On May 12, the European Commission set out its proposals for a more effective coordination of economic policy in the eurozone. The proposals are a response to the events of the past months and address the following three issues.
Nearly all global CDS prices widened during November's volatile period as the Eurozone debt crisis continued, with the region widening 9% overall, indicating the significance of Western Europe to the global economy and the importance of a finding a permanent resolution to the situation.
Oil swung between gains and losses in New York as Iran criticized a European embargo on its crude exports without repeating threats to disrupt shipping in the Persian Gulf. Futures rose as much as 0.6 percent before dropping 0.7 percent. While a statement from Iran’s Foreign Affairs Ministry said yesterday’s European Union decision to ban supplies from the nation will “bear bitter fruits,” it stopped short of warning it would close the Strait of Hormuz. An Energy Department report tomorrow m
Earlier this week a hacking collective called Nightmare hit the Web sites of the Tel Aviv Stock Exchange, banks and El Al, the Israeli national airline. In a message posted on Pastebin, a group calling itself IDF-Team yesterday warned that "because of the lame hackers from Saudi Arabia" it would attack the Saudi Stock Exchange (Tadawul) and the Abu Dhabi Securities Exchange (ADX). According to local press reports, the Tadawul site was duly paralysed while the ADX portal suffered significan
Why is the eurozone in crisis? The short answer is that the introduction of the euro spurred the emergence of enormous macroeconomic imbalances that were unsustainable, and that the eurozone has proved institutionally ill-equipped to tackle. North European policy-makers have been reluctant to accept this interpretation. For them, the crisis is not one of the eurozone itself, but of individual behaviour within it. If the eurozone is in difficulty, it is because of a few ‘bad apples’ in its ranks