Plastering over the cracks

tony nguyen

In a move aimed at easing uncertainty and tension in the European markets, the US Federal Reserve, the European Central Bank and the Bank of England, along with the Central banks of Canada, Japan and Switzerland, decided to inject additional US dollar liquidity into the global financial system. It is hoped that this might ease funding pressures on European banks. China also gave a helping hand by cutting the reserve requirement for banks by 50 basis points, in a move to boost its economy. Although such moves may calm ‘Eurozone jitters’ in the short term, a long term solution still remains elusive. Investors will look for answers at the EU summit on December 9 in Brussels.

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