the euro's decline is the relative weakness of the economies of the nations in the European Economic and Monetary Union compared with the United States growth engine.After a brief …