November 10, 2009 was a dark day in annals of the Federal Reserve led by Sen. Christopher Dodd, the chairman of the Senate Banking Committee.

After some evidences that the recession is most likely over, every country started to find suitable rules and regulations to avoid such financial crisis is the future and to find new sources of growth.

The European Union finally seems to be willing to cooperate in putting regulations to control the banking system which got all the blame for the arousal of the international financial crisis.

As used in a market full of rumours, new words are arising from the European financial crisis mentioning a possible banking crisis!

Speaking of the ongoing fears arising from the spreading European financial crisis, one should mention Japan. The European Union accounts for about 13% of Japan’s exports, and Europe is the source of revenue to around 21% of Japanese companies’ overseas subsidiaries’ sales.

Despite, the EU packages and programs to rescue the EU coming debt financial crisis, nothing seems to be effective or a reliable solution.

The euro extended its losses against the U.S. dollar in trading on Monday, falling to its lowest level since April 2006 after falling below $1.2300 level.

Global finance leaders adopt this week a very controversial issue of how to shift more voting power at the World Bank to emerging economic heavyweights such as China.

Ben Bernanke said yesterday that the economy appears to be on its way to a recovery from the 2008 financial crisis all thanks to the Fed’s economic recovery programs and stimulus.

The U.S Commerce Department showed that the economy of the United States expanded in the fourth quarter in 2009 by 5.7%, as reported in the advanced GDP reading; which is the highest expansion in six years. While all the eyes are now directed towards a boost in consumer spending.