The White House is under pressure to show tangible results in the enhancement of growth and increasing employment before the Congressional elections in November. The U.S. President Barack Obama next week will present new measures to boost U.S. economy today after it became clear that in August they were again created new jobs with a very slow pace, officials said. Obama has made a positive news that job creation is more than expected. He stressed however that the data are not good enough to tackle the economic problems the U.S. is necessary to take further measures. The White House is under pressure to show tangible results in the enhancement of growth and increasing employment before the election for Congress in November, when Democrats Obama may be “punished” because of voters reached nearly 10 percent unemployment. On Monday, Obama outlined several possible options for increasing measures including more tax reductions for the middle class, investing in green energy, more infrastructure costs and additional tax cuts for businesses to promote job creation.
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The European Central Bank (ECB) continued to gradually decreased anti-crisis measures to support the economy. Since April the ECB returns to its usual practice to conduct auctions for the banks to provide the 3-month loans instead of 6-month, announced the bank’s governor Jean-Claude Trichet. This happened immediately after the board of the financial institution decides to maintain a historically low level of interest of 1 percent for 11 consecutive month, said agency Reuters. Trichet stressed that ECB will offer banks and unlimited credit in one quarter by providing so-called weekly credits. The manager of the ECB’s main interest at the time the central banks of Member States have an acceptable level, but the process of economic revival will be uneven, and inflation in the medium term - moderate. The ECB’s decision to return to the performance of standard auctions, which are offered 3-month loans will most likely cause banks to step up and start increasingly to seek “the weekly credits” that allow financial resource for short-term low interest rate.
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