Larry's Blog
Germany Losing the High Moral Ground
June 27, 2012
The nearly three-year-old euro debt and banking crisis is a regional crisis within a global financial crisis that first broke out two years earlier. The stresses of the Great Recession exposed shortcomings in the European Economic and Monetary Union that must be fixed if the arrangement is to persevere. Until recently, Germany occupied the moral […] More
Central Bank Watch
National Bank of Romania Opts for a Prudent Stance
June 27, 2012
Officials left Romania’s monetary policy rate at 5.25% despite a record low on-year CPI inflation rate of 1.79% in May. Inflation fell by 0.6 percentage points from April and by 1.35 percentage points from the on-year pace last December. The monetary policy rate is now 3.5 percentage points higher than inflation, giving Romania one of […] More
New Overnight Developments Abroad - Daily Update
Steady Dollar
June 27, 2012
The dollar is unchanged from Tuesday’s closing levels against the euro and Swiss franc, up 0.1% relative to the yen, loonie and sterling, and 0.1% lower versus the yuan and Australian and New Zealand dollars. The 10-year German bund is five basis points higher after Egan-Jones downgraded German credit to a rating of A+ from […] More
