But he added that it was "not good news if we are unable to answer the aggressive attitudes" in international monetary policy that were creating volatility and weighing on growth in Europe.
This example shows one of the problems involved with electronic payments that were outlined today by Snyder and other financial service experts before the U.S. House Subcommittee on Domestic and International Monetary Policy.
Representative Spencer Bachus, the Republican chair of the House Committee on Domestic and International Monetary Policy, said in a letter to SEC Chairman Arthur Levitt that the regulator should delay the listing by 90 days to give it time to "determine whether sufficient disclosure has been provided to potential investors" in the registration process.
Overseas as a consequence of more-expansive U.S. monetary policy and other distortions in the international monetary system we see an increasing tendency by policy makers to intervene in currency markets, administer unilateral measures, institute ad hoc capital controls, and resort to protectionist policies.
The EPP has a clear majority in the Council and Parliament in the areas of economic and monetary policy and international trade.
In the 1980s and 1990s, World Bank and International Monetary Fund officials wrote economic policy for African governments and bribed them with aid into signing up to it.
For other countries, we can refer to Monetary Policy Under the International Gold Standard: 1880-1914, by Arthur Bloomfield.
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He then spent two years at the International Monetary Fund as director of the Policy Development and Review Department.
This implies such ideas as currency boards, which restrict a government's ability to vary monetary policy, and international agreements which make it difficult to retreat from commitments to more open trade.
That means any Greek default would cost the ECB billions of euros in losses and potentially impact the value of the euro, disrupting European and international financial markets, and the conduct of European monetary policy.
FORBES: Governments Are The Primary Creators Of Systemic Risk
Countercyclical fiscal policy was mentioned in favorable terms, more resources for the International Monetary Fund were discussed and an extensive work plan for regulators was specified in some detail.
The villains of the Depression were the trade-killing, international-capital-flow-strangling Smoot-Hawley Tariff, an overly tight monetary policy and a catastrophic tax increase.
Sonders and fellow roundtable participant Charles Brunie both found huge significance in the ending of the Bank of Japan's policy of quantitative easing of interest rates, and concluded that it is producing an international monetary squeeze.
Officials at the European Central Bank, the Bank of England, the Reserve Bank of Australia and the Bank for International Settlements (the central banks' central bank) have given some support to the view that monetary policy should sometimes lean against a rapid growth in asset prices and build-up of debt, even if consumer-price inflation is low.
Economists at the Bank for International Settlements often regarded as the central bankers' central bank have long been warning that monetary policy can only buy time for governments, financial institutions and households to repair their balance sheets.
The IMF, World Bank and key regulatory agencies like the Bank for International Settlements (BIS) based in Basel should establish internationally agreed codes of best practices on monetary, financial and fiscal policy and corporate governance.
The result would be legislation that would serve as a politically charged ultimatum to President Clinton: Either accept our abortion policy or forget about old debts to the United Nations and, quite possibly, payments for the International Monetary Fund (IMF).
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