BUSINESS
01/29/2009 05:12 am ET Updated May 25, 2011

Europeans See Euro As Overtaking Dollar: FT Poll

The euro could overtake the dollar in global importance in the next five years, a large majority of continental Europeans believe, according to a poll days before Europe's monetary union reaches its 10th birthday.

The striking display of faith in the euro, revealed in an FT/Harris poll published on Monday, follows recent rises in the currency's value that have brought it close to parity with the pound.

On a trade-weighted basis the euro hit a record high this month, raising fears about the impact on struggling exporters, although it has weakened since.

The survey showed that Europeans would welcome a further expansion of the eurozone beyond its 15 members, but highlighted fears among consumers that the euro has fuelled inflation - which they believe the European Central Bank has failed to control effectively.

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