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The euro rose to a 16-month low against the dollar after today's meeting, German Chancellor Angela Merkel and French President Nicolas Sarkozy, specify a new set of rules of financial discipline discussed at the summit on December 9. As per the last meeting, German Chancellor Angela Merkel said that negotiations on the fiscal pact are good. Merkel also noted the need for a fiscal pact included measures to stimulate economic growth. In turn, French President Nicolas Sarkozy pledged that France's budget deficit in 2011 will be lower than expected.
It became known today of the resignation of the head of the Swiss National Bank Philipp Hildebrand. The resignation is related to the recent scandal of illegal operations with the use of insider information. Frank has become stronger after reports of the resignation of the head of the Swiss central bank.
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