Germans Declare War

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The crisis could have very well shattered the great European dream – the euro. The Exchange Rate Me chanism (ERM) crisis of the early nineties posed a serious threat towards the unification of Europe and establishment of European Monetary Union. Under the ERM mechanism, the deutschemark (currency of Germany) became the most dominant currency amongst the members. Countries started holding the German currency and used the deutschemark to intervene in foreign currency markets to stabilise their own currencies. The Germans, after reunify cation, experienced a period of overheating as consumer spending went through the roof and the Bundesbank (central bank of Germany) took some contractionary measures. Bundesbank’s heedlessness – by maintaining high interest rates – meant other countries had to increase their interest rates in order to prevent currencies from crashing. At the same time, raising interest rates meant recession. The situation assumed crisis proportions as countries pulled out of the ERM club.

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Source IIPM-Editorial,2006

RTI (IIPM-News)

In October 2005, the landmark Right to Information (RTI) Act came into being, with an aim to challenge the status quo represented by the corrupt bureaucratic and political class in the country. It gives Indian citizens the right to inspect works, documents, records; take notes, extracts or certified copies of documents or records; in other words obtain information from public records. But the bureaucratic machinery maybe uneasy to let go and awareness levels are still low. Some NGOs and active civil society advocates are invoking the RTI in their own ‘active’ sphere, till date no major landmark use has been made of this path-breaking act.

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