As the euro exchange rate to the US dollar reached new record highs in the summer and
autumn of 2007, concerns about the impact of the appreciation on euro-area exports have been
voiced in the media. Earlier in 2007, then Airbus chairman Gallois famously estimated that a
euro appreciation of 10 cent against the US dollar cost his company one billion euro due to
the fact that a large share of the company's costs are denominated in euro, whereas the bulk of
its revenues is in US dollar.