Shocking news: The euro is a success!
By John Hintze – The Economist’s Big Mac Index shows that the price of the sandwich, when translated into US dollars, varies from $1.54 in India to $7.80 in Norway.
What interests economists is, why?
The researchers generally find large price differences between countries that use different currencies. Prices in Japan, for example, are about 20% higher, on average, than those in the United States for the same products.
For all the euro’s travails, it seems that it has reduced the influence of international borders on prices. more> http://tinyurl.com/lsk59h6
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