ECB Pushes for Looser Basel Liquidity Rule
The ECB is advocating a looser standard on eligibility of assets that can be used to satisfy a draft liquidity rule from the Basel banking committee, over concerns that the current definition is too restrictive on credit in the midst of the financial crisis.
French Factory Output Keeps Business Confidence Low
Factory output in France fell for the third month in a row in February, and the gloom that descended on factory executives in that month was unchanged for March, according to the Bank of France.
France Will Tax Financial Transactions Starting in August: Sarkozy
France will unilaterally begin to tax all financial transactions at 0.1%, beginning in August, according to President Nicolas Sarkozy. Saying that he wants to 'set an example,' Sarkozy is determined to make good on a pledge he made to impose the tax when France was president of both the G8...
France Derides Ratings Agencies, Britain
Bank of France Governor Christian Noyer struck out at ratings agencies, calling them 'incomprehensible and irrational,' and also slammed Britain as more deeply mired in financial woes than France.
IMF, Japan Deny Italy Talks on Aid
With yields on Italian bonds skyrocketing, a report in the Monday daily La Stampa that the International Monetary Fund would provide a loan package to Italy of up to 600 billion euros ($798 billion) at an interest rate of between 4-5% was denied by the IMF.
If the U.S. No Longer Leads, Who Will?
These days, American economic leadership is being repeatedly thrust into question. Surely, the likes of China and Russia have long been complaining about a "uni-polar" world...