European Union Economic and Monetary Affairs Commissioner Olli Rehn has emerged as the frontman for crisis-management policies driven out of Berlin that are spreading economic pain as debt turmoil reignites.
Spain’s 41 billion-euro ($54 billion) rescue of lenders, prompted by record losses at Bankia, won’t spell the end of troubles for the nation’s financial industry as the economy remains mired in recession.
Following is the text of a speech to be delivered today by Bank of Canada Governor Mark Carney to the International Center for Monetary and Banking Studies in Geneva, Switzerland. The text was released in Ottawa. The footnotes and charts from the original version have been removed from this text.
Charles Wyplosz , the director of the International Centre for Monetary and Banking Studies in Geneva, said political interference has undermined European bank stress tests and he doesn’t have faith in the results.
Private investors in Greek bonds will need to take losses ranging from 40 percent to 60 percent, according to Charles Wyplosz, director of the Geneva-based International Center for Money and Banking Studies.
Lea Paterson, a former economics editor at the Times newspaper, became the Bank of England’s most senior female monetary policy official this week as she took charge of its quarterly report for economic forecasts.