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.
CNN: Patek Philippe boss: Quality is more important than growth
Once that currency is the euro, money managers in these countries can invest all over the single-currency region and so will need a euro standard.
In overnight news, European stocks and the Euro currency were weaker on more dour Euro zone economic news.
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In overnight news, European stock markets and the Euro currency were firmer despite news that Euro zone retail sales fell sharply in December, at down 0.8% on the month and down 3.4% on an annual basis.
FORBES: P.M. Kitco Metals Roundup: Gold Ends Modestly Lower in Choppy Intra-Day Trading
It is unquestioningly accepted at home and widely used beyond the euro area's borders. (Several countries, including Montenegro and Kosovo, use the euro as their currency without formally belonging to the euro zone.) The switch from old currency to new went remarkably smoothly, though consumers in many countries complained, perhaps predictably, that they were charged higher prices as merchants rounded up to new price-points in euros.
German newspaper Welt am Sonntag reported on Sunday that the German government is no longer ruling out the possibility for the issuance of euro bonds to save the single-currency of the euro zone.
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In Africa, fourteen countries use a euro currency board, and another three countries use another form of euro peg.
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That boosted the U.S. dollar index and put downside pressure on the Euro currency.
FORBES: Comex Gold Solidly Lower as U.S. Dollar Index Rallies
This has boosted the Euro currency recently, and that has been a bullish factor for gold.
FORBES: Comex Gold At 6-Week High Amid "Risk On" Trading Day Monday
All of this is happening in the name of defending the euro currency bloc.
Another shows what appears to be a large quantity of high-denomination euro currency notes.
If the new currency, the euro, doesn't work, there could be ramifications around the globe.
This has given the Euro currency a lift and pressured the U.S. dollar index.
FORBES: Comex Gold Firmer Amid Greek Debt Deal, Weaker U.S. Dollar, Higher Crude Oil
The Portugal debt downgrade did support the dollar index as it pressured the Euro currency.
FORBES: Comex Gold, Silver Weaker as Key "Outside Markets" in Bearish Posture Wednesday
Abandoning the euro currency would have significant costs, especially for Germany as a heavily export-oriented economy.
The Euro currency and European and U.S. stock markets rallied on the Greek news.
FORBES: Comex Gold Modestly Higher Following Greece Government Passing Austerity Measures
European stocks were slightly lower and the Euro currency was also slightly lower overnight.
FORBES: A.M. Kitco Metals Roundup: Gold Slightly Lower as Market Place a bit Calmer Tuesday
The report boosted European stocks and the Euro currency, while Spanish and Italian bond yields fell.
FORBES: A.M. Kitco Metals Roundup: Gold Trades Near Steady as FOMC Meeting Looms
As a member of the euro currency, Cyprus can raise or lower taxes whenever it wants.
The Euro currency weakened overnight on more disappointing economic data coming out of the European Union.
The Euro currency Monday on some more disappointing economic data coming out of the European Union.
That pressured the Euro currency and gave a lift to the U.S. dollar index Wednesday.
This put the European stock markets under modest pressure, which in turn pressured the Euro currency.
FORBES: Comex Gold Weaker On Profit Taking, Bearish "Outside Markets"
That news helped to sink the Euro currency against the U.S. dollar on Friday.
FORBES: A.M. Kitco Metals Roundup: Gold Sees Upside Bounce on Short Covering, Bargain Hunting
This news pressured the Euro currency and gave the U.S. dollar index a boost.
FORBES: Comex Gold Sharply Lower As It's A "Risk Off" Day In The Market Place
The greenback saw buying support coming from the weakening Euro currency amid the EU debt crisis.
FORBES: Comex Gold Ends Sharply Lower amid Stronger U.S. Dollar Index, Lower Crude Oil
The Euro currency has somewhat stabilized after the common currency hit a 3.5-month low on Tuesday.
FORBES: Comex Gold Hits Another Record High amid European, U.S. Debt Concerns
That news helped to modestly lift the European stock markets and the Euro currency Wednesday.
That put some pressure on the Euro currency and the European and U.S. stock markets.
FORBES: Comex Gold Ends Modestly Lower On Corrective Pullback from Monday's Solid Gains
The Euro currency and European stocks slipped from their daily highs on the fresh economic news.
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