Reykjavik  - The interim prime minister of Iceland Friday presented amendments to the composition of the central bank.

Prime Minister Johanna Sigurdardottir presented the bill that included that the current system of three governors would be replaced with a single governor.

The position would be advertised and the governor would be required to have "completed a master's degree in economics and have extensive experience and expertise in monetary issues," the bill said.

Paris  - French President Nicolas Sarkozy demanded late Thursday that the European Union adopt a common position to reform the capitalist system.

During a 90-minute appearance on national television to discuss the economic crisis, Sarkozy also criticized the European Union for passivity in the face of the crisis.

"It is not possible that, in such a situation, Europe does not take the initiative," Sarkozy said, indirectly criticizing the Czech presidency and the European Commission.

Tokyo - Japan's foreign reserves hit a record high in December as US Treasury bond prices increased, the Finance Ministry said Friday.

The nation's foreign exchange reserves amounted to 1.03 trillion dollars at the end of December, marking a the second monthly rise in a row.

Foreign securities came to 908.02 billion dollars and foreign currency deposits totaled 95.29 billion dollars.

The rate of inflation has increased to 12.01 percent. It is the highest rate in past 13 years. The inflation rate was 11.98 per cent in the last week. The wholesale price index (WPI)-based inflation rate is increased due to increase in the prices of as pulses, spices, eggs, fish and meat and some dairy products.

Although the rate of steel is not increased by steel companies yet the increase in the prices of cement contributed in the rise of inflation rate.