3. Leather goods in Portugal and the single currency (beginner). Portugal’s leather footwear industry has suffered from an expensive euro while its rate of inflation since the launch of the euro in 1999 has exceeded the eurozone average by an annual average of 3.5 percent. Over the period 2007–2012, sales revenue for the industry at large has declined by approximately a third. As the newly appointed minister for trade and industry, develop a strategic plan to revive the Portuguese leather footwear industry.