EU leadership is at an all time low

Published on in Currency Exchange News by

The Euro has weakened to its lowest level against the US dollar since August 2010. Speculation over today’s meeting of European Union leaders has caused the currency to tumble. Many observers and investors are predicting that the meeting will be a repeat of the 17 previous meetings and result in no plans to halt the crisis being put in place.

Former Greek Prime Minister Lucas Papademos has said that he believes the embattled nation could leave the Euro if plans are not put into place to curb the crisis. Confidence in the EU leadership is at an all time low. The new French President Francois Hollande is set to confront the Germans and suggest the issuing of common Euro bonds. The tying together of the euro areas debt has been fiercely opposed by Germany but is backed by the Italian Prime minister Mario Monti and the president of the European commission Jose Manuel Barroso.

The German deputy finance minister Steffen Kampeter said; “Euro bonds are the wrong prescription at the wrong time with the wrong side-effects,”

Elsewhere the British pound has weakened against the dollar after the Bank of England released the minutes of its May 9-10th meeting. They showed that the Bank of England Monetary policy committee voted 8-1 to keep the target of its bond purchasing programme and to not introduce any more Quantitative easing measures.

The Indian Rupee remains at record lows and is leading the trend of decreasing values for many other Asian currencies against the Dollar.

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