"He's pragmatic, prepared to compromise, accepts budget discipline and he'll be under enormous pressure from the markets, " says Claire Demesmay, French expert at the German Council on Foreign Relations.

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Recently in the public eye, UK lawmaker Charles Clark has made the move from the Department for Education and Skills to become the new Home Secretary and will undoubtedly be under enormous pressure to produce results.

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"The pressure she is under must be enormous, " he told the BBC.

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And, as I mentioned yesterday, one possible remedy would be to force the banks to raise so much additional capital that they would feel under enormous pressure to create new credit, so that they could earn an adequate return on this capital.

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