es schwimmen einige Haare in der Euro-Suppe...

verfasst von Erwin, 24.09.2000, 20:29

und einerseits sind da viele in- und
ausländische Gäste, die mit Feuereifer
und Lupe in der Hand nach weiteren suchen,
jedesmal laut jauchzend, wenn sie glauben,
wieder eines gefunden zu haben.

Daneben die elf Köche: alle jobben sie neben-
beruflich in diesem Lokal, würzen und rühren
tut jeder nach eigenem Gusto und dem bedauerns-
werten Kellner Wim, dem Jungen mit dem lockigen
Haar, bleibt das zweifelhafte Vergnügen die meist
lauwarmen Speisen zu servieren.

Und das Publikum grölt immer lauter, weil die Suppe
jedes Mal salziger schmeckt...



Euro-11, ECB Both Claim Leadership on Intervention (Update1)
By Farah Nayeri


Prague, Sept. 24 (Bloomberg) -- Europe's politicians and the euro region's top central banker are each saying they were responsible for Friday's decision to prop up the euro.

Italian Treasury Minister Vincenzo Visco said the action ``put in practice a decision'' made by euro-11 finance ministers at a Sept. 8 meeting in Versailles, France. European Central Bank President Wim Duisenberg said ``certainly not''. The talks, which he didn't attend, had ``no impact'' on the concerted purchase of euros by the world's leading central banks, he said.

The disagreement over who rescued the euro -- an action which lifted the currency more than 3 U.S. cents to a Friday close of 87.65 -- means that analysts aren't sure who is in charge.

``There is definitely room for further pressure on the euro,'' said Gerd Neitzel, who helps manage a 14 billion euro portfolio for Siemens AG, three-quarters of it in euros. ``There seem to be plenty of disagreements between the central bank and the politicians.''

In Friday's action, the ECB the U.S., Japan, the U.K., and Canada -- used billions of dollars in foreign-exchange reserves to bolster the euro in the first joint action to support the euro.

The currency has tumbled steadily since its January 1999 launch because the 11-nation economy it represents, while growing at its fastest clip in a decade, is expanding less than the U.S. What is more, European companies have been investing billions of dollars in U.S. corporations, hoping to profit from U.S. earnings growth and technology.

According to fresh International Monetary Fund estimates, the U.S. will grow 5.2 percent this year, compared with the euro region's 3.5 percent.

Euro's Slide

Even after the central bank purchases, the euro is still 25 percent lower than its January 1999 starting point against the dollar of about $1.17.

The U.S.-bound capital outflows are pummeling the currency, with European governments and the central bank powerless to curb the decline.

Five interest-rate increases by the ECB this year -- leaving the floor refinancing rate at 4.50 percent -- have had little effect. Euro-zone governments' numerous attempts to talk up the currency, through combined or separate statements that sometimes conflict, have been equally ineffective.

At their afternoon meeting in Versailles two weeks ago, the ministers, together with the ECB vice president, Christian Noyer, issued yet another statement.

``A strong euro is in the interest of the euro area,'' it said, adding the currency's drop was a matter of ``common concern'' and vowing to monitor it ``closely.''

With Duisenberg's right-hand man Noyer sitting nearby, French Finance Minister and current euro-11 president Laurent Fabius told a press briefing that intervention ``is an instrument that is available at any time.'' Duisenberg was absent from the meeting, making a speech in Canada.

Coordination

The euro, however, shrugged off the statement and the threat of intervention, shedding 1 percent on the next trading day, and continuing its slump through the following week.

``I think they just had a discussion and said things are really bad and we have to change them,'' said Siemens's Neitzel, ``but I doubt they came up with any sensible decision. Europe gives the impression of being a continent of coordinated uncoordination.''

The week afterward, the ECB made a unilateral attempt at shoring up the currency by announcing it would use 2.5 billion euros in interest on its foreign-exchange reserves to buy euros.

When that move backfired as well, the bank persuaded the U.S., Japan, the U.K., Canada and their respective central banks to offer help.

Analysts and investors say more intervention is in the cards, though Duisenberg said there was ``no strategy to continue and continue'' and U.K. Prime Minister Tony Blair added that further moves tomorrow were ``not anticipated.''

How early and how far Europe's own governments were involved in the intervention is a matter of dispute.

Japan

Japanese Finance Minister Kiichi Miyazawa Friday told reporters he found out about the intervention ``this morning, just before I got on the airplane'' to attend a meeting of Group of Seven finance officials here.

``I was told that the ECB and U.S. were discussing the purchase of euros in the market, and that a joint intervention would be possible if Japan agreed to join,'' he said. ``I replied that was fine.''

Corroborating that account was Canadian Finance Minister Paul Martin, who said on Friday the ``request'' to intervene on the euro's behalf ``came in last night. Once the decision is made you have to act quickly.''

Yet French officials maintain that ministers in Versailles gave the ECB an initial mandate to intervene if the euro were to drop further. With Duisenberg sitting next to him, Fabius told reporters yesterday that the ministers and the central bank each had a ``role'' in determining currency affairs.

Legally speaking, the French official is right.

Under the Maastricht Treaty, the 11 euro governments combined have as much right to decide on intervention as the ECB does: the 1992 treaty laying down the euro's foundations was kept deliberately vague to reconcile opposing German and French views.

ECB Primacy

While finance ministers can issue ``general orientations'' on exchange rates with outside currencies, the ECB is free to ignore these guidelines if following them threatened to push up inflation.

Yet Duisenberg maintains that as governments have issued no such ``general orientations'' on currency policy, day-to-day foreign-exchange management -- including the decision to intervene or not -- rests with the ECB.

He reiterated that point at a dinner for the world's leading financiers in Prague Castle last night, saying his central bank was ``solely responsible for foreign-exchange operations for the euro region,'' though he acknowledged that when it came to ``consultations with third parties,'' such as the G-7, and ``communication to the general public,'' governments were also involved.

The differences between Duisenberg and the politicians are the latest sign of European discord on economic and monetary affairs, could take some of the muscle out of Friday's move.

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gesamter Thread:

• Ich bin für den EURO und schäme mich für alle deutschen Angsthasen... - Desaster, 24.09.2000, 17:49
  • Sehe ich anders! - Sascha, 24.09.2000, 18:34
  • Re: Für den EURO, gegen alle deutschen Angsthasen... - Toni, 24.09.2000, 18:39
    • Re: Für den EURO, gegen alle deutschen Angsthasen... - dottore, 24.09.2000, 18:59
      • Re: Angsthasen nein - Toni, 24.09.2000, 20:11
  • Re: Ich bin für den EURO und schäme mich für alle deutschen Angsthasen... - dottore, 24.09.2000, 18:57
  • Re: Ich bin für den EURO und schäme mich für alle deutschen Angsthasen... - RolandLeuschel, 24.09.2000, 19:06
  • es schwimmen einige Haare in der Euro-Suppe... - Erwin, 24.09.2000, 20:29