Föhrenbergkreis Finanzwirtschaft

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Archive for 28. März 2018

The Lesser Evil for the Eurozone

Posted by hkarner - 28. März 2018

Jean Pisani-Ferry, a professor at the Hertie School of Governance (Berlin) and Sciences Po (Paris), holds the Tommaso Padoa-Schioppa chair at the European University Institute and is a Mercator senior fellow at Bruegel, a Brussels-based think tank.

For three decades, the consensus within the European Commission and the European Central Bank on the need for market reforms and sound public finances has been strong enough to overcome opposition in small countries and outlast procrastination in large ones. Today, however, the eurozone playing field has become a battleground.

PARIS – It was not supposed to happen like this. The formation of a new German government took so long that it was only after the Italian general election on March 4 resulted in a political earthquake that France and Germany started to work on reforming the eurozone. German Chancellor Angela Merkel and French President Emmanuel Macron have now resolved to sort out their differences and deliver a joint reform roadmap by July. But they cannot ignore changes brought by the landslide victory of Italy’s anti-system parties. Until then, populism had seemed contained. It has now become mainstream. Den Rest des Beitrags lesen »

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Why Aren’t US Bond Investors Panicking?

Posted by hkarner - 28. März 2018

Anatole Kaletsky is Chief Economist and Co-Chairman of Gavekal Dragonomics. A former columnist at the Times of London, the International New York Times and the Financial Times, he is the author of Capitalism 4.0, The Birth of a New Economy, which anticipated many of the post-crisis transformations of the global economy. His 1985 book, Costs of Default, became an influential primer for Latin American and Asian governments negotiating debt defaults and restructurings with banks and the IMF.

Economists may warn that the combination of Trump’s protectionism, big tax cuts, and uncontrolled government borrowing, coming at a time when the US economy is already near full employment, will ultimately fuel inflationary pressure. But financial markets simply do not believe this message.

LONDON – As US President Donald Trump ratchets up his trade war with China and the Federal Reserve Board increases US interest rates, the prospects for the world economy and financial markets, so bright just a few months ago, appear to be darkening. Stock markets around the world have fallen back toward their February lows, business confidence has weakened in Europe and much of Asia, and policymakers worldwide are making nervous noises. Are these events the beginning of the end of the global economic expansion, or is the recent market turbulence just a false alarm? Den Rest des Beitrags lesen »

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Die Deutsche Bank sucht einen neuen Chef

Posted by hkarner - 28. März 2018

Christoph Reichmuth, 27. März 2018, 17:54 derstandard.at

Bei der Deutschen Bank muss offenbar Chef John Cryan seinen Posten räumen. Auch eine Vorstandskollegin muss um ihren Job bangen

Die schlechten Ergebnisse bei Deutschlands größtem Geldhaus sorgen für atmosphärische Störungen zwischen Bank-Chef John Cryan und dem Aufsichtsratsvorsitzenden Paul Achleitner – mit dem Ergebnis, dass sich der gebürtige Österreicher Achleitner nach einem neuen Chef für die Deutsche Bank umsehen soll. Das berichtete jedenfalls die britische Times. Es kursieren sogar bereits Namen möglicher Nachfolger für den 57-jährigen Briten John Cryan, dessen Vertrag noch bis zum Jahr 2020 läuft. Achleitner, der vor seinem Wechsel zur Deutschen Bank für den Versicherungsriesen Allianz und die US-Investmentbank Goldman Sachs arbeitete, habe unter anderem den Europa-Statthalter von Goldman, Richard Gnodde, angesprochen, ob dieser den Job übernehmen wolle, berichtete die Zeitung. Gnodde habe abgewunken.

