Bankers in Secret Summit II

OK, Just to update on the updates. Three days ago, following the finance ministers' meeting in Canada, 24 of the world's top central bankers turned up in Australia.

The meeting involved the world's real uber-bank, the Bank of International Settlements.

No reports of what was discussed have been issued. However, the formal business was a symposium, which will eventually publish papers, at which the bankers were panelists.

The European Central Bank President, as well as Asian Bank presidents, was there.

He is now cutting his visit, during which he helped 'celebrate' the fiftieth birthday of the Australian Central Bank, and flying back to a completely unrelated meeting of the European Council. Which is going to discuss what the euro powers will do about the unprecedented wall of capital speculation building up against the euro.

In another completely unrelated development, the euro seems to be firming up on Asian markets.

Meanwhile, ECB Council member (and Austrian Bank Governor) Ewald Nowotny says that eurobonds are unthinkable as a crisis instrument--but adds, in what seems to be deliberately boring language, that they would be a positive development if aimed at the long term.

I'm just wondering if eurobonds would need some time to start printing and where the heads of the national mints or Treasury presses involved might be.

What is going on? I may be seeing patterns where there are none. Is the ECB setting up speculators for the biggest fall in history?

It's much more likely that this was just a symposium now, and a chance to kick a few ideas around, but, well, just asking....

Comments

Martin

I thought my name was fairly uncommen (Corlett), but it seems there are four times as many of me in the US than there are of you. Poor them.
Martin Meenagh said…
Haha. Well, they have a national debt you know. Imagine what it would be if I were over there...

Many thanks for the comment CC, hope all is well

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