The Long View: How far will Central Banks go?
London, UK - 22nd April 2008, 10:21 GMT
Dear ATCA Colleagues
[Please note that the views presented by individual contributors
are not necessarily representative of the views of ATCA, which is neutral.
ATCA conducts collective Socratic dialogue on global opportunities and threats.]
Although the European Central Bank (ECB) and central banks in the US, UK,
Canada, and Australia have injected extraordinary amounts of liquidity into
the banking system since last summer, credit markets continue to be dysfunctional.
The almost daily announcements of huge bank write-downs on both sides of
the Atlantic and the collapse of the markets for all forms of asset backed
securities seem to suggest that central banks may have lost control of financial
markets. The meeting of the G7 in mid-April resulted in a raft of new regulatory
proposals aimed at clawing back some semblance of government control over
the excessively risky behavior of banks and brokerages. It was apparent
that countering systemic risk was on the minds of the G7 when they made
commitments to work cooperatively to address the extreme strains, which
seem to pervade credit markets this spring.
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