German finance minister Steinbrueck says he sees a great chance for Europe and the US to draw up a new market order. The US, he says, has great interest in restoring the integrity of its financial markets.
Forex dealers should keep a close eye on the so-called Bretton Woods II discussions as exchange rates figure into the mix. Any move to try and corral exchange rates is destined to fail as the Europe Exchange rate mechanism repeatedly failed in the 1990s. It will give speculators targets to shoot at, which is always fun. target-shooting is a big sport for a reason.
