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Thomas, Pierre-Henri
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2 articles of this author have been cited in the European Press Review so far.
Weak euro a crisis signal
The euro exchange rate fell intermittently by one US cent to 1.28 dollars on Thursday, marking the lowest level since September 2010. The weak euro shows how critical the situation is for the common currency, writes the daily Le Soir: "Perhaps companies that export to countries outside the Eurozone are happy at this news. But for everyone else it's a disaster. It is a further sign that Europe is plunging ever deeper into crisis and is incapable of coming up with even a hint of a response. No doubt turbulent times require long-term solutions, like the establishment of a European fiscal policy. But - and frankly we're tired of repeating it - there is a fire that needs to be put out right now. ... Instead, the summits have poured oil on the fire by demanding ever more budgetary discipline, which only aggravates the recession and deficits. And by refusing any efficient solidarity mechanism such as a purchase of bonds by the ECB or the creation of eurobonds."
» full article (external link, French)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Financial Markets, » Europe, » Global
Société Générale fraud case weakens banking industry
"That's where the problem lies: in order to reach these bonuses, which are sometimes quite surprising, (some fund managers pocket over 100 million dollars a year), bankers sometimes sell unsound products, running excessive risks. Risks they never accept full responsibility for", informs Pierre-Henri Thomas. "If it works, they get a huge bonus. If it goes wrong, at worst, they have to change banks. This is the model Jerôme Kerviel [Société Générale's trader] had before his very eyes. He was ambitious, and wanted to show his bosses he was an outstanding trader. He was encouraged to take immoderate risks, that were liable to make not only his bank, but the entire international banking industry blow up (just think of the Société Générale's possible bankruptcy). This all came out of his ridiculous desire to get... a 300.000 euro bonus. This method of motivating workers is unhealthy."
» full article (external link, French)
More from the press review on the subject » Financial Markets, » France, » Global
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