Archive for June 27th, 2012

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