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Archive for 13. April 2019

How not to weaken central banks’ independence

Posted by hkarner - 13. April 2019

Date: 11-04-2019
Source: The Economist: Free exchange

Why Stephen Moore and Herman Cain are poor picks for the Fed

There are more than a few echoes of the Nixon era in the presidency of Donald Trump. Monetary reverberations are among them. Facing re-election in 1972, Richard Nixon felt he needed a strong economy at his back, and made a habit of haranguing Arthur Burns, the chairman of the Federal Reserve at the time. Burns recounted the meetings in his diaries: “The president looked wild; talked like a desperate man; fulminated with hatred against the press; took some of us to task…” Historians reckon Burns was too accommodating of Nixon’s demands, and so helped launch the inflation of the 1970s. Mr Trump is now waging his own assault on the Fed’s independence. He has repeatedly complained about the central bank’s decisions and urged it to take a more doveish stance.

More strikingly Mr Trump, who has already chosen three of the five sitting members of the Fed’s board of governors, has named Stephen Moore and Herman Cain to fill the remaining two vacancies. In contrast to candidates who have come before, both are political activists. But the parallel with the 1970s is less apt than it seems. There are different ways to politicise monetary policy, and Mr Trump’s is particularly poisonous. Den Rest des Beitrags lesen »

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Matteo Salvini’s improbable dream of a pan-European nationalist alliance

Posted by hkarner - 13. April 2019

Date: 12-04-2019
Source: The Economist

Nationalists tend not to agree with each other

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An italian nationalist joining forces with a German one to promise “a new European dream”, as Matteo Salvini termed it, is bound to stir the odd qualm. But oblivious, or indifferent, to historical echoes, Mr Salvini, the leader of Italy’s Northern League, on April 8th sat cheerfully alongside Jörg Meuthen of the Alternative for Germany (afd) on a platform in Milan as he announced the formation of a new, nativist bloc in the next European Parliament. Mr Meuthen said it would be called the European Alliance for People and Nations. And, said Mr Salvini, the aim was “to take in groups with which we have never collaborated before”.

Gail McElroy, a political scientist at Trinity College, Dublin, who has made a study of the European Parliament, said it was likely that the radical right will make some gains at the European elections on May 23rd-26th. “But there is a long history of populist parties forming groups that then fall apart.” Ominously for Mr Salvini, none of the party leaders he had hoped to attract to his new band bothered to show up in Milan.

Movements created to protect national interests and exalt national identities tend to make awkward bedfellows, after all. Jaroslaw Kaczynski’s government in Poland and Viktor Orban’s in Hungary have long turned a deaf ear to Italy’s pleas for a redistribution within the eu of asylum-seekers arriving from Africa. That problem has now been skirted: the new mantra of the populist right is that the answer is to seal Europe’s frontiers. But agreeing on economic policy will be more difficult. The afd and other hard-right northern European groups support precisely the kind of fiscal austerity Mr Salvini claims is holding back the Italian economy. Den Rest des Beitrags lesen »

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IWF mahnt Italien zur Haushaltssanierung

Posted by hkarner - 13. April 2019

12. April 2019, 16:59 derstandard.at

Internationaler Währungsfonds fordert Maßnahmenpaket

Washington – Der Internationale Währungsfonds (IWF) mahnt das hoch verschuldete Italien zur schrittweisen Sanierung seiner Staatsfinanzen. Dafür sei ein auf mittlere Sicht angelegtes Maßnahmenpaket „von entscheidender Bedeutung“, sagte der für Europa zuständige IWF-Bereichsleiter Poul Thomsen am Freitag in Washington. Neben der niedrigen Produktivität gelte es für das Land, auch die hohe strukturelle Arbeitslosigkeit anzugehen. EZB-Präsident Mario Draghi hat die Regierung in Rom ebenfalls aufgefordert, mehr zu tun, um „Wachstum und Beschäftigung zu schaffen“. Italien steckt in einer Rezession und ächzt unter einem Schuldenberg, der mehr als 130 Prozent der jährlichen Wirtschaftsleistung ausmacht.

Streit mit EU-Kommission vorprogrammiert

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Brexit Agonistes

Posted by hkarner - 13. April 2019

Date: 12-04-2019
Source: YaleGlobal by Jolyon Howorth

With Brexit, the United Kingdom’s notions of global stature with its leaders calling the shots on trade or regulations are in question. “In joining the European Union, the United Kingdom was a supplicant, twice vetoed by France’s General Charles de Gaulle,” observes author Jolyon Howorth, visiting professor with Harvard Kennedy School. “In leaving, the UK again becomes supplicant.” UK Prime Minister Theresa May had to plead for an extension after Brexit plans failed to capture a parliamentary majority. The European Union complied, setting a new deadline with the condition that the United Kingdom “refrain from any measure which could jeopardise the attainment of the Union’s objectives.” Europeans, weary of the battle, are inclined to cut loose a country regularly agitating to get its own way or leave. To ease polarization, the United Kingdom must determine its identity and capabilities, Howorth concludes, and when ready, try rejoining the European Union again as constructive partner. – YaleGlobal

EU members are ready to set the United Kingdom free, setting a deadline for Brexit with an expectation of no disruptions

Rebuffed supplicant: European Commission President Jean-Claude Junker works out a Brexit extension with UK Prime Minister Theresa May; early on, French President Charles de Gaulle twice vetoed British entry into the European Community, suggesting the nation was fundamentally not ready Den Rest des Beitrags lesen »

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Abgesang auf Deutschland

Posted by hkarner - 13. April 2019

12-04-2019, diewelt.de

Finanz-Redakteur

Die amerikanische Zeitschrift „Businessweek“ hat in ihrer aktuellen Ausgabe ein pessimistisches Bild von der Zukunft Deutschlands gezeichnet. Vor allem eine Schlüsselbranche wird scharf kritisiert.

Quelle: WELT

Die amerikanische Zeitschrift „Businessweek“ widmet Deutschlands Wirtschaft eine große Titelgeschichte. Ihr Urteil ist vernichtend, die Zukunft erscheint in düsteren Farben. Das Urteil über Angela Merkel überrascht.

Beispielhaft war das Cover des britischen „Economist“, der im August 2005 „Germany’s surprising economy“ erkannte. Und tatsächlich überraschte die deutsche Wirtschaft in den folgenden Jahren viele, denn es folgte eine goldene Ära mit hohem Wachstum und stetig sinkenden Arbeitslosenzahlen.

Am Freitag erscheint Deutschland wieder auf dem Titel eines großen englischsprachigen Wirtschaftsblatts – doch diesmal ist der Tenor ein ganz anderer. „Germany’s fragile future“ steht auf der aktuellen Ausgabe der „Businessweek“, dem Wirtschaftsblatt aus New York, für das mehr als 2000 Journalisten in über 70 Ländern arbeiten. Und eigentlich wird Deutschlands Wirtschaft dort nicht nur als zerbrechlich dargestellt. Es ist eher ein Abgesang. Den Rest des Beitrags lesen »

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