Taking sides in the Dunn-Allert show Nov 14, 2009
And while you're at it, knock off the four decimal points on the cash and share exchange components of your ''offer'', and do something about the exchange rate mechanism in it that makes the $1. 3796 cash piece rise and fall with gyrations in the $A-$US exchange rate, willya. (Sydney Morning Herald -- Business)
Japan wants yen to be the anchor of Asia Nov 1, 2009
Taking its inspiration from the central role played by the German mark in Europe's exchange rate mechanism, Japan is urging other countries in east and south-east Asia to yoke their currencies together as part of a drive for closer integration and even faster growth. The move comes as Japan's ministry of finance signalled a willingness to continue intervening aggressively on the foreign exchange markets to hold down the yen, but is part of a longer term strategy designed to allow Asia to compete... (Yahoo News -- Asian Economy)
Hungary's Economic Pain to Prefigure Fiscal Health After Crisis, BofA Says Oct 27, 2009
I can imagine a scenario in which they enter the exchange rate mechanism even next year, and definitely before Poland. . (Bloomberg -- Europe)
China bank comment rattles greenback Oct 26, 2009
Zhou also wrote in the Financial News that China should improve the yuan's exchange rate mechanism to reduce pressure on the central bank to buy inflows of foreign exchange. China should exclude the Hong Kong dollar from its official reserves because Chinese can easily obtain the currency, and it is pegged to the US dollar, Zhou added. (Sydney Morning Herald -- Business)
Tracker: Recessions compared Oct 24, 2009
After failed government attempts to keep the pound within the European Exchange Rate Mechanism it crashed in value and high interest rates followed, as did a collapse in the housing market and consumer spending. Policies to control inflation saw interest rates rise and public spending tighten. (BBC News -- Business)
Poland's Euro-Adoption Goal `Blown Off Course,' by Economy, Rostowski Says Sep 6, 2009
At the moment we have far more important issues on our plate than entering the pre-euro exchange rate mechanism. Poland previously planned to adopt the euro in 2012 after testing its currency stability by pegging the zloty to the single currency before the end of this year. (Bloomberg -- Europe)
How should China's reduction of U.S. treasury holdings be viewed? Sep 2, 2009
Under the existing exchange rate mechanism, the double surplus in the balance of international payments will re-emerge. The increase in foreign exchange reserves that is driven by the double surplus will put heavy pressure on the handling of China's foreign exchange reserves. (Xinhuanet, China)
Latvian Economy May Have Shrunk 22%, Most Since Independence, Survey Shows Aug 7, 2009
Latvia pegs its lats to the euro as part of the exchange rate mechanism. The output slump is threatening to roll back economic gains made during the boom Latvia enjoyed after joining the EU in 2004, Hansen said. (Bloomberg -- Europe)
Japan wants yen to be the anchor of Asia Jul 6, 2009
Taking its inspiration from the central role played by the German mark in Europe's exchange rate mechanism, Japan is urging other countries in east and south-east Asia to yoke their currencies together as part of a drive for closer integration and even faster growth. The move comes as Japan's ministry of finance signalled a willingness to continue intervening aggressively on the foreign exchange markets to hold down the yen, but is part of a longer term strategy designed to allow Asia to compete... (Yahoo News -- Asian Economy)
Lithuania Prime Minister Says Baltic State Set to Join Euro in Three Years Jun 18, 2009
The Baltic state, like Latvia and Estonia, is a member of the pre-euro exchange rate mechanism obliging it to peg its currency, the litas, to the euro. Lithuania has operated a currency board since 1994. (Bloomberg -- Europe)
Latvia Drive to Adopt Euro Worsens Slump as IMF Shores Up Eastern Europe May 15, 2009
As part of the process, the country entered the Exchange Rate Mechanism, the waiting room for euro adoption, and unilaterally fixed its currency to the common currency. Estonia and Lithuania joined the mechanism at the same time. (Bloomberg -- Europe)
* Asia-Pacific should form exchange rate mechanism: Perng May 6, 2009
