Föhrenbergkreis Finanzwirtschaft

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Archive for 4. Juni 2017

Europe must seize the chance to fix the euro

Posted by hkarner - 4. Juni 2017

Date: 01-06-2017
Source: The Economist: Charlemagne

An improving economy and Emmanuel Macron’s election are an opportunity that may not come twice

PICK a note, any note. The bills of Europe’s single currency are adorned with handsome bridges, arches, vaults and aqueducts, testament to the glorious architectural history of the old continent. True, the constructions are a little lacking in character; the notes’ designers were told to depict generic examples rather than specific structures to avoid offending countries whose splendours might be overlooked. But they speak of strength, sturdiness and the confidence of what some used to believe might be the world’s next reserve currency.

The euro itself, though, remains a wobbly, half-built enterprise, desperately unprepared for the next shock. When Europe caught America’s flu after 2008, bond markets picked off the euro’s weakest members one by one. Greece, Portugal, Ireland and Spain were forced into bail-outs. Italy, the euro’s third largest economy, tottered. Emergency funds were created, the European Central Bank implied it would create unlimited quantities of cash if needed, and the euro limped on. Today, growth is picking up and unemployment falling. But no one believes that the euro, which lacks the political and fiscal institutions typical of a currency area, can remain half-built forever. Investors are uncertain of its future, and governments have piled on debt since the last crisis, shrinking the space available to respond to the next one. Den Rest des Beitrags lesen »

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Donald Trump’s Historic Mistake

Posted by hkarner - 4. Juni 2017

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