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Out of context: Reply #13
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- mpfree0
One of the stated economic objectives, and perhaps the primary objective, when setting up the euro was to turn it into a reserve currency to challenge the dollar so that Europe too could get something for nothing.
So far only one OPEC country has dared switch to the euro: Iraq, in November 2000. There is little doubt that this was a deliberate attempt by Saddam to strike back at the US, but in economic terms it has also turned out to have been a huge success: at the time of Iraq's conversion the euro was worth around 83 US cents but it is now worth over $1.05. There may however be other consequences to this decision.
One other OPEC country has been talking publicly about possible conversion to the euro since 1999: Iran.