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Euros Accepted at NY Shops


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February 8, 2008

Some New York City businesses are now accepting euros instead of dollars as payment for goods. The euro is the official currency of the European Union and is currently one of the strongest currencies on the world financial markets. A euro is generally worth nearly 2 dollars.

Many of these shop owners say that they don't mind getting euros in exchange for the goods they sell. The shop owners say that they can take the euros to banks and get more dollars. Many also say that they are saving their euros for when they travel to Europe. These shop owners would naturally have to calculate just how many euros their customers should pay for goods, but the owners seem quite happy to make that calculation given the strength of the European currency.

The spillover effect is, of course, that even more European tourists will be encouraged to spend their native currency in cities like New York, in shops whose owners are willing to accept the euro. This is exactly the sort of economic behavior that illustrates supply and demand and cause and effect.


 

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