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.
When James Tobin joined President John F. Kennedy’s administration in 1961, the U.S. economy was struggling to recover from its third recession in seven years. As a member of Kennedy’s Council of Economic Advisers, the Yale University professor put his theoretical research on asset markets to work in fashioning a novel strategy -- nicknamed Operation Twist -- to reduce long-term interest rates.
Japan’s central bank pledged to ensure financial stability after the nation’s strongest earthquake on record forced Toyota Motor Corp . to shut some plants, shut down oil refineries and sparked a plunge in stocks.
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.
New York Knicks’ radio analyst John Andariese is resigning to spend more time with his family and focus on his advertising business, ending a career with the National Basketball Association team that began in 1972.
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.
Howard Davies said he resigned as director of the London School of Economics and Political Science , where U.S. President John F. Kennedy and billionaire George Soros once studied, to protect the university’s reputation.
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.