Föhrenbergkreis Finanzwirtschaft

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Archive for 1. September 2017

Eurozone Economic Sentiment Hits 10-Year High

Posted by hkarner - 1. September 2017

Date: 31-08-2017

Source: The Wall Street Journal

Improvement is led by rising confidence among industrial companies and the services sector

FRANKFURT—Economic sentiment in the eurozone reached its “highest level in more than 10 years”

in August, led by rising confidence among industrial companies and in the services sector, the European Commission said Wednesday.

Its Economic Sentiment Indicator, which aggregates business and consumer confidence, jumped to 111.9 from 111.3 in July. This marks the highest level since July 2007. Economists surveyed by The Wall Street Journal had expected a stable outcome.

Italy recorded the sharpest rise in economic sentiment among the region’s largest economies, followed by France and Spain—a sign the recovery is spreading. The mood, however, eased slightly in Germany and the Netherlands, the region’s traditional powerhouses. Den Rest des Beitrags lesen »

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What Britain’s Brexit Negotiations Can Learn From Greece

Posted by hkarner - 1. September 2017

Date: 31-08-2017
Source: The Wall Street Journal By Simon Nixon

To succeed with talks, the U.K. needs to prepare public opinion for inevitable trade-offs, costs

Former Greek finance minister Yanis Varoufakis has become an unlikely hero to many in the U.K.

If the Brexit negotiations have got off to a tempestuous start after the summer break, blame Yanis Varoufakis.

It appears that top of the summer reading list for some senior British ministers was the former Greek finance minister’s book “Adults in the Room”—his account of the Greek debt crisis in which he played a starring role in the first half of 2015.

Mr. Varoufakis has become an unlikely hero to many in the U.K.: To those on the left, he is feted as a leader of the global antiausterity resistance; to the euroskeptic right, he is championed as the man who came close to delivering their dream of destroying the euro. Now his book is being trawled at the highest levels of the British government for insights into how to handle Brexit.

For many directly involved in the Greek crisis—not least in Greece itself—this lionizing of Mr. Varoufakis is surreal. They regard his portrayal of plucky Greece bought to its knees by an inflexible Brussels bureaucracy, while supposed allies stood aside terrified of alienating their German paymasters as seriously distorted.

In essence, many claim that what actually happened in Greece is this: a populist government was elected on the basis that it could persuade the rest of the eurozone to write off its debts with no strings attached. When the eurozone rejected this “have-your-cake-and-eat-it” proposal, Mr. Varoufakis engaged in six months of brinkmanship, convinced that the EU would ultimately capitulate to prevent wider damage to the eurozone—until Athens itself capitulated, signing up the deal that was on the table all along, having achieved nothing but to damage its own economy.

There are indeed lessons for the U.K. from the Greek crisis but the risk is that it draws the wrong ones. The government published a series of Brexit position papers this month which Prime Minister Theresa May and Brexit minister David Davis say shows that the U.K.—in contrast to Greece —is coming up with constructive proposals to advance the negotiations. Yet many of these papers are as threadbare as the papers Mr. Varoufakis circulated when similarly seeking to win in the court of public opinion. Den Rest des Beitrags lesen »

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Why Globalization Stalled, And How to Restart It

Posted by hkarner - 1. September 2017

Date: 31-08-2017
Source: Foreign Affairs by Fred Hu and Michael Spence

For many decades after World War II, a broad range of countries shared a fundamental economic vision. They endorsed an
increasingly open system for trade in goods and services, supported by international institutions; allowed capital, orporations, and, to a lesser extent, people to flow freely across borders; and encouraged the rapid spread of data and  echnology. As trade expanded, global living standards improved dramatically, and hundreds of millions of people escaped from poverty.

Today, every aspect of this globalized economy is under assault. A popular backlash against free trade and unrestricted cross-border movements of capital has picked up momentum. The ideal of freely flowing information has clashed with growing calls for privacy rights, the protection of intellectual property, and increased cybersecurity. Across the developed world, sentiments have turned strongly against immigration, especially as waves of Middle Eastern refugees have
flooded Europe.
And after several successful rounds of multilateral trade negotiations in the postwar years, new agreements have become much rarer: the World Trade Organization (wto) has not completed a single full round of successful negotiations since its creation in 1995. Den Rest des Beitrags lesen »

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