Financial Times (May 16) The euro has touched an 18-month low against the dollar. Mourning this weakness, some Europeans hope the euro rapidly regains strength. The Financial Times calls this thinking wrongheaded. “A weaker euro would now be a blessing for the eurozone.” By making the region’s exports cheaper, a weak euro actually boosts the eurozone’s competitiveness.
Wall Street Journal (May 14) The WSJ hopes Nationally Recognized Statistical Ratings Organizations (NRSROs) will be eliminated. NRSROs include organizations such as S&P, Moody’s and Fitch which “put triple-A seals of approval on dubious securities at the heart of the financial panic.” In a promising development, a Senate amendment, which would eliminate NRSROs from U.S. laws and regulations, passed by 61-38.
The New York Times (May 12) “What could be worse than a 20-minute, 1,000-point drop in the stock market?” The newspaper answers “a 20-minute, 1,000-point drop that defies explanation.” Neither regulators nor stock exchange officials have been able to identify what caused the “Crash of 2:45.” The New York Times urges Congress to keep looking for answers and strengthen the regulatory framework in light of high-speed automated trading, which now accounts for the majority of trades.
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