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Archives for Financial meltdown

The financial crisis that began in 2007 has put the spotlight firmly on how corporates, especially those in the financial sector, have addressed issues such as risk, reward, governance and ethics. The difficulty lies in the balance to be struck. Now that the global economy appears to be climbing gradually out of downturn, it is… » read more

Gordon Brown, in a whirlwind trip to Brussels and the Americas, is seeking to ensure that there will be broad consensus at the G20++ summit in London next month on, in particular, stimulus packages and new regulation. There is consensus as to the existence of a global economic and financial crisis, but on little else.… » read more

G20 action-oriented

The much heralded G20 Washington meeting of 15 November has come and gone. Did it live up to its hype? Was it just a talk shop? Will it be remembered next year? Some dust has settled and it is possible to draw preliminary conclusions.The successful holding of a meeting bringing together such an unwieldy group… » read more

The G 20 talks take place in Washington on 15 November. The EU extraordinary summit agreed on 7 November a set of principles that should guide future talks on the reform of the global financial architecture. President Sarkozy stated afterwards that the world will have to get used to it that the EU now speaks… » read more

The Sarkozy factor

We all knew that when trying to second guess the French President, we would be dealing with a “known unknown”. Which Sarkozy would we meet on any issue: the dynamic, highly intelligent and focused one or the egotistical, overbearing impetuous one? So far, so very good. His leadership on the financial meltdown has been excellent;… » read more

Europe’s hour is coming?

President Bush, Nicolas Sarkozy (current EU President) and EU Commission President Manuel Barroso, met at Camp David on 18 October to discuss the continued coordination of steps needed to solve the crisis in today’s global economy. They agreed to reach out to other world leaders with the idea of beginning a series of summits on… » read more

Most of the media reporting of the meeting of the European Council in Bussel was, understandably, on the financial crisis. The following is a summary of all decisions, which is worth browsing, as it gives a flavour of the priorities and extent of current activities:(para numbers do not necessarily correspond to conclusions) Summary 1. Finance… » read more

Published: October 17 2008 Financial Times function floatContent(){var paraNum = “3″ paraNum = paraNum – 1;var tb = document.getElementById(’floating-con’);var nl = document.getElementById(’floating-target’);if(tb.getElementsByTagName(”div”).length> 0){if (nl.getElementsByTagName(”p”).length>= paraNum){nl.insertBefore(tb,nl.getElementsByTagName(”p”)[paraNum]);}else {if (nl.getElementsByTagName(”p”).length == 3){nl.insertBefore(tb,nl.getElementsByTagName(”p”)[2]);}else {nl.insertBefore(tb,nl.getElementsByTagName(”p”)[0]);}}}}From Mr Stanley Crossick. Sir, John Thornhill’s article “Brussels looks like bewildered bystander amid turmoil” (October 15) deeply disappoints me in its […] Original post by… » read more

What a difference a weekend makes! Doom and gloom replaced by broad grins at yesterdays EU summit. One week ago, the financial markets were close to implosion. Enter EU Euro heads of government/state on white horses led by the unlikely figure of the UK prime minister and a brilliantly successful Sunday at l’Eysée. Remarkably, its… » read more

No-one could write the script of the financial meltdown drama that continues to unfold. The story so far: The US $700bn bail-out did not stabilise the stock markets. The UK came up with a far more ambitious rescue plan, and at £500bn one commensurately much larger than the American equivalent, taking into account the relative… » read more

Yesterday’s decision, announced simultaneously by six important central banks (including the ECB, US Fed and Bank of England), to lower their interest rates by 0.5%, was a welcome and indeed historic exercise in international cooperation. Long may the cooperation last! Despite a number of bold steps by national governments to increase liquidity in the banking… » read more

Solidarité

Maybe I’m old-fashioned but I still believe that a key quality of the European Union was ‘solidarité’ (a better word in French than English). With the ‘dog-eat-dog’ behaviour of the financial sector, was it too much to hope that EU leaders would set a good example? The market would have so much more confidence if… » read more

In the wake of the financial meltdown, governments are taking steps to ensure its containment, ultimate recovery and how to prevent a recurrence. Individual countries have lost to globalisation their sovereignty to act alone. They can only recover it collectively by introducing an effective system of multilateral governance, certainly not by economic nationalism As […]… » read more

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