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I think the rate is more favourable for those dealing in bigger volumes, but the basic point is that you don't get the spot price when exchanging currency.
An option if you get enough US dollars incoming would be to put them on a dollar account, and only exchange it at a moment of more favorable exchange rates, or alternatively use to hedge against exchange rate fluctuations.
Were you saying that when the US dollar was worth more than the Euro?
I wasn't in the business back then. Note that I'm not advocating a one-to-one conversion. I'm simply advocating the idea of displaying your earned total in euros and fixing your earnings per day, on the basis of that specific day's exchange rate. Since advertisers are paying in euros, it would be fair deal for the poublishers to have some kind of hedge against the wild economy.
I imagine it would be complicated to have an auction system with different currencies, and that it is just simpler to convert everything to US dollars before it gets in the system.The action system can be left untouched. All G will have to do is store a publisher's income in USD. Google charges advertisers in euros, so they're basically either creaming off the top (if the USD is tanking in the meantime) or taking the hit (when the USD is gaining relative to the euro, as is now). Given adwords policy, it would be fair to place this burden on the publisher.