European Central Bank.

Very quietly and almost unnoticed by financial media in US , the  has reached an important milestone – 10 year anniversary. The ECB came into being June 1, 1998, as 11 European countries drew closer to merging their currencies. The Euro was launched on Jan. 1, 1999 on financial markets, and Euro notes and coins were introduced on January 1, 2002. The bank now controls monetary policy for 15 Euro countries.


Bank’s creation followed Maastricht Treaty, which paved the way for the single Euro currency .The treaty mandates fighting inflation as the ECB’s main priority, and so far members of the rate-setting governing council have stayed firmly with that message. This stance has been been somewhat criticized lately. There are claims that this policy has pushed the Euro to high, potentially hurting European exporters.


Just how steadfast has ECB been in fulfilling its primary objective? The bank has kept its key rate at 4 percent since June 2007 to fight inflation that hit a record high of 3.6 percent in March and again in May, well above its stated goal of around 2 percent. Bank’s actions are not in line with other central banks, namely Bank of England, and U.S. Federal Reserve, which have been cutting their respective benchmarks.


This 10 year anniversary is certainly a success story, but not without some difficulties. European Central Bank has seen the Euro plunged from initial EUR-USD valuation of about 1.2000 to 0.8200 in 2000. Since then, however, the currency has enjoyed a steady rise to a recent high of 1.6000. Almost double from the bottom. Truly a rare feat in among major currencies.


Today it may seem strange, but Euro and ECB success was not a forgone conclusion at the beginning. There were many voices both within Europe and outside which not only questioned a wisdom of single currency, but predicted that the monetary union wouldn’t last five years, much less ten. Europe’s Central Bank has managed to clear away the doubts that surrounded the Euro at the beginning 10 years ago. Also, officials state that common currency and Bank’s policies have added 15 million new jobs in the last six years by making trade and travel easier.


What is next? Well, as it looks right, ECB is sure to be around for at least 10 more years. It is almost certain that additional countries will join Euro zone. Slovakia, Hungary, Check Republic, Poland and others, pending outcome of national referendums and meeting inclusion requirements. Poland will likely have the biggest impact, as it is home to 40 million people and fast growing economy.


Following latest officials remarks, there is general belief that ECB will join the ranks of other central banks and start slushing interest rates. That is expected to strengthen the dollar , which is “uncomfortably weak”, and bring down costs of commodities, mainly oil, the biggest single cause for inflation in Euro zone. Once again in line with Bank’s main role.


We are sure to be influenced by European Central Bank decisions for many years to come. Happy birthday!


Mike P. Kulej is a Chief Forex Strategist for Spectrum Forex LLC. He specializes in mechanical trading systems as explained on . Spectrum Forex LLC offers numerous services to individual traders. With questions and comments e-mail him at


European costume

European costume – for the slender small male. The main feature of the choice of this style is a slender physique and a slight increase. Such suits are usually single-breasted, two buttons with a low neckline and severe crying. Jacket without cutting, emphasizes harmony and how to increase your height. He also includes a smooth pants with a slightly raised edge. If you are very thin, do not get the skin-tight costume. Take the suit, which adds a little fullness.

When you try on, the suit pay attention not only on style, but also to such basic rules as these:

In a buttoned jacket does not have ridge on the chest. On the back there should be no folds or stiff. Sleeves should be the desired length. The correct length jacket should end just below the buttocks. Trousers – sit tight and not ridge. They must hide the socks and shin when you sit.

Color suit. It depends on many factors, among which is an important event to which you are buying a suit. Black is the most classic and grand. This color is appropriate for any celebration and the official event. He still makes your figure more slender and toned. The best option – a black suit with a white or light gray shirt.

Gray-colored suits are universal in the sense that it combines all the colors. For example, for men with light skin and blond hair, a good combination – a gray suit and a turquoise shirt.

Dark blue color is not an aging classics! White shirt, black shoes with laces – and you irresistible! This color is appropriate at any time and for any event.

Costumes beige, brown and other bright colors are more informal. Therefore, they should be in a more informal setting.

White – the traditional wedding! Combined with shirts of bright colors. The main thing is the intersection with the color of the bride.

For everyday wear sweater is an alternative to a jacket. Also there is a wardrobe at least every day. They are: two pairs of jeans and two pairs of simple trousers. Several pairs of shirts and t-shirts. Couple of sweaters and pullovers. Two pairs of shoes, belt. The main thing is the combination of colors in everyday clothes. The colors that suit you, depend only on the color of your skin, hair and eyes. Correctly choosing the color of casual wear, primarily guided by the fact that not look like a traffic light, and that the choice of colors should be combined with all the items of your wardrobe.

So how to choose the right styleof clothes for men? Now the question you become more clear. Major trends in the choice of clothes and will tomorrow and a year later and after 10 years!

The European Union

The European Union (EU) is a political and economic association made up of a majority of European countries. Built upon years of bilateral trade agreements and unions, the EU was formally established in 1993. As of 2010, 27 countries are members of the Union. Among its important functions, the EU has established a common currency (the Euro) between most of its members, has abolished the passport requirements to move throughout the union, and has established a common market and a mutual economic policy.

Any potential applicant seeking to join the EU must meet various criteria before being accepted. The broad-based conditions include being a market-based economy, a stable democracy, the rule of law and the respect of human rights. The nation must also ratify all applicable treaties governing the Union and accept all laws and institutions of the EU. Any new applicants are also legally bound to join the monetary union provided they are able to meet the necessary economic criteria to do so.

The European Union maintains three primary branches that make up its governing apparatus. The European Commission is made up of cabinet-level members who are responsible for the everyday matters of running the EU. The European Parliament and the Council of the European Union together form the legislative bodies. The EU also operates courts to interpret and apply the regulations and law. Members of the EU government are elected representatives of the member countries, separately elected parliamentarians, or appointment by one of the previous two groups.

If considered a common market, the EU is the world’s largest economy by measure of nominal gross domestic product (GDP). One of the original principal purposes of the EU was to establish a single market, which would allow for the free movement of goods, people, and businesses across national lines within the EU. Members of the Union are not allowed to impose tariffs, quotas, restrictions or other barriers to trade apart from those set by the EU as a whole.

As part of its economic mandate, the EU heavily subsidizes and regulates agricultural production. Often one of the most criticized policies of the EU, the heavy subsides have been blamed for distorting international trade and encouraging overproduction of products that depress world prices, especially for producers in poorer nations.

Sixteen members of the European Union are formed into a common monetary union. The common currency, the Euro, is maintained and issued by the European Central Bank (ECB). The common currency helps facilitate the EU’s goal of a single market. By multiple countries accepting the same currency, it vastly simplifies the movement of goods through the Union, makes it easier for citizens to travel, creates a single financial market, and eliminates the needs for and risks of multiple exchange rates.

The Euro has become a popular world reserve currency due to its stability and strength. The monetary policy of the Euro is also controlled by the ECB, which determines the money supply of the Euro, and thereby controls interest rates of the Euro.

The European Union, in its broad international role, is also a significant player in international relations and diplomacy, cross-border infrastructure projects between member countries, as well as scientific endeavors.

Due to its large population, geographic size, and economic power, the European Union is a major player on the world stage. By binding together into the EU, the member nations exert greater influence and market power than they would be able to separately.

For more information on the European Union, visit