It is not the first time that the european have trouble with their currency! In politics and economics, Black Wednesday refers to the events of 16 September 1992 when the British Conservative government was forced to withdraw the pound sterling from the European Exchange Rate Mechanism (ERM) after they were unable to keep sterling above its agreed lower limit. http://en.wikipedia.org/wiki/Black_Wednesday What is (even more) interesting about this experience is how UK industrial production bounced back. At the time, european car manufacturers decided to produce in England due to good exchange rates. This experience clearly shown how quickly a modern economy can grow its manufacturing base when its exchange rate become interesting.