One of our colleagues who was going to Russia asked me about changing money.

Looking in particular at foreign exchange transactions, a tax on all foreign exchange transactions could produce perverse effects as it cannot discriminate between customers who require currency for the purchase of foreign goods or services and speculators.

The five key elements of the enhanced credit support were fixed rate full allotment, an expansion of the list of collateral, longer maturities for refinancing operations, liquidity provisions in foreign currencies and financial market support through a measured but significant covered bond purchase programme. Close coordination is required with national governments in EU countries in connection with their own programmes, especially in the light of the crises which have hit Greece and, now Ireland, and of the gloomy prospect of them spreading.

The five key elements of the enhanced credit support were fixed rate full allotment, an expansion of the list of collateral, longer maturities for refinancing operations, liquidity provisions in foreign currencies, and financial market support through a measured but significant covered bond purchase program.

The EU has decided to take Greece to the European Court of Justice over a provision which applies to property acquired with foreign currency by Greek sailors and Greek immigrants.

Under that decision, the Italian Government was authorized to require individuals to lodge a non-interest-bearing deposit equivalent to 25 % of the value of the operation when purchasing foreign currency for the purpose of acquiring foreign securities or real estate abroad.