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| Tension In The Strait |
| IRAN'S threat to shut the Strait of Hormuz _ one-fifth of the world's oil trade passes through there _ if the United States and Europe press ahead with new sanctions is unacceptable. The Obama administration is right to signal, in deliberately moderated ways
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| KEYNES WAS RIGHT |
 THE Obama administration
THE boom, not the slump, is the right time for austerity at the Treasury." So declared John Maynard Keynes in 1937, even as FDR was about to prove him right by trying to balance the budget too soon... |
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Hungary tells EU no central bank merger until 2013
AFP
BUDAPEST HUNGARY’S Prime Minister Viktor Orban has assured Brussels no merger of the central bank and regulatory authority will take place before 2013, as part of much criticised reform plans adopted on Friday.
“The government does not intend to use the option to merge the central bank with the market regulator” until current central bank governor Andras Simor’s mandate expires, Orban wrote in a letter to European Commission president Jose Manuel Barroso, government spokesman Peter Szijjarto said late on Friday.
Simor’s term of office ends in March 2013.
Despite international concern, Hungary went ahead on Friday with its adoption of central bank reforms that drew sharp criticism from the EU, the European Central Bank and the International Monetary Fund for increasing the government’s influence over monetary policy.
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