Taking unprecedented steps, the Fed and other major central banks on Monday poured hundreds of billions of dollars of added liquidity into money markets left paralyzed by fears of further bank failures in the United States and Europe. (Wall Street Journal)
The sell off is the largest percentage drop for the S&P 500 since Oct. 26, 1987. It also translates into a $700 billion loss for the day for the S&P, according to Howard Silverblatt, senior index analyst at Standard & Poor's. (CBS, Market Watch)
Fifty years ago the leaders of six European countries; Belgium, France, Germany, Luxembourg, Italy and the Netherlands signed the Treaties of Rome which established the modern-day European Union. Co-operation which started with coal and steel has become an unprecedented success in creating a political and economic union between 27 Member States.
The anniversary is celebrated all around the world. The purpose is twofold: to commemorate the freedom, peace and prosperity that the EU has accomplished so far while looking at the future and at what kind of Europe the citizens, and in particular the young, wish for. One of the highlights will be the EU leaders’ meeting in Berlin on 24 and 25 March, where a political declaration setting out Europe’s values and ambitions for the future is expected to be issued. (European Commission)
A reporter remembers Rome 1957: BBC Rome correspondent David Willey covered the signing of the Treaty of Rome as a Reuters trainee. Here he looks back at the Europe of half a century ago. The signing of the treaty took place in the majestic surroundings of Michelangelo's elegant Capitoline Palace situated at the top of one of Rome's seven hills.
I was actually there in the huge room frescoed with scenes from ancient Roman battles, when the six frock-coated founders of the Europe of the Six appended their signatures to the Treaty.
Crowded into the room were members of parliament, city authorities and, I seem to remember, a single red-hatted cardinal from the Vatican.
It was a very formal and quite impressive ceremony, which had been assigned to the Reuters office junior to help him cut his reportorial teeth.
There were speeches in Italian, French, German and Dutch
not a word in English of course, because Prime Minister Harold Macmillan had already decided against joining the nascent European community. (BBC)
Luxembourg
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