BRITAIN

BRITAIN Financial Times, London, Oct. 25: Ben Bernanke was high on the very short list of candidates with claim to be capable of stepping into the giant shoes of Alan Greenspan as chairman of the Federal Reserve. That President George W. Bush chose to appoint him, rather than a little-known political crony, is cause for celebration. But while Mr. Bernanke may in time grow into being a full replacement for Mr. Greenspan, he is not yet that person. No one could be, since so much of Mr. Greenspan's authority comes from his 18 years of experience at the helm of the Fed. Mr. Bernanke will have to demonstrate an exemplary degree of political independence and an ability to understand what signals financial markets send to the Fed. The chairman of the Fed must have a first-rate mind, capable of commanding debates on which the fortunes of the world economy rest. Mr. Bernanke has that intellect. He is one of the best living monetary economists, and was the preferred choice of many professional economists for the job. Unforseen challenges During his time at the Fed, where he was a member of the Federal Open Markets Committee, he showed that he was capable of debating vital policy issues with Mr. Greenspan as an equal. This capacity will be much in demand as the Fed grapples with new and as yet unforeseen challenges. Of all the candidates close enough to Mr. Bush to offer the president a low risk of embarrassment, Mr. Bernanke also has the best claim to be independent. Certainly, while he is head of the Council of Economic Advisors, he is not a Bush partisan. The main policy area on which Mr. Bernanke differs from Mr. Greenspan is his support for inflation targeting. This desire to make the Fed's process more transparent and institutionalized is a welcome move on from the "great man" theory of central banking. But in practice the difference is likely to be evolutionary rather than revolutionary. Simply putting a number on what the Fed considers to be medium-term price stability would close much of the gap with formal inflation targeting regimes such as that in the UK. Yet while Mr. Bernanke is one of the best available candidates for the job, he is not without weaknesses. An academic economist for most of his career, he has very little experience of dealing with financial markets, an area in which Mr. Greenspan excelled. Building such expertise is vital for a Fed chairman whose tenure will almost certainly see profound shifts in asset markets with great consequences for the real economy. Mr. Bernanke must also prove that his political independence is beyond dispute. That may at times require him to stand up to the man who appointed him. Let us hope he rises to the challenge. JORDAN Jordan Times, Amman, Oct. 26: Orphans are often a forgotten group in most countries, and Jordan is no exception. But what better time to remember these most vulnerable children than during the month of Ramadan, the month of compassion and alms giving? As with many other initiatives, Her Majesty Queen Rania has graciously seized upon the month of Ramadan to rally support for the cause of orphans, not only by visiting various orphanages in the country but also by discussing their plight with the minister of social development and other key players in this important field. Now that Her Majesty is, again, raising awareness on the needs of orphans, the rest of us should do our best to play a part in brightening orphans' lives. Less fortunate children Orphans should not be the focus of attention of a society on certain occasions only. Ramadan should not be the beginning and the end of attention and care for these less fortunate children. Their plight makes it incumbent on all of us to consider and look after their interest and welfare in an unrelenting manner. Children warrant the full attention of the society; orphans even more so if they are to grow into effective, productive, caring people that can easily integrate and contribute. In the Muslim world, the situation of the orphans is peculiar. Adoption is not accepted under Sharia, but in Islam there is a parallel system for taking care of orphans, that has been accepted by international human rights bodies. This system has most of the features of adoption, but falls short of the full legal implications of adoption when it comes to the full status, like the one of a biological child. Jordan should further develop this alternative method of dealing with and sponsoring orphans.