This is the VOA Special English Economics Report, from http://voaspecialenglish.com | http://facebook.com/voalearningenglish
On November thirtieth, the European Central Bank took action to support the worldwide financial system. Central banks in Britain, Canada, Japan, Switzerland and the United States also acted. The banks made it less costly for other countries to borrow American dollars. The United States Federal Reserve said the joint effort was meant to help central banks in Europe provide financial support to nations that need it. The action sent American stock prices up more than three percent. On December first, European Central Bank President Mario Draghi suggested that the ECB may provide new financial support for European countries struggling with debt. But first, he said, euro area countries must establish trust by enacting big financial reforms. He said: "A credible signal is needed to give ultimate assurance over the short term. What I believe our economic and monetary union needs is a new fiscal compact, a fundamental restatement of the fiscal rules together with the mutual fiscal commitments that euro area governments have made. Seventeen members of the European Union share the euro currency. Concern over its future has been building in recent years. The Greek debt crisis, rescue loans for Ireland and Portugal and worries over Italy's debt have all increased fears that Europe may have to abandon the euro. The euro is the world's second most traded and second most used reserve currency after the dollar. European finance ministers failed to agree in November on a plan to provide economic support for debt-troubled countries. Financial officials say a lack of economic and financial cooperation is at the heart of the two-year-old debt crisis. Dutch Finance Minister Jan Kees de Jager said there is a strong need for tougher rules: "Lack of economic reforms and lack of fiscal discipline has brought us into this crisis. So you also have to address these fundamental issues." That means euro nations may have to surrender some power over their budgets to the European Union. For VOA Special English, I'm Carolyn Presutti. We have more programs at voaspecialenglish.com, where people can read, listen and learn English with texts, MP3s and activities. We also offer English lessons at the VOA Learning English page on Facebook.
(Adapted from a radio program broadcast 02Dec2011)
Brokerage fee amount by transaction value 1.
Trade online and settle your trade to a CDIA or CommSec Margin Loan 2.
Trade online and settle into a bank account of your choice.
Share Trades over the Phone 3.
CommSec Share Packs online 4.
CommSec Share Packs over the phone 4.
Trades requiring settlement through a third party 6.
1 For GST rounding reasons, the final brokerage fee may vary from the stated or expected brokerage fee by a couple of cents.
4 Normal brokerage will apply when a stock acquired through CommSec Share Packs is subsequently sold.
5 Amount per share will be noted as brokerage on each confirmation issued. There will be no substitution should a stock have a trading halt placed on it.
6 Includes third party Margin Lending, and where the Commonwealth Bank exercises its rights under the loan Terms and Conditions.
Other fees may apply. Please see the CommSec Financial Services Guide.
Open a CommSec Share Trading Account.
Buy and sell shares using a CommSec Share Trading Account with our cash account - with it you can seamlessly settle trades, transact and earn interest.
Buy and sell shares using a CommSec Share Trading Account with your existing bank account.
Frequently asked questions.
Shares held with another broker.
For the transfer to be successful the name and address registered on your issuer holdings must match your CommSec account.
Your request will be completed within 72 hours.
Shares held with the share registry To transfer shares held with the share registry into your CommSec Trading Account you need to complete an Issuer Sponsored Holdings to CHESS Sponsorship Transfer Form.
Your request will be completed within approximately 48 to 72 hours of receipt.
When you have bought and sold shares on the same day and the next trading day, your payment may be partially or wholly offset. For more information refer to the New Client Guide.