Some European central bankers are said to be unhappy with the recent appointment of Roger Ferguson as head of the Financial Stability Forum. It is not that Ferguson is thought to lack qualifications for the job - quite the contrary, there is much respect for his legal prowess. If few remember now his smooth chairmanship of the G10s Y2K taskforce, it underlines what a good job he did. Y2K preparations and rehearsals turned out to be crucial during the 9/11 terrorist attacks, and it was again
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