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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (27944)2/5/2004 2:34:11 AM
From: Elsewhere  Read Replies (1) of 793939
 
Europe's increasingly desperate call for currency 'stability

Where did the author hear "desperate calls"? I could quote one dozen articles of German managers, trade association representatives, politicians who said and say there is nothing dramatic about the euro's rise.

The first paragraphs are just meaningless, like the sentence "Governments could intervene in foreign-exchange markets in a concerted fashion to buy or sell currencies to achieve a jointly agreed target value for the dollar." Governments are helpless about exchange rates, hasn't Garten learnt it? Central bank tools are very limited compared to the huge transaction volume in currency markets. I just mention British Central Bank and Soros.

Exchange rates are signaling long-term anxieties about the underlying state of the world economy.

Anxieties... phhh. The world economy is doing well.

Europe is not competitive enough to live for long with a superstrong euro

Germany has achieved a record trade surplus last year, quite some "lack of competitiveness".

In a third scenario, governments will continue to follow their current dangerous paths, forcing the markets to do their work for them.

Yes, the market will do its work but the only danger is that it doesn't require alarmist articles.

Garten, dean of the Yale School of Management

Yale is supposed to be "elite"?
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