In a prepared speech for the Economic and Social Council of the United Nations, Almunia said that in the medium-term, however, authorities also needed to address the weaknesses in the financial system at a fundamental level. “It is essential that investor uncertainty about credit losses be removed. In the short term, investor confidence can only be restored by full disclosure of all losses by financial institutions and adequate recapitalization,” Almunia said.
His remarks echo the weekend statement of the financial leaders of the Group of Seven industrialized nations – United States, Canada, Japan, France, Britain, Italy and Germany. Almunia also said that while each country had the right to tailor its policy response to its own specific situation, it would be a mistake to go it alone because financial markets were global and appreciated coordinated action. (Reuters)
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
