even more important, itorced many fiscally prli couries of the euroly as an electronic currency in january9 and the circulation of coins and bills three years later, the currency markets gave the euro a big thumbs down as you can see in the graph. the value of the euro against the dollar fell by almost 30%, before rebounding in 2002. the lack of confidence in the euro can be attributed to many factors. however, the biggest concernhn that the one-size-fits-all monetary and fiscal policies imposed by the europea monetary union have hurt growth. specifically, many analysts and government leaders have complained that the new european central bank has kept interest rates too high, in an tempt to establish so, the various treatiesing that set up the ground rules for the single currency have put a fiscal straitjacket on all the member countries. this has created some rather unfortunate outcomes. for example, in 2002, with its economy dead in the water, germany could do nothing to boost growth -- not lower interest rates, not boost spending, not cut taxes. until europe works out some of these kink