LondonNet News Headlines
|Greenspan: London is the Tops
- US finance chief backs capital over European rivals
LONDON received heaps of praise as a financial centre from US Federal Reserve Chairman Alan Greenspan yesterday.
"London has stayed on top despite the emergence of the euro," Greenspan cooed at a ceremony held in his honour. "Some expected the euro to divert a significant share of foreign exchange dealing." Today Greenspan will be given an honorary knighthood by the Queen.
Chancellor Gordon Brown, Britain's finance minister, called Greenspan, 76, the greatest federal reserve boss in history, a bold statement given the continuing crisis in the US economy.
The fact Greenspan linked London and Britain's current economic success with its position outside the euro zone is seen by some as representing backing for Brown's position on the currency, which is known to be extremely cautious.