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‘Interest Rates Have Been Too Low for Too Long’

Spiegel - Jürgen Stark, 60, the chief economist of the European Central Bank (ECB), speaks with SPIEGEL about the growing threat of inflation, planned interest-rate increases and the consequences of the financial crisis.

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Fiscal policy is our most potent instrument

Financial Times - Fiscal policy, more than monetary policy, will determine how and when this crisis will be resolved. The best contribution central banks could make is to help the money markets. I still believe some explicit currency-zone level money market insurance scheme is the way to go. By all means, cut [...]

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Art’s too expensive, says Hirst

Independent - Just months after the success of a ground-breaking sale at Sotheby’s that brought him nearly £100m, Hirst has described the art market as over-priced, and welcomed the prospect of selling his work at cheaper rates in the present climate of recession.

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The Pirate Problem Continues to Worsen

Spiegel - The hijacking of a Saudi oil tanker — thought to be the largest ship ever taken by pirates — has embarrassed a new EU coalition of warships charged with fighting piracy. German papers on Wednesday say the piracy will continue as long as Somalia remains a failed state.

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