Reply #81: I never ceases to amaze the capacity of some people to not use common sense...

[liberation]

So what if the Wallstreet Journal says something so incoherent? It would be akin to claim that something that is wrong (like the earth being made in 6 days) is true just because it is written in the bible.

Petroleum is priced in dollars right now, but that is an artificial indicator. Oil production could still be priced in dollars as an index, and most transactions could be done in Euros (seller and buyer can simply use Euros for the transaction, an the dollar can simply be used as a virtual indicator as a side-translation.

Also the WSJ piece fails to mention, that most markets can switch to the Euro if there are enough sellers using the currency, as the index is whatever the buyer/seller agree to be. There is nothing stopping London, for example, to set up a Dollar/Euro trading index (in fact that is what they have kept on doing for other markets using their very own Sterling Pound).