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Showing posts from July 8, 2010

EUROPEAN CENTRAL BANK DISCUSSES INTEREST RATES, PRICE STABILIZATION, GDP GROWTH AT 8 JULY 2010 PRESS CONFERENCE

FRANKFURT AM MAIN, GERMANY – In a press conference convened on 8 July 2010 by JEAN-CLAUDE TRICHET,President of the European Central Bank and VITOR CONST├éNCIO, Vice President of the European Central Bank, it was announced that the organization’s Governing Council determined that there would be no change in its interest rates. The announcement comes on the heels of economic and monetary analyses conducted by the Governing Council. During the press conference, a prediction was rendered concerning the expectation of price stability which is perceived as being supportive of euro area households’ purchasing power. Monetary policy was pointed to as the key factor in maintaining price stability in the “euro area”.  It was also noted that the possibility exists that the “global economy and foreign trade may recover more strongly than projected” which would support euro area exports. At the same time, concerns about the “renewed tensions in financial” markets and the resulting “possible further…

"RECOVERY AND NEW BEGINNING" THEME OF G20 TORONTO SUMMIT

The meeting of the Group of 20 (“G20”) was convened in Toronto, Ontario, Canada at the Metro Toronto Convention Centre during 26-27 June 2010 under the theme “Recovery And New Beginning”. World leaders from member nations of the G20Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union – along with leaders from three invited nations – Ethiopia, Malawi, and Vietnam, and key officials and representatives of the World Bank, International Monetary Fund, Financial Stability Board, Organization for Economic Co-operation and Development, and International Labour Organization evaluated the progress of financial reforms, developed sustainable stimulus measures, debated a global bank tax, and promoted open markets.