The Euro-zone is facing one of its most serious internal crises ever as European Central Bank (ECB) governors meet on Thursday, with fiscal problems in Greece and other members of the bloc pushing interest rate issues to the background.
Brazil’s Central bank president Henrique Meirelles was elected to the board of directors of the Bank for International Settlements, a further sign of the country's increasing clout in the world economy.
Germany's largely export-driven economy recorded its biggest-ever decline since World War II in 2009: 5%. The country also breached the EU's deficit limit.
United States registered its largest December budget deficit on record as higher unemployment reduced revenue and the government spent money to help the economy recover.
Brazil will boost interest rates to as high as 13% next year as policy makers become more “aggressive” to ensure the global economic recovery doesn’t fuel faster inflation, according to Bradesco Asset Management
Uruguay’s inflation in 2009 was on target, 5.9%, but nevertheless it was the highest in Latinamerica behind Venezuela, Jamaica and Argentina, according to data from Uruguay’s central bank. Overall the global slowdown impacted on the region with lower inflation rates.
Argentine president Cristina Fernandez de Kirchner on Wednesday again attacked the opposition and called for “reflection” from all those sectors involved in the dispute over Central Bank reserves to avoid repeating the “errors of the past”.
The UK economy grew in the fourth quarter of 2009 for the first time since the summer of 2008, according to forecasts published Wednesday.
Argentina’s central bank reserves dispute suffered an expected escalation when on Tuesday Judge Thomas Griesa from New York State placed an embargo on Argentine central bank accounts held in the United States, following a lawsuit filed by investment funds (or “vulture funds”).
Venezuelan government inspectors backed by soldiers have shut more than 70 shops in Caracas and other cities accused of trying to cash in on last week's currency devaluation. Soldiers have been on the streets to check prices as people queue to buy imports, fearing prices could rise.