A top cast of European statesmen has issued a blistering denunciation of financial markets and called for a creation of a pan-EU body to protect the citizens against the "social risk" posed by modern capitalism, The Telegraph reports.
"The financial world has accumulated a massive amount of fictitious capital, with very little improvement for humanity," said the group in an open letter to the European Commission and the EU presidency.
"The current financial crisis is no accident. It was not, as some top people in finance and politics now claim, impossible to predict. For lucid individuals the bell rang years ago. This crisis is a failure of poorly or unregulated markets, and shows us, once more, that the financial market is not capable of self-regulation," it said, calling for the a new "European Crisis Committee" to take the matter in hand.
BRITAIN IS BETTER placed to weather the brewing economic storm than the US because UK banks tightened up their lending criteria for consumers two years ago, the world's largest credit information agency, Experian, claimed yesterday, again according to The Telegraph.
Don Robert, chief executive, said the group has seen "real evidence of the weakening consumer in the US" as problems in the mortgage market spread to "credit cards and auto finance". By comparison, in the UK "the quality of credit portfolios is holding up well".
Asked to explain why Britain appears to be better off, Mr Robert said: "UK lenders started getting tougher about lending standards a couple of years ago, which is not what was seen in the US."
THE WORLD WILL contain 4 billion people living in abject poverty by 2050 unless the poorest countries adopt policies to deliver rapid and sustained growth over the coming decades, a report backed by the World Bank and the British government said yesterday, The Guardian reports.
After a two-year investigation, a group of policymakers and economists published a blueprint designed to allow the least developed nations to emulate the 13 countries that have expanded at an average rate of at least 7% a year for 25 years or longer since the Second World War.
Professor Mike Spence, chairman of the Commission on Growth and Development, said there was no prospect of meeting the Millennium Development Goals set by the United Nations - which include halving of the number of people living in poverty by 2015 - without faster growth.IFAonline
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