With very few trading days left in 2001, investors - if they haven't already - are squaring positions. Many markets are closed three days this week and two the following. Market players will be in a holiday mood and trading will be light. However, with the New Year will come the moment of truth: Will the anticipated recovery in the United States that has driven the markets higher really happen the way investors hope it will. And when? And what shape will it take? Will it be a "V", "U", "L"? Virtually all world economies are banking on the United States to continue its role as the growth engine of the world.

In the eurozone, the big day will have finally arrived on January 1 when all citizens begin to use the euro in every day transactions. Worries abound about counterfeiters, prices being rounded up when converted from the legacy currencies, an insufficient supply of the currency, and the list goes on. While the use of one currency may help boost the economy by increasing competition and consumption, the euro is likely to be plagued by problems that have pursued it since its inception. The currency's proponents thought that the euro would challenge the dollar as the world's dominant currency. But that hasn't happened yet. Goodbye Deutschmark, franc, drachma, lira, guilder...

Introduction   •   Global Stock Market Indexes   •   Recap of Global Markets   •   Currencies   •  Indicator Scoreboard

The Bottom Line   •   Looking Ahead