Joaquin Almunia account
on "coordination" between the various actors
"The Commission in General and the European Commissioner for Economic Affairs, Joaquin Almunia, follow events carefully", the spokesperson of the Commission, Johannes Laitenberger assured yesterday. "She is confident in a good co-ordination and a solution between the central banks, regulators and the private sector concerned", he added, recalling that Finance Ministers of the European Union had, last weekend in Nice, indicated "very clearly what was now necessary." They have proposed various initiatives, including harmonisation by 2012 of the data that banks send to the national supervisory authorities.
George w. Bush remains confident
in the long term
In financial turmoil, US President George w. Bush has reiterated yesterday to the press, "confident in the long term in the flexibility and the strength of financial markets and their ability to cope with these adjustments", even if, "in the short term, he acknowledged, the adjustments in the financial markets may be painful" for the employees of the companies concerned and those who are concerned for their investments. "We are working to reduce the disturbance and the impact on the rest of the economy of these events", he said.
Dominique Strauss-Kahn:
"The consequences on the financial sector".
"are complete.
The patron of the international monetary Fund (IMF), Dominique Strauss-Kahn, anticipates "a long process of consolidation of the financial sectors." "What we see today with Lehman Brothers started for months, but the consequences on the financial sector are not completed, we will see other, he said yesterday to the press. Probably the type of banks which exist in the United States, but not in Europe, banks of independent business, will be less numerous and more universal. "On the other hand noted a"turning point"in the policy of the US Government, which uses public money only"in case of a threat to the global economy and systemic risk ".
"I cannot say that nothing happen and that everything is gone, he added, but the roots, the causes of which have now are largely behind us."
Christine Lagarde is reassuring
The Minister of economy and finance, Christine Lagarde, held the soothing words. "It has implemented mechanisms to markets not be severely disordered", she said on Europe 1. The Governors of central banks, the President of the ECB, the authorities of the financial markets and officials of treasures, have come together this weekend, the meeting of eurozone finance ministers in Nice, she recalled.
John McCain calls for "major reforms in Washington and Wall Street"
"The crisis in our financial markets represents a huge cost to our economy and the Americans," he said yesterday the Republican US presidential candidate John McCain, saying "pleased to note that the Federal Reserve and Treasury Department have said they would not use taxpayer money to bail out Lehman Brothers". According to the Senator of Arizona, the bankruptcy of the business bank is "the last reminder regulation and ineffective leadership."
"Must be to ensure that the investments of the Americans who work hard will be protected", pounding, adding: "It is essential to ensure that the United States will remain the pre-eminent financial market in the world." This will be one of the highest priorities of my Government. ""We cannot tolerate a system that handicapped person our markets and our banks and puts at risk the investments of American workers and investors,"continued the release of the candidate, who advocates"of major reforms in Washington and Wall Street"and ensures that if elected, he will review"outdated and inefficient rules"in force and restore our leadership in the financial world."
Barack Obama: "A major threat to our economy."
To the aggravation of the financial crisis, the Democratic candidate in the presidential election, Barack Obama, is frankly alarmist. "These disruptions are a major threat to our economy and its ability to create good-paying jobs, to help working Americans to pay their bills, save for their future and pay their loans for housing", he said yesterday in a press release. Not hesitating to severely mobbed the Bush administration, he added: "eight years of policy who put the protection of consumers in tatters, weakened oversight and regulations, and encouraged high premiums for business leaders while ignoring the middle-class Americans, have led us to the most serious financial crisis since the great depression".
The PS calls Nicolas Sarkozy
"It is the failure of the system of total deregulation", held yesterday Stéphane Le Foll, Chief of staff of François Hollande (PS), inviting "the President of the European Union (Nicolas Sarkozy, Editor's note) to take an initiative for a meeting which would be dedicated" to the definition of new rules in the banking system. "
Patrick Devedjian (UMP): "this is the time" to reopen the debate on rates
The General Secretary of the UMP, Patrick Devedjian, said yesterday that it was "time for reflection" on rates, trading partners, but also on a re-industrialization of Europe. "This is the time to have a debate on interest rates" Europeans, said at the point of the UMP weekly press. The "differential" in the rates between Europe and the United States is "an obstacle to our growth", he added. Patrick Devedjian, the American financial crisis is also "an incentive for Europe to seek economic partners, elsewhere in the world: it is also an industrial response in Europe".
Than its competitors Asian all opposed to the mergerIt has withdrawn all that could be the BankIts title has lost 18 on the stock market FridayHe denounces the crossing the trade policies of its partners which are extremely complexThat should result from the decisions of the GSC and FO 6In the current context the reasons for hope are dampenedAmong the players the caution is howeverOverall promised simplicity is at the appointmentIt is one of the few really close people PiëchIt wants to refocus public spending for the poor
