The Euro-zone is attempting to deal with both the global financial crisis and the regional debt problem,while closely monitoring for signs of inflation.The European Central Bank is holding interest rates steady for the time being.Jean-Claude Trichet,ECB President,said he expects the Euro-zone to grow at a moderate pace.The ECB will adjust liquidity as appropriate.We will continue to see moderate price developments.Inflationary pressures over the medium term will remain contained.
Mr.Trichet urged deficit cuts to consolidate recovery from the financial crisis.
As for the Euro-zone debt crisis,John Taylor,a professor at Stanford University,thinks there's expectation that,down the road,Greek debt will be restructured.It could be quite orderly,changed without a lot of problems.It's quite likely.
In a further unfolding of the debt crisis,Moody's credit rating agency has just downgraded Portugal's sovereign debt.The U.S. market didn't respond to the news,absorbed in the initially positive earnings reports.
Moody's Corporation(MOC)
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