Russia began its drive to liberalize the ruble with an Internet campaign more commonly used on television talent shows such as “The X Factor.” After 280,000 votes were cast, the ruble had a new design: “P,” the Cyrillic letter for “R,” with a bar through it.
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.
Finance Minister Michael Noonan says Ireland won’t need any more aid after becoming the first of the rescued euro members to exit a bailout program next month. The country’s banks might yet test that optimism.
The European Central Bank may have to step up purchases of Spanish government bonds and backstop its banking system if the country runs into financing difficulties, Citigroup Inc. Chief Economist Willem Buiter said.