The growing failure of European monetary union can’t be measured by superficial yardsticks such as the number of tiny euro-area economies at risk of meltdown or of monthly turbulence in currency markets. The main development has been the dashing of hopes for monetary stability.
As financial turmoil in Europe threatened to overwhelm the region’s banks last November, Bank of England Governor Mervyn King arranged conference calls with the world’s top central bankers to decide what steps to take.
Less than three years after CIT Group Inc. completed its bankruptcy reorganization, Chief Executive Officer John Thain is persuading investors that its debt is as creditworthy as an investment-grade firm.
Japanese companies may rethink their century-long trend of concentrating resources in Tokyo after the nation’s record earthquake crimped power supply to the capital and radiation concern spurred some residents to flee.