LONDON -- How fares Europe's single currency, the euro? Much too well.
The euro's exchange rate against the dollar has been hitting new highs, bringing dismay to exporters from the euro zone and stagnation to economic growth in the region.
It is true that economists often exaggerate the dangers of having too high an exchange rate against competitors, since they overlook the fact that while exports become more expensive imports become much cheaper, and most manufactured exports have some import content.