Bernanke Says Gold Standard Wouldn’t Solve Problems

Monetary SystemPARIS, Jan 19 (Reuters) – The world monetary system needs to alter to reduce currency misalignments and extreme volatility in capital flows, France’s European Central Bank governing council member, Christian Noyer, said on Wednesday.

Of the European Union members—Denmark, Great Britain, and Sweden—that did not adopt the euro when it was introduced perhaps the most notable is Britain, which continues to treat itself as roughly separate from Europe. In all three nations there was sturdy public anxiety that dropping their respective national currencies would hand over too much independence. Danish voters rejected adoption of the euro in a referendum in 2000; the vote was seen as strengthening euro opponents in Britain and Sweden.

Functional Definition of money: A practical definition of cash contains all issues that perform the four function that money does-medium of exchange, measure of worth, customary of deferred payment and a store of worth. MELBOURNE, Victoria – Assistant Governor (Financial System) at the Reserve Bank of Australia, Michele Bullock provides speech at the Melbourne Institute/The Australian Economic & Social Policy Conference, Melbourne – 0330 GMT. MANILA – Philippines Central Bank holds Monetary Policy Meeting. BELGRADE – National Bank of Serbia interest rate resolution.

European Monetary System (EMS) System set up in 1979 to result in monetary stability among the then nine members of the European Community (EC). The EMS had three predominant components: the European Currency Unit (ECU), a financial unit weighted in response to the scale of each member state’s economy and the value of its trade; the Exchange Rate Mechanism (ERM), the place each member state agreed to keep their national currencies inside set margins (initially either 2.25% or 6% above or below) of a central charge of exchange in opposition to the ECU; and the credit score mechanisms. The Maastricht Treaty (1992) set a timetable for attaining financial and monetary union (EMU) and the establishment of a single foreign money (the euro ). In 1998, 11 member states chose to participate within the first stage of EMU. On January 1, 1999, the euro was born and a European Central Bank gained management of a single monetary coverage.

SUVA, Fiji – Reserve Bank of Fiji holds board meets to announce rates of interest. KOREA – Bank of Korea holds monetary coverage assembly to announce rates of interest. MOLDOVA – National Bank of Moldova broadcasts rate of interest determination. TBILISI – National Bank of Georgia monetary coverage committee meeting. FRIDAY, JULY 28 MOSCOW – Central Bank of Russia rate of interest determination. KUALA LUMPUR – Central Bank of Malaysia pronounces rate of interest choice. SEOUL – Bank of Korea financial policy assembly, to announce interest rates. There has been an increase in companies moving offshore also, and unemployment is greater than it has been for some years.