Auch mit den Chefs der italienischen Großbank Unicredit und des britischen Finanzhauses Standard Chartered, Jean Pierre Mustier und Bill Winters, sei Achleitner in Kontakt getreten. Die Deutsche Bank, Unicredit und Standard Chartered wollten keinen Kommentar abgeben. Mustier selbst hatte im Jänner einem Wechsel eine klare Absage erteilt. Auch von den Großaktionären der Deutschen Bank, dem chinesischen Mischkonzern HNA, dem Emirat Katar und dem US-Vermögensverwalter Blackrock gab es keine Stellungnahme zum Bericht.

Kaum Erfolge beim Sanierungskurs

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Macron Takes Aim at European Politics

Posted by hkarner - 28. März 2018

Mark Leonard is Director of the European Council on Foreign Relations.

During his first year in office, French President Emmanuel Macron outlined a series of proposals for reforming European institutions; now he is launching a campaign to shake up the European Parliament election in 2019. Through it all, he has adhered to a coherent philosophy of how politics in the twenty-first century should work.

LONDON – Until the terrorist attack at a market in southern France on March 23, French President Emmanuel Macron had been planning to launch a new European-level political campaign. Though the official rollout has now been postponed, Macron’s latest project remains central to his presidency and to his conception of power.

Macron’s “La Grande Marche pour l’Europe” will mimic the program that toppled France’s dominant political parties and transformed his La République En Marche ! movement into a political force in 2017. Over the course of six weeks, he will dispatch ten ministers and 200 parliamentarians to survey the French people’s views on Europe and European issues. The results will then be considered in developing a platform that can beat populist and Euroskeptic parties in the 2019 European Parliament election. Den Rest des Beitrags lesen »

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Has a New Cold War Really Begun?

Posted by hkarner - 28. März 2018

Date: 27-03-2018
Source: Foreign Affairs By Odd Arne Westad

Why the Term Shouldn’t Apply to Today’s Great-Power Tensions

For about four years now, since Russia’s occupation of Crimea and China’s launch of the Belt and Road Initiative, there has been much speculation about whether another Cold War between East and West is coming. In the last month alone, headlines have proclaimed that “The New Cold War Is Here,” heralded “Putin’s New Cold War,” and warned that “Trump Is Preparing for a New Cold War.” But are we really returning to the past? Contemporary politics is full of false analogies, and the return of the Cold War seems to be one of them.

At its peak, the Cold War was a global system of countries centered on the United States and the Soviet Union. It did not determine everything that was going on in the world of international affairs, but it influenced most things. At its core was an ideological contest between capitalism and socialism that had been going on throughout the twentieth century, with each side fervently dedicated to its system of economics and governance. It was a bipolar system of total victory or total defeat, in which neither of the main protagonists could envisage a lasting compromise with the other. The Cold War was intense, categorical, and highly dangerous: strategic nuclear weapons systems were intended to destroy the superpower opponent, even at a cost of devastating half the world. Den Rest des Beitrags lesen »

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Greek Political Rebel Wants to Take On Europe Again

Posted by hkarner - 28. März 2018

What a lunatic! What is REALISTIC with his party? (hfk)

Date: 27-03-2018
Source: The Wall Street Journal

Former Finance Minister Yanis Varoufakis unveils a new party called the European Realistic Disobedience Front

Former Greek Finance minister Yanis Varoufakis arrives to present his new party, the European Realistic Disobedience Front in Athens.

ATHENS— Yanis Varoufakis is back to rescue Greece and rock the European establishment again. Or so he hopes.

On Monday night the flamboyant former finance minister, who enraged European authorities at the height of Greece’s debt crisis in 2015, launched his new Greek political party at a theater here.

That year, his country bowed to strict austerity demands. Now his solution to Greece’s sky-high debt is the same as his unsuccessful push before: to show creditors who’s boss.

If elected, he told the gathering of around 300 people, he will run looser budgets. Greek banks will be revived with public money. He will swap Greece’s bonds for new ones whose payments depend on economic growth. These and other policies to end Greece’s “debt colony status” will be implemented on day one, he said. Den Rest des Beitrags lesen »

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