28 Sep 2011THE rand, along with other emerging market currencies that had come under significant pressure over European debt concerns, rallied against the dollar yesterday as markets clung to the hope that governments in Europe will boost efforts to contain the crisis.
German Chancellor Angela Merkel has called on the European Union (EU) to adopt stronger powers to intervene in the budgets of member states that break fiscal rules. US Treasury Secretary Timothy Geithner expects that Europe will use more force to resolve the crisis after hearing concerns of his counterparts over the weekend.
http://www.businessday.co.za/articles/Content.aspx?id=154518
