Dollar was ruling the world and was surviving the severe blows of world crisis and had survived the worst wars in human history but there was something which its competitors were planning from decades to launch it with a bang and end the monopoly of Dollar in global market as favorite trading currency and the moment came on January 1 of 1999 when the world was sleeping enjoying its dreams of midnight – the Euro was launched which set the benchmark in a bloc trading and regional single currency market.
From its start Euro has remained on stronger than dollar but this strengthen has eaten the coffers of the prosperous European Union which after completing the struggling decade with Euro highlights is now knocking every door of its members and have approached the non Euro zone members of the EU. This crisis and the frequent exchange fluctuations had resulted in severe loss to the non European economies like Libya, Iran and major trading nations which have lost billions of their hard earned For-ex reserves while the first recession of 21st century brought shock and awe situation to the entire world but something which ended the parallel dominance of Euro to Dollar and now when the aftershocks too have lowered down Euro Zone face a grime future with weakening and struggling economies which though are counted always as advanced and developed but has never remained the world economic drivers thus enjoying the EU reformed policy benefits and relying on its member nations like Germany, France, Italy, Spain.
The chain of strides was broken by Spain when its economy collapsed under the rubble of the hyper blooming concrete structural market and then the other characters of the card palace were torn away in the acute shortage of jobs and stability. The sleeping reality of Euro under the hidden carpets was exposed to the wrath of already recessionary top economies. This has again build the trust of public in Dollar which from last one year which after the launch of its rival Euro zone was on a diminishing side. 2011 has been a great year for Dollar which has taken back its lost crown as the world’s favorite currency. The complex nature of the Euro Zone crisis and its unpromising bleak future will benefits the Dollar to grow more and maintain its economics even though it still is on a weaker side in terms its exchange value to Euro.