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The following guest post is courtesy of Jens Chrzanowski, Member of the Management Board of Admiral Markets Group AS.
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Every week, I get the honour to discuss the biggest, most relevant topic and trading information from my point of view. This week, I’m going to write an appreciation article on the occasion of Helmut Kohl’s death. Many people believe that were it not for Helmut Kohl and other strong European leaders of the time, we wouldn’t have had the Euro, the most traded Forex instrument vs the USD.
Kohl was Chancellor of Germany. In this position, he was also one of the architects of the European integration. In Germany, we had the German Mark, and in the 1980s, there was a saying that Germans only believe in God and the German Mark. To convince German people to leave the Mark behind and take the next big step into the Eurozone was also his credit.
Years since the Euro was established, now that we’ve also experienced the Eurozone crisis, we realise that no currency is perfect. The catchword “Greek” alone describes that pretty well. But if we compare the inflation rate of the past decades – the German Mark and the Euro – the statistic shows that the Euro is more stable, with lower rates than the Mark. If you like, you can do the same with other currencies, e.g., the Italian lira, the franc, or the Spanish peseta.
It is inappropriate to focus on the bad aspects of a dead’s person life. Any politician does the right and wrong things (that is, makes good and wrong decisions), and, of course, anybody is free to have a different political view.
However, as a trader, it is good to sometimes see the bigger picture, to remember the history and the fact why we have a currency pair called EUR/USD.
Rest in peace, Helmut Kohl.
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Forex and CFD trading carries a high level of risk where losses can exceed your deposits. This article should not be seen as advice or solicitation to buy or sell. It’s written for informational purposes only.