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For the global central banks and governments, can be described as near misses in 2010: the debt crisis broke out in Europe but did not bankrupt the country euro zone, monetary war imminent but never issued, increasing inflationary pressures in emerging markets, but still controlled, advanced economies uncertainty is still steadily increasing. Keyword 1: European debt crisis This is almost in the whole of 2010, "lingering" in the European debt crisis can be said to have been home for the holiday market traders greatest regret "big concern." It also dates back a year ago. Greek government in December 2009 suddenly exposing scandals, saying the country's fiscal deficit and public debt in 2009 gross domestic product (GDP) ratio is expected to reach 12.7%, respectively, and 113%, far exceeding the EU's "stability and growth Convention "under 3% and 60% of the maximum amount of up to 294 billion euros of debt. April 2010, investors began to sell large-scale Greek government bonds, the Greek government in the financial market financing costs rise sharply. With the world's top three credit rating agencies Fitch, Standard & Poor's and Moody's have lowered the sovereign credit rating of Greece, the Greek sovereign debt crisis was finally full eruption. At the same time, "the five European countries" (PIIGS, namely Portugal, Italy, Ireland, Greece, Spain, the initials) of the debt problem has officially boarded the stage of history, becoming the focus of global investors. In order to help Greece out of the debt crisis, the Greek government announced on May 2 with the European Union and the International Monetary Fund (IMF) reached a joint rescue plan, launched the euro area member states of the first ever relief operations, launched a total of Greece 110 billion euros of the rescue package. However, the success of the rescue plan failed to boost the market. May 10 morning, the EU was forced to set up a joint IMF amounted to 750 billion euros of "stability fund" to help get into the debt crisis of the euro area member states to prevent the spread of the debt crisis. With the stress test this summer, pending results of the European banking sector and market focus gradually shifted to the United States, the euro zone finally got a little breathing space. But did not last long, "five European countries" in the Irish repeat the mistakes of Greece, set off again in the fourth quarter, the debt crisis in Europe, the country had to accept the EU and the IMF up to 850 million euros in aid, which in turn led to market Portugal, Spain and other countries of concern. Unfortunately, the European debt crisis will continue into 2011 with investors and about the global currency markets continued to emotions. Keyword 2: Currency War "We are experiencing an international currency war, general weakness of national currencies, which poses a threat to us." September 27, 2010, the Brazilian Finance Minister Mantega remark caused an uproar, "currency war" shock from numerous international controversy. With the weak dollar, the currency in many countries had to "be appreciated." Emerging economies in the face of the decline in exports, economic slowdown problems, we must also guard against the risk of influx of hot money. In this context, these countries were forced to put all the short-term exchange rate interventions, the worldwide wave of currency intervention begun intensified, the tension surrounding the explosive rate: 15 September, the Bank of Japan sold yen and bought dollars, the Government 6 more than a year to the first direct intervention in currency markets. In addition, Brazil, Chile, South Korea, the Philippines, Indonesia, Colombia, Peru, Romania and Thailand and other emerging markets to varying degrees, have been carried out into the foreign exchange market intervention. In the Oct. 10 closing of the International Monetary Fund (IMF) and World Bank annual meeting, the "currency war" will inevitably become a major issue. The world's major economies, began to draw the front. US-led Western developed economies, exchange rate misalignment do not want to blame each other, but consistent with the criticism directed at China, and emerging economies is the United States accused the extremely loose monetary policy led to the influx of hot money and make the global exchange rate system and imbalance . It is noteworthy that, playing the "rate card" repeatedly rebuffed the United States began playing "The trade surplus card" - the proposed national GDP, the current account balance at 4% of GDP, which put pressure on the RMB exchange rate in disguise. However, this proposal because many countries were opposed to die a natural death. Although countries has not been able to reach a consensus on the specific agreement, but agreed to by the IMF to act as "exchange rate the police" role, to develop "Overflow Report" to show how the policies of one country, other countries, research will focus on the United States, China, Britain, the euro area .
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