Hungarian President Pal Schmitt says his county remains committed to adopting the euro because the current financial crisis in Europe is not caused by the common currency, but by overspending by some European nations. There's an ancient Hungarian saying: 'Do not stretch your blanket beyond what it can bear,' " he said Thursday in an interview with The Washington Times.
We are back in a danger zone," says a top economist at the International Monetary Fund. Though an understatement, it captures the central paradox of this year's annual meeting of the IMF and World Bank. Everyone is alarmed at the swift deterioration of the economic outlook, but there is no leadership -- no consensus on what to do or, even when crude agreement exists, little conviction that practical politics will permit action. There is a hazardous vacuum of ideas and power. Actually, what needs to be done is not obscure. Europe is now the flash point of global concern. Most of its major countries are heavily indebted. The economy has slowed to a crawl; the latest IMF forecast (perhaps optimistic) puts next year's growth at about 1 percent. Banks are threatened by their expos...
WASHINGTON - "We are back in a danger zone," says a top economist at the International Monetary Fund. Though an understatement, it captures the central paradox of this year's annual meeting of the IMF and World Bank. Everyone is alarmed at the swift deterioration of the economic outlook, but there is no leadership - no consensus on what to do or, even when crude agreement exists, little conviction that practical politics will permit action.
NEW YORK, March 29 /PRNewswire/ -- On March 18, 2010, Dow Jones Newswires released exclusive news that Greece may seek financial aid from the International Monetary Fund. Following the news the euro quickly tumbled by 0.40 percent against the U.S. dollar, and assets as varied as the pound, the Australian and Singapore dollars and shares in Japanese exporters all declined with suggestion of a possible jolt to the stability of the entire European Monetary Union and the prospect that the euro zone might not be able to handle its first debt crisis. Nearly an hour later, rival news organization Bloomberg, as well as Greek media, picked up the Dow Jones story. Reuters was two hours behind. The Dow Jones story was discussed in a flurry of analysts' research reports in Asia and Europe.
ATHENS, Greece - Greece's borrowing costs spiked to a record high Thursday, intensifying the country's debt crisis and suggesting a euro-zone and International Monetary Fund rescue plan is providing little support for Athens' struggle to avoid default. The higher interest rates demanded by bond investors are potential poison for the Greek budget; unless they fall, the government will pay a massive premium to borrow and face a vicious cycle where higher borrowing costs fuel default fears.
.... LITERATURE REVIEW . After the euro zone creation in 1999, the role of central banks, the a... by many interesting papers focusing on monetary unions, such as Salvatore (2002) who focused on th...
NEW YORK (Reuters) - Commodity traders waiting for a fresh onset of institutional investment with the dawning of the second quarter may be in for disappointment. Two years of steady allocations into raw material, energy and agricultural markets may stall for the time being, with several weeks of moribund activity extended by deep uncertainties in the Middle East, Japan and euro zone. As if that weren't enough, investors must now squarely confront the ending of the super-easy monetary policy cycle and the tricky act of raising rates without upending an economic recovery that remains fragile at best.
A substantial debate has already sprung up over whether the recent shift in monetary policy in Japan (BOJ) actually matters. The recent aggressive rise seen in long-term yields in the US, Euro-zone, UK, Canada, and Australia etc, in the face of a change in monetary policy conditions in Japan, looks entirely consistent. Although it is too early to say whether the recent move by the BOJ is significant, it is difficult to believe that the sharp reversals seen in a wide range of instruments through the early part of March were not being connected with this -- either directly or indirectly.
The global economic recovery appears to be strengthening, with indicators for several economies continuing to improve. The International Monetary Fund (IMF) revised its estimate for 2010 global growth upward to 4.2% (from 3.9% projected in January), based on a stronger than expected recovery in the US. Projections for global growth in 2011 remain at 4.3%. Emerging markets are recovering faster, with GDP growth expected to average 6.3% this year and 6.5% in 2011. The star performers are expected to be China and India with 2010 growth rates of 10% and 88%, respectively. Countries in the euro zone, together with the IMF, beefed up a loan package initially intended for Greece by raising it to a $957 billion commitment available to member countries facing difficulty. A default on its debt wo...
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