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Archive for 23. Mai 2019

The EU’s Four Challenges

Posted by hkarner - 23. Mai 2019

Ana Palacio is former Minister of Foreign Affairs of Spain and former Senior Vice President and General Counsel of the World Bank Group. She is a visiting lecturer at Georgetown University.

Whatever the next European Parliament’s composition, the imperative will be the same: EU institutions must trade ambition for humility, focusing their attention not on their own power or status, but rather on upgrading and fortifying the project for which they claim to stand. If they fail, the road ahead will only become more perilous.

MADRID – This year’s European Parliament election has spurred months of nail biting. Will the pro-European center hold? Will the body be too fractured to function? Will a vocal contingent of nationalist-populists disrupt every sitting?

While important, discussion of these questions has missed the forest for the trees. Now that the election is finally here, Europe can stop obsessing about its possible outcome and focus on the real challenges ahead.The first challenge is the coming economic downturn. A decade after the financial crisis upended Europe’s economy, throwing its politics and social model into disarray, average annual growth remains a sluggish 1.5%. And there are strong signals that worse is to come: debt levels are rising fast and the European Central Bank has re-launched stimulus measures to stave off recession.Unlike the crisis of ten years ago, the damage caused by the coming slowdown will not be concentrated in southern Europe; it will hurt the eurozone as a whole, including almighty Germany. Den Rest des Beitrags lesen »

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The Europe of Tomorrow

Posted by hkarner - 23. Mai 2019

Javier Solana was EU High Representative for Foreign and Security Policy, Secretary-General of NATO, and Foreign Minister of Spain. He is currently President of the ESADE Center for Global Economy and Geopolitics, Distinguished Fellow at the Brookings Institution, and a member of the World Economic Forum’s Global Agenda Council on Europe.

It is still essential to stress the EU’s role as a guarantor of peace and prosperity following World War II. But today’s EU must foster additional sources of legitimacy if it is to appeal to today’s post-postwar generation.

MADRID – Every five years, the European Union engages in an exercise of self-awareness. The European Parliament elections allow us to look at ourselves in the mirror and take stock of the passage of time. The upcoming elections, however, are special: they will be the first since the refugee crisis, the Brexit referendum, and the election of US President Donald Trump. In these tumultuous years, our gaze has been perennially focused on the mirror. After this vote, our reflection will finally acquire the clarity for which we have been yearning.

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Britain’s Conservative Collapse

Posted by hkarner - 23. Mai 2019

Date: 22-05-2019
Source: The Wall Street Journal By The Editorial Board

Voters seem ready to crush the Tories for their bungling over Brexit.

Brexit Party leader Nigel Farage addresses a European Parliament election campaign rally in London, May 21.

British voters head to the polls Thursday for a European Parliament election they weren’t supposed to vote in, and the biggest loser is likely to be the ruling Conservative Party. Ignoring Brexit for a moment—yes, it’s possible—the most consequential development in Europe the last two years is the collapse of the Tories as a governing party.

Polls suggest the Conservatives are on track to finish fourth with less than 15% of the vote. The big winner is likely to be the Brexit Party founded by Nigel Farage, which has soared to more than 30% in the polls since it was formed in January. Jeremy Corbyn’s Labour Party probably will waddle in an anemic second.

European Parliament elections traditionally are a poor bellwether for national politics. In 2014 the Tories under David Cameron finished a close third behind Mr. Farage’s U.K. Independence Party and Labour before winning a majority in 2015’s national election. But the Tories are much further behind this time. Den Rest des Beitrags lesen »

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Zur Verteidigung Europas

Posted by hkarner - 23. Mai 2019

BRÜSSEL – Das geopolitische Schachbrett ist wieder da. Nach einem Intermezzo in der Zeit nach 1989, als sich die Geschichte in Richtung einer friedlichen, liberalen internationalen Ordnung zu entwickeln schien, sind wir nun zunehmend mit einem Wettstreit der Großmächte, dem Streben nach Hegemonie und quasi-imperialen Ausdehnungsbestrebungen konfrontiert.

Russland bricht in dreister Weise internationales Recht und macht seinen Einfluss in der Region geltend. China geht gänzlich in einem strategischen Wettstreit auf und propagiert ein alternatives internationales Modell. Und die Vereinigten Staaten haben sich entschlossen, ihre Interessen mit unilateralen Aktionen und Druckmitteln durchzusetzen.  Angesichts dieses heftigen geopolitischen Erwachens muss Europa seine Zukunft selbst in die Hand nehmen. Wenn wir nicht aufstehen, um unsere Interessen und Werte zu vertreten und zu verteidigen, werden die Europäische Union und ihre Mitgliedsländer in der neuen globalen (Un-)Ordnung zur Beute anderer. Den Rest des Beitrags lesen »

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U.S. Slows Hiring of Chinese Nationals by Chip Makers

Posted by hkarner - 23. Mai 2019

Date: 22-05-2019
Source: The Wall Street Journal

Hundreds of jobs affected across the industry at companies such as Intel and Qualcomm

A slowdown in hiring approvals for Chinese nationals is proving troublesome for U.S. chip makers, like Intel, as the pool of talent for technical work is shallow.

The U.S. has sharply slowed approvals for the nation’s semiconductor companies to hire Chinese nationals for advanced engineering jobs, according to industry insiders, a shift that comes amid broad White House efforts to protect U.S. technological know-how.

The disruption, which started last year, has affected hundreds of jobs across the industry at companies including Intel Corp., Qualcomm Inc. and Globalfoundries Inc., impeding their ability to hire Chinese employees or move existing employees to key projects in the U.S., these people said. Den Rest des Beitrags lesen »

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Grilling Frankfurters: German banks

Posted by hkarner - 23. Mai 2019

Date: 22-05-2019
Source: The Economist

What now? Last month merger talks collapsed.

Now shareholders in Germany’s two largest listed lenders—both chronically short of profits—will want answers at their annual meetings.

At Commerzbank (which is 15% state-owned) more takeover negotiations may be coming, although the board is unlikely to say so today.

Italy’s UniCredit, which already owns Munich-based HVB, is reportedly interested; ditto ING, a Dutch bank with a thriving German digital business.

Tomorrow Deutsche Bank’s chairman, Paul Achleitner, faces the music. Deutsche’s once-swaggering investment bank is struggling, and may be in for more cuts. The bank is still integrating its two retail brands. Den Rest des Beitrags lesen »

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