Wim Duisenberg, banker to a new Europe
Article Abstract:
The European Central Bank (ECB) has to persuade financial markets that it can resist political presures, and the bank's head, Wim Duisenberg, is able to take a tough stance. The bank also has a legal guarantee backing its independence. The European Union (EU) has seen elections since 1991 which have led to a move to the center-left among political leaders. Disputes are likely to arise and there is likely to be political pressure on the bank, and tensions between national economic programs and a European monetary policy.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1998
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Two kinds of openness
Article Abstract:
Some commentators argue that Asian economies have suffered a crisis due to being too open to international flows of capital. This analysis ignores the importance of openness to competition, and many Asian markets have not been open in this sense. Banks accumulated large amounts of bad debt, in part because they did not have to face competition. Asian finance is starting to become more open as a result of the crisis, and foreign banks will help by investing in the region.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1998
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