ECB: German Plea Falls On Deaf Ears

When this is all over, and we come to look back at the when and the where, maybe we will remember today’s decision as just one more of those missed opportunities. Certainly not much notice seems to have been taken of Gerard Schroeders request for a helping hand on the interest rate front. Is there any significance in the fact that on the day the ECB decided to stand firm, German unemployment turned upward again to 10.3%, while it was also revealed that German factory orders fell unexpectedly by 2% in January: just for good measure I suppose.
Continue reading

The Minister for Weblogs

So the Dutch Finance Minister – Gerrit Zalm – has a weblog. Not understanding too much Dutch it’s hard to make a very thorough assesment, although it does look rather austere. However, unlike Howard Dean and Wes Clark, it does appear that he is posting himself. But it is not for the fact that he has a weblog that Finance Minister Zalm is making headlines at the moment. Rather it is for some of his statements on the French government and the stability pact. According to Frans he announced last week “that he gave up trying to get the European Commission to act against France’s repeated breaching of the rules”. Now Frans understandably is scratching his head trying to determine what this might mean.
Continue reading