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In 2 0 0 1 , right after the introduction of the Euro, a German pension fund made its first investment in the U .
In right after the introduction of the Euro, a German pension fund made its first investment in the US It acquired a $ million office building in a primary market. At the time the exchange rate between Euro and US $ was $ie it "cost" $ to buy Euro Today, the office building acquired in has appreciated by The pension fund PF needs to liquidate its investment as it has to meet its pension obligations According to its CPA, the PF will have to realize a loss of approximately $ million on its books which are kept in Euros:
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