And Stern said reliability and a local clientele is part of the reason Patek Philippe has not fallen victim to the problems plaguing the single currency euro area.
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In the euro area, the introduction of the single currency and the creation of an integrated financial market will change both the definition of the money supply and its relationship to inflation.
In order to preserve the euro, the single currency and thus also the single interest rate area that goes along with a single currency.
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The Bank of England has been able to cut interest rates below those in the euro area for the first time since the single currency started in 1999.
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Construction across the euro zone continued to decline in July, indicating the single currency area will likely struggle to post economic growth in the third quarter of this year.
The arrival of Europe's single currency will also increase price competition in the euro area.
In the meantime, the Swedes might have more influence on the euro area's monetary and fiscal arrangements outside the single currency than inside it.
Since the single currency's launch five more countries have joined the euro area.
The strong euro undermines the competitiveness of European exporters, and also drags down inflation in the single currency area due to the cheapening of imports.
Indeed, the most important potential benefit of this bigger break-up is that it could bring the euro crisis to a decisive end by restoring confidence in a smaller but sturdier single-currency area.
The prime minister said all Europe's economies, whether in the euro or not, needed a swift resolution of the current instability, and the single currency area as a whole needed to act to demonstrate it could "live within its means".
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