Despite the ongoing issues still plaguing the heavily indebted 17-nation currency bloc, Finance Ministers worldwide agreed that when it came to restoring confidence in the Euro the struggling nations had made ‘significant progress’.
Finance Ministers from around the globe gathered in Tokyo this week for the International Monetary Fund and World Bank Meetings. During the meetings the financial chiefs discussed the continuing global economic issues.
German Finance Minister Wolfgang Schaeuble highlighted that over the past three years the currency bloc’s fiscal shortfall has been reduced by half. He also asserted that European nations are honouring their debt reducing obligations.
In a briefing which included Germany’s Central Bank Pesident Jens Weidmann, Schaeuble commented that in comparison with previous meetings ‘This time there is a much more positive underlying risk sentiment’. The often controversial Schaeuble went on to state that participants had agreed to ‘explain very precisely and openly what we’re doing, what we’ve achieved and what progress we’ve made.’ He then said: ‘At yesterday’s talks, at least there’s been a lot of consent to do what’s been decided in principle again and again since 2008, that is that we have to reduce too-high government debt and mustn’t create ever more liquidity globally. That’s fundamentally understood.’
At the same time Schaeuble was keen to point out the importance of not inspiring false expectations when it comes to Eurozone recovery. He stressed that short-term solutions were of little use when dealing with such a protracted and deep-rooted problem and that the causes of the crisis must be assessed.
As of 10:20 am
The Pound to Euro exchange rate is currently trading at 1.2381
The Pound to US Dollar exchange rate is currently trading at 1.6048
The Pound to Australian Dollar exchange rate is currently trading at 1.5621
The Euro to US Dollar exchange rate is currently trading at 1.2964
The Euro to Pound exchange rate is currently trading at 0.8076
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