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By Mangosuthu Buthelezi
Memories of a long brotherhood tempered in common struggle
Independent voices from the The Washington Times Communities
Topic - Axel Weber
While the U.S. economy is healthy enough for the Federal Reserve to consider ending the extraordinary cash infusions it has pumped into world markets since 2008, such a change of course would pose big challenges for Europe's debt-strapped economies and for many of the world's developing countries.
One of Switzerland's signature industries, Swiss banking no longer has the same allure it once did and could be in for tough times in the years ahead, analysts say, as it struggles to cope with a changing regulatory environment in the wake of the global financial crisis.
"For the sake of the European periphery, I am concerned," he said at the conference. "We're seeing the re-emergence of pressure in Europe as a result of the normalization of interest rates by the Fed."
Debt-stricken European countries such as Greece, Spain and Italy also are facing the hardships of significantly higher interest rates in the wake of the Fed's plans, said Axel Weber, chairman of Swiss banking giant UBS.