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Story - antoq - 10/18/2010 - 13:46 - 155 comments - 0 attachments
Financial crises seem to have become the norm rather than the exception since 1992. Specifically, in 1992-93, Europe was faced with the very real possibility of a complete collapse of the European Exchange Rate Mechanism (ERM). The Italian lira and British pound withdrew from the ERM, three other currencies (viz. the Spanish peseta, Irish pound and Danish krona) were devalued, and there was a substantial widening of the bands within which the currencies could fluctuate. In 1994-95, there was the Mexican currency crisis which saw a steep devaluation of the peso and brought Mexico to the brink of default.
There were also spillover effects on Argentina and Brazil. Between July 1997 and mid-1998, the world experienced the effects of the East Asian crisis, which started somewhat innocuously with a run on the Thai baht, but spread swiftly to a number of other regional currencies, most notably the Indonesian rupiah, Malaysian ringgit and Korean won (so-called “Tom-Yam effect”). Other large emerging economies such as Russia and Brazil also experienced periods of significant market weakness and required the assistance of the IMF. The Russian ruble was devalued in August 1998 during a period of exceptional financial market turbulence (BIS 1999) while the Brazilian real’s peg was eventually broken in January 1999. A number of other smaller emerging economies such as Turkey and Ecuador also experienced currency crises in the 1990s, with Argentina and Venezuela being the most recent victims.
The Uniform Consumer Credit Code (the Code) commenced in each Australian State and Territory on 1 November 1996. It applies to consumer credit products including personal loans, continuing credit contracts, housing loans, leases and hire purchase agreements.
In August 1997 the Ministerial Council on Consumer Affairs decided to undertake a Post Implementation Review of the Uniform Consumer Credit Code. The Review, which has now been competed, is stage 1 of a 2 staged review process. Stage 2 will involve a national competition policy review and the stage 1 review will provide data and recommendations which will feed into and inform the stage 2 review. This research comprises a significant component of the stage 1 Review process.
This White Paper seeks to address two challenges: first, how to help consumers during the downturn, and second, how to respond to the way consumer markets are changing because of the effects of globalisation, and the increasing use of technology by consumers and business to buy goods and services.
The proposals in this paper are in part a response to an economic downturn that is unlike any other; a global slowdown in growth accompanied by a global contraction in credit available to consumers and business. The Government has acted quickly to restore confidence, through stabilising the banking system to protect savings, get credit flowing, VAT cuts and other changes. But we need to do more for hard-pressed consumers and this paper outlines what help we are providing now for people in financial difficulties, and longer term support for consumers as Britain emerges from the downturn.
