The euro has taken a beating from the dollar since the end of November, despite a rash of policy decisions aimed at stabilizing the euro zone. On November 30, the world's big central banks unleashed a flood of U.S. dollar liquidity in response to disturbing signs that European banks were having problems with their dollar funding arrangements. Then, on December 8, the European Central Bank cut interest rates for a second time straight, and started unprecedented three-year refinancing operations. In essence, this was yet another liquidity boost. Finally, on December 9, euro-area leaders signed up to greater fiscal ... (full story)