FinFacts:Eurozone Finance Ministers call for revaluation of China's yaun; Radical proposals to improve Transparency in Financial Markets discussed
Eurozone Finance Ministers call for revaluation of China's yaun; also Radical proposals to improve Transparency in Financial Markets discussed
Eurozone Finance Ministers met in Luxembourg on Monday evening and called for "adjustments" on global currency markets, saying the weakness of the Chinese yuan/renminbi, US dollar and Japanese yen were principally to blame for the recent surge in the value of the euro.
The Finance Ministers discussed draft radical proposals to improve transparency in financial markets and to change the way credit rating agencies operate in an effort to avoid another credit crunch arising from complicated financial products where risk is difficult to assess. The proposals include a close examination of the role of credit rating agencies, particularly in relation to structured finance instruments, conflicts of interest, transparency of rating methods and delays in reassessing ratings.
Labels: EU, euro, World Economy
