The euro is dead. Long live the euro ![The Wall Street Journal Market Watch]
Where does the euro stand today compared to the beginning of this year? No cheating, either. This is a closed-book exam. As you think about your answer, remember that this has been a year in which the very survival of the European Monetary Union has been regularly and forcefully called into question. How many of you answered that the euro has risen?
Don’t be too hard on yourself if you didn’t. Given the bankruptcy watch that is the daily drumbeat of news out of Europe, you’d be excused for thinking that the euro should have completely collapsed. But it hasn’t. At the end of 2010, one euro EURUSD -0.70% was worth $1.3391. It currently stands at $1.3631. That means that the euro has performed better this year than the S&P 500 index SPX +0.48% 
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