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Archive for 18. März 2018

France, Germany Seek to Overcome Differences on Eurozone

Posted by hkarner - 18. März 2018

Date: 17-03-2018
Source: The Wall Street Journal

France’s Macron wants to push wideranging reforms; Germany’s Merkel is less enthusiastic

PARIS–The road to eurozone renewal envisioned by French President Emmanuel Macron won’t be a speedy autobahn.

At meetings between French and German officials in Paris as German Chancellor Angela Merkel visited for the first time since her re-election, officials stated their differences on key planks for rebuilding the eurozone’s architecture. They pledged to come up with a “road map” for overhauling the currency bloc in June.

“We are not always of the same opinion, but Germany and France have already achieved many things together,” Ms. Merkel said. She added she is “firmly determined” to achieve more. Den Rest des Beitrags lesen »

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Frankfurt woos London bankers

Posted by hkarner - 18. März 2018

Date: 15-03-2018
Source: The Economist

The Brexit dividend pitch

“THIS is our biggest asset!” gushes Eric Menges, the chief executive of the FrankfurtRheinMain promotional body, whirling his arm. The views from his panoramic office are impressive: Frankfurt’s skyscrapers and cranes to the east, its sprawling international airport to the south, the thick forests of Hesse and the vineyards and villages of the Taunus mountains, where Mr Menges lives, to the north and west. “For a 9am flight I can get up at 7am,” he boasts, as the shadow of an intercontinental airliner flickers over the tops of the pines. From this office he hopes to reinvent continental Europe’s financial centre, already home of the European Central Bank.

Brexit helps. Of the banking jobs that have left London since June 2016, more have gone to Frankfurt than anywhere else. After a recent visit Lloyd Blankfein, the chief executive of Goldman Sachs, tweeted provocatively: “Great meetings, great weather, really enjoyed it. Good, because I’ll be spending a lot more time there.” In the last month alone Deutsche Bank announced the relocation of its client business to Frankfurt and Credit Suisse moved 250 jobs there. But Emmanuel Macron, France’s president, is pushing for Paris and in November nabbed the London-based European Banking Authority. Frankfurt’s early lead may not hold: “The Brexit process is not complete,” cautions one top European banker. So Frankfurt’s marketing men, like Mr Menges, are stepping up. Den Rest des Beitrags lesen »

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Global Britain or globaloney

Posted by hkarner - 18. März 2018

Date: 15-03-2018
Source: The Economist: Bagehot

The government’s post-Brexit foreign policy of “global Britain” is incoherent

THE idea of a global Britain has become the foundation stone of Britain’s post-Brexit foreign policy. Theresa May says Brexit “should make us think of global Britain, a country with the self-confidence and the freedom to look beyond the continent of Europe and to the economic and diplomatic opportunities of the wider world”. Boris Johnson, Britain’s foreign secretary, declares that “whether we like it or not we are not some bit part or spear carrier on the world stage. We are a protagonist—a global Britain running a truly global foreign policy”.

But what does the phrase mean? The Commons foreign affairs committee, newly energised under Tom Tugendhat, summoned the great and the good of the foreign-policy establishment to answer this question. The results were disappointing. Some confessed that they hadn’t a clue. The Foreign Office submitted a memorandum consisting of little more than a set of aspirations with no details about how to put them into practice. Mr Tugendhat’s committee worries that “global Britain” cannot be the basis of foreign policy because it is little more than an “advertising slogan”. This columnist thinks the problem goes deeper. Global Britain is three badly thought out ideas rolled into one. Den Rest des Beitrags lesen »

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Putin’s Key Oligarch Escapes Sanctions

Posted by hkarner - 18. März 2018

Date: 17-03-2018
Source: The Wall Street Journal

Former German Chancellor Gerhard Schroeder aids Russia’s ambitions in Eastern Europe, but has dodged Western attention.

Former German Chancellor Gerhard Schroeder in 2017.

Hitting upon a potent response to Vladimir Putin were Obama sanctions targeted at his top cronies, later adopted and extended in last year’s bipartisan legislation signed by Donald Trump.

Sanctions aimed at key individuals can be surprisingly effective, it turns out. They help to undermine internal support for the regime or at least its most unattractive policies.

One oligarch, though, remains overlooked. Arguably he is the most important of all. That’s former German Chancellor Gerhard Schroeder.

Mr. Putin has worked with astonishing success to reorganize energy logistics in Europe to isolate, threaten and intimidate strategic countries, especially Ukraine, Poland and the Baltic nations. Mr. Schroeder has been his vital helpmate at every step. Den Rest des Beitrags lesen »

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