Europe's single currency

A decade on from the decision to launch the euro

Ten years after the EU's historic decision to adopt a single currency, the European Commission has presented a detailed analysis of the euro's experience to date and launched a debate on how to address the challenges likely to be faced over the next decade.

In May 1998 European leaders agreed to introduce the euro in 11 countries at the start of 1999. Although euro banknotes and coins did not make their appearance until 2002, economic and monetary union (EMU) started in 1999 with a single exchange rate and monetary policy run by the European Central Bank (ECB). A decade later, the euro zone embraces 15 members with a total population of 320m, greater than that of the US. ...

Read More...

The 9-11 Commission Charade

by Rep. Ron Paul, MD

The 9-11 Commission report, released late last month, has disrupted the normally quiet Washington August. Various congressional committees are holding hearings on the report this week, even though Congress is not in session, in an ...

Read More...

[Source: Ron Paul forum

Providing cover

The Bank of England offers help

AS THE global banking crisis has gone on, central banks have repeatedly had to improvise responses to an ever-worsening financial storm. In America, the Federal Reserve stretched its powers to the limit when it organised the rescue of Bear Stearns. Now the Bank of England has come up with an innovative plan?a ?special liquidity scheme? that may provide at least GBP50 billion ($100 billion) to help troubled British banks.

The need for a new approach has been clear for several weeks. The most obvious sign has been the elevated (Libor) rate at which banks raise funds through the money markets. This is normally quite close to the Bank of England?s base rate, which sets the cost of overnight funds. When the crisis struck last August, however, it soared (see chart). ...

Read More...

[Source: The Economist: News analysis - Posted by FreeAutoBlogger]