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The stock exchange of course is available onlineBut how muchEach interpretingsays Serge PlantonThis issue of the pace of the recovery JnAn angry wind blows on the Congress of the CFDTThe adoption of Office is thus facilitatedIt was built from the beginning by de Gaulle himselfTurnover nonnews release gross margin 2The first concerns the status of European mutualBankers have also been questionable ethically27 point per year in the reform of pensionsThe rebound of the euro last weekend to the rumours of direct intervention by central banks on the foreign exchange market stems. Foreign exchange dealers thus evoked purchases of euros of the Swiss National Bank (SNB), the Bank of the Japan (BoJ) or even the Central Bank of China, who are concerned about the effects of the decline of the single currency on the competitiveness of their countries. Last week, the euro had reached a lower history against the Swiss franc and a low of eight and a half years against the yen.
Nothing came however confirm these rumours. The SNB would intervene episodic market exchange for several months to slow the rise of the Swiss franc, which is the currency refuge. The first Japanese Minister said carefully monitor the course of the yen against the dollar and the euro, but it has no intervention on the market in the immediate plans to bring down the Japanese currency. China, which has considerable weight with its 2.500 billion in reserve, remained silent.
"No emergency to intervene".
The euro lost almost 12 since the beginning of the year against the dollar, some scholars have even started believe intervention by the ECB. When questioned on this point Friday, Jean-Claude Trichet was not desired answer: "I don't ever comment on interventions", soberly said the Governor of the ECB at the "Frankfurter Allgemeine Zeitung", while ensuring that "the euro is not in danger." "It is possible for the ECB to intervene if the euro continues to fall as quickly", yet believes Michael Bordo, Economist at Rutgers University.
Others evoke even intervention coordinated with other major central banks: the Federal Reserve (Fed), the Bank of England (BoE) and the Bank of the Japan. The last time that the major global finance acted together on the foreign exchange market, it was in September 2000, a few months after the introduction of the euro. The Fed, the ECB, the BoE and the Bank of the Canada had bought together euros to an amount estimated at $ 5 billion. The ECB once again intervened two months later, only this time, when the single currency had fallen to a low of 87 cents.
This type of concrete action can have a shock effect. Foreign exchange dealers it reminded that there is a risk to play always in the same direction. But it is a weapon to handle with caution. The timing and amount of the transaction must be perfectly timed to make it effective, central banks play their credibility in the case. "I've never been a big fan of this type of action, continued Michael Bordo. The experience of the past 30 years on the market of Exchange shows that it does not really work, or only for a short period of time.
The ECB could use another weapon in the short term, less dangerous, that coded statements. "The ECB would not volatile exchange rates", insisted one of its members, the Austrian Ewald Nowotny. But, he added, "the current price of the euro against the dollar is located in the Interior of its historical fluctuation band and does not raise any particular concern". In other words, there is no emergency to intervene.
