If it were possible to bolster the euro with words alone, the currency would be a good deal stronger at the end of this week. A third dose of intervention and a series of encouraging words from European economic and finance ministers for the European Central Bank signally failed to jerk the euro out of its lethargy.

Still, at least it did not fall substantially and the talk now is of putting a floor under the currency at the current 86 US cents level. Whether that is possible is a moot point. Certainly the euro was relatively stable during the week but many believe this had more to do with the US presidential election than with anything European interests may or may not say.

Indeed, it appears it was a fear that a Bush presidency would strengthen the dollar, weakening the euro, that lay behind the decision to intervene unilaterally twice in the past 10 days to support the euro. It all seems a long way from the heady days almost two years ago when, upon its introduction, it was being hailed as one of the three global benchmark currencies. Benched, more likely . . .

Dominic Coyle can be contacted at dcoyle@irish-times.ie