It was 95 degrees Fahrenheit outside the Los Cabos conference center as President Barack Obama and fellow Group of 20 leaders pressed Chancellor Angela Merkel to take the heat out of the crisis-wracked euro area.
When Deanes Restaurant in Belfast won a Michelin Star in 1997, it signaled a new era for a city better known for bombs than bon viveurs. With rising unemployment and bankruptcies, lunch now costs as little as 6.50 pounds ($10.20) as it tries to lure customers.
Since the 2008 financial crisis, governments have experimented with just about every possible combination of fiscal and monetary policy. Some have pursued expansionary programs by borrowing heavily, cutting taxes and increasing spending. Others have gone the sackcloth-and-ashes route -- or were forced to -- by slashing spending and raising taxes. And some, the U.S. and the euro area included, have lurched from one strategy to another.
Household wealth in the U.S. jumped to a record in the first quarter, exceeding its pre-recession peak for the first time, bolstered by gains in the stock and housing markets that are helping Americans mend finances.
European Union curbs on short selling and naked credit-default swaps made financial markets more stable without increasing government borrowing costs, according to a report by the bloc’s top securities regulator.
Britain’s Labour opposition sought to boost its standing on the economy by pledging to end benefits for wealthy pensioners as part of a “tough” program to reduce the budget deficit if it wins the 2015 general election.