Word: systemic
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...when investors riled by the sale of ts recently nationalized Belgian banking arm lobbed shoes and other items at chairman Jozef De Mey. De Mey stood his ground, and won an eventual vote on the sale. But the twin incidents share the same roots: public trust in the financial system - and its well-paid execs - has probably never been lower...
...Here's the bigger problem: hiding money underneath the mattress risks making the financial system less efficient. And withholding investment from the stock market will depress company valuations. In other words, "if trust has been significantly affected by the crisis," Howard Davies, director of the London School of Economics, said in a lecture last month, "it will have damaging consequences for investment and growth in the future." (See pictures of the financial crisis in London...
...initial step, Sarkozy has already announced a $47 million project to significantly enhance the Paris region's aging public transport system, which is swamped by 10 million riders every day. In addition to extending existing lines and modernizing rolling stock, the plan calls for the creation of a 90-mile (145-km) automated rail system circling Paris. By connecting the clusters of suburban business centers like La Défense to the residential areas surrounding Paris, the new elevated Métro will allow suburban commuters a direct route to work, instead of their current over-crowded daily slog through...
...same time, one section of the railway will bisect the circular line through the city, providing more direct routes to both Paris airports at either end. That ramped up transport system will also prove vital to meeting another major Paris challenge: keeping its title as the world's leading tourist destination by luring visitors to stay in and around the capital...
...calling for financing offers from an array of public and private actors to be tabled in July. And in October, he will introduce legislation to strip down construction, zoning, and other laws that have traditionally slowed development in the city. Sarkozy also said he wants construction on the transport system to begin by 2012 - just in time for his re-election campaign - and wants much of the work of the Greater Paris plan completed within a decade. (Read: "What's Wrong With a Museum of French History...