Speculators yielded to central banks
In Europe, the unified currency prevents markets from penalising lax governments
by CÚcile Prudhomme, Le Monde, 20th October, 2005
The times of recurrent monetary crises, speculative attacks on european currencies, sudden flaring up of interest rates on public debts of industrialised countries, are a thing of the past. The times when one hedge fund, alone, could destabilise a currency are gone.