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| Subject: eurosystem The Eurosystem is the monetary authority of the Eurozone, the collective of European Union member states that have adopted the euro as their sole official currency. The Eurosystem consists of the European Central Bank (it decides the monetary policy) and the central banks of the member states that belong to the Eurozone (their function is to apply the monetary policy decided by the ECB). The primary objective of the Eurosystem is price stability. Secondary objectives are financial stability and financial integration. The mission statement of the Eurosystem says that the ECB and the national central banks jointly contribute to achieving the objectives. With a number of the member states outside the Eurozone, the European System of Central Banks is the system of central banks consisting of the ECB and the central banks of all member states, inside and outside the Eurozone. The ESCB’s objective is price stability throughout the European Union. Secondarily, the ESCB’s goal is to improve monetary and financial cooperation between the Eurosystem and the member states outside the Eurozone. [wikipedia] Phony financial reform By John Schroy, on July 17th, 2010 |  Leave a comment  Unfortunately, instead of a ‘game-changing’ confidence-inspiring reform, the Obama administration presented the United States with the Dodd-Frank Act — a legislative miscarriage that has the potential to hold back recovery and impair the position of New York as a world financial center for decades — unless repealed or drastically amended. July 17th, 2010 | Print Article |  Email Article |  Topics: Barack Obama, Barney Frank, Chris Dodd, complexity, Corporate Governance, Derivative Strategy, dividends, Economic Recovery, efficient market hypothesis, eurosystem, executive stock options, Great Depression, Jeff Skilling, Nobel prize in economics, Pecora Commission, pension plans, rating agencies, risk, Stock Buybacks, sub-prime mortgages, US Congress | Category: Financial Market Regulator, featured | Leave a comment |  Short urlEuros versus the dollar By John Schroy, on July 2nd, 2010 | One comment  The multiplicity of independent central banks is the Achilles heel of the eurosystem. A bank, controlled by the government, in a fiat money environment, that acts as the paying agent for that government, has — in effect — the capability to print money (although not necessarily banknotes). Imagine, tomorrow the headlines in the Wall Street Journal read “$100 billion is inflationary euros issued without the knowledge of the European Central Bank”. What would be the effect of the news on the value of the euro as a reserve currency? July 2nd, 2010 | Print Article | Email Article | Topics: Barings Bank, Economic Recovery, Europe, European Central Bank, eurosystem, Federal Reserve Bank, Nick Leeson, PIIGS, reserve currency, US Treasury | Category: World Economy, featured | One comment | Short urlFeatured articles on inside pages
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