Asia-Pacific should form exchange rate mechanism: Perng ... Central bank Governor Perng Fai-nan (^an), who is attending the annual meeting of the Asian Development Bank (ADB) in Bali, Indonesia, yesterday urged Asian countries to set up a regional exchange rate mechanism to maintain the stability of Asian currencies. (Taipei Times, Taiwan -- Sports)
Ex-bank governor George dies Apr 19, 2009
As deputy governor George had to deal with Black Wednesday when the pound was forced out of the European exchange rate mechanism (ERM). He had opposed the Conservative government's decision to join the ERM.. (BBC News -- UK)
Eddie George, First Governor of Independent Bank of England, Dead at 70 Apr 19, 2009
At the time, the U.K. was trying to restore its reputation with financial markets after the pounds ejection from the European Exchange Rate Mechanism the previous year. Independence. (Bloomberg -- UK)
Soros: G20 'make or break' Mar 29, 2009
Page last updated at 20:45 GMT, Saturday, 28 March 2009. G20 'make or break', Soros says. (BBC News -- Business)
Amidst Abuakwa Trials and Tribulations, Kwaa-Atta is Whirling at Crossroads Mar 22, 2009
Political Arbitrageur Opportunity Exists in Ghana: The word arbitrage is a middleman trade opportunity that exists in business transactions, especially in currency exchange rate mechanism. It is used here because of the existence of a huge loophole in our political structure. (Ghana Web, Ghana)
INSIDE EUROPE: Peg or float? No easy answers for Eastern Europe Mar 10, 2009
Nonmembers of the euro zone are unlikely to find alife raft by joining the single currency, since EU leaders have reaffirmed strict membership rules, which include a minimum of two years of stability in the exchange rate mechanism known as ERM2. Given the extreme turbulence of global markets, setting the right pivotal exchange rate with the euro and defending it in a narrow range against speculative attacks seems a tall order. (International Herald Tribune -- Business)
S&P: Joining euro would give Baltics credit boost Mar 5, 2009
The current rules mean that all applicant countries must get their economies into shape, most notably the public finances, and steer their economies through the so-called Exchange Rate Mechanism II, a fixed exchange rate system, for two years prior to euro entry. For the moment, Gill said the pegs against the euro will likely hold, especially given the political commitment to maintain the currency rates, but that could all change were the economies to contract for two or more years. (International Herald Tribune -- Health)
Slovaks discover cross-border shopping as Polish currency dives Mar 3, 2009
As markets become ever more skittish of East European investments, the Polish government said last month it had started unofficial contacts with EU institutions on entering the pre-euro Exchange Rate Mechanism. The Czech Republic and Hungary have also speeded up plans to join the currency bloc, although few economists expect any of the three to join before 2013 at the earliest. (International Herald Tribune)
Poland argues euro best defense against crisis Feb 19, 2009
Before adopting the euro, prospective members are required to spend at least two years in an exchange rate mechanism that demands criteria including low and controlled inflation, healthy public finances and a budget deficit below 3 percent. Meeting the 2012 target would require Poland to start that process this year. (International Herald Tribune -- Health)
Why G-7 made a U-turn in attitude toward China Feb 18, 2009
As expected, if the U.S. takes the lead, the other leading industrialized nations will probably follow suit, making a U-turn in their attitudes toward China at the Rome summit, by praising in concert both China's prompt economic stimulus measures and the consistent efforts China has so far made in transforming its foreign currency exchange rate mechanism into a more flexible one. Admittedly, it is far too optimistic to expect all the hardcore prejudices against China and the Chinese people,... (People's Daily Online, China)
Gilts Post Biggest Weekly Gain in Two Months as BOE Cites `Deep Recession' Feb 15, 2009
Investors piled into shorter-dated notes, pushing the difference in yield between two- and 10-year bonds this week to a higher than during the time of Black Wednesday in September 1992, when the U.K. was ejected from Europes Exchange Rate Mechanism. Sterling posted a weekly decline against the euro and dollar after King said Feb. 11 the recession may force the bank to create money and pump it into the economy. (Bloomberg -- UK)
