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FX Poll: Life after execution

FX Poll: Life after execution

FX Poll: Life after execution

Former head of the European Monetary Institute Alexandre Lamfalussy has lent his name as chairman of EuroMTS, the euro benchmark government bond trading system that started trading on April 10, because he strongly believes in what it is trying to achieve: a liquid, efficient and transparent market in euro government bonds. The ultimate prize is the establishment of the euro as a reserve currency to match the dollar. "We've seen an accelerated move to a market-centric system from the bank-centric system that has tended to prevail in Europe," Lamfalussy said in London last month. "I have no doubt that a market-centric system is more efficient, but there's a question whether it is stable." The key to stability, he concludes - for the pricing of corporate as well as public debt - is a liquid and transparent government debt market.

Gordon Brown, UK chancellor of the exchequer, speaks to Nick Kochan about the birth of the euro, tax competition in Europe and rethinking the world's financial architecture.

FX Poll: Life after execution

FX Poll: Life after execution

Could El Salvador, a country of 6 million people, be about to steal a march on its larger Latin American neighbours?

When Wim Duisenberg announced a 50 basis point cut in the European Central Bank refinancing rate from 3% to 2.5% on April 8, he made every effort to pre-empt speculation about more such cuts for the foreseeable future. Throughout its first three months of operation, the ECB has had to endure endless pressure from European politicians and private-sector economists to cut interest rates. Having frustrated this critical audience by keeping rates stable in the face of sharply declining business confidence in the three largest economies in euroland Germany, Italy and France Duisenberg now surprised the markets with one swift, deep cut. And his message was: "This is it." Don't expect any more cuts in the near to medium term.

FX Poll: Life after execution