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Archive for 5. Juli 2019

Lagarde Is the Right Choice

Posted by hkarner - 5. Juli 2019

Philippe Legrain

Philippe Legrain, a former economic adviser to the president of the European Commission, is a visiting senior fellow at the London School of Economics’ European Institute and the founder of Open Political Economy Network (OPEN), an international think-tank whose mission is to advance open, liberal societies. His most recent book is European Spring: Why Our Economies and Politics are in a Mess – and How to Put Them Right.

The nomination of Christine Lagarde to be the next president of the European Central Bank is a breath of fresh air for the stale, male-dominated institution. Incumbent President Mario Draghi may seem like a hard act to follow, but Lagarde has what it takes to succeed. She needs to be bold.

LONDON – The choice of Christine Lagarde, the managing director of the International Monetary Fund and a former French finance minister, to succeed Mario Draghi as president of the European Central Bank, is controversial. It should not be.

To be sure, the political horse-trading through which top European Union positions are allocated is unedifying. Lagarde was selected not in an open, merit-based appointment process, but rather as part of a backroom deal that also involved the nomination of Ursula von der Leyen, the German defense minister, to be the next president of the European Commission.But despite the opacity of the appointment process, and although she was chosen in part because she is a woman, French, and from the center-right European People’s Party, Lagarde would bring formidable qualities to the role. Den Rest des Beitrags lesen »

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Lagarde’s First Job as ECB Boss: Sway Germany

Posted by hkarner - 5. Juli 2019

Date: 04-07-2019
Source: The Wall Street Journal

Draghi’s successor faces critical decisions about policies that have been unpopular in Germany

Christine Lagarde .The ECB’s relationship with Germany has at times been strained.

FRANKFURT—Christine Lagarde may be world renowned as head of the International Monetary Fund, but her first big challenge as European Central Bank president would be to win over skeptics in her next home country: Germany.

She is set to take the reins as the ECB faces critical decisions in the coming months over how to support the eurozone’s sagging economy. That could mean expanding or relaunching a giant bond-buying program that has been criticized by German officials.

The ECB’s relationship with its biggest shareholder is crucial but has often been strained, even though the eurozone central bank is housed in Germany’s financial capital and modeled on the nation’s Bundesbank.

Ms. Lagarde, a former lawyer, will need to master that relationship quickly, assuming she gains the necessary approvals to succeed Mario Draghi as ECB president on Nov. 1. She was nominated for the post by European Union leaders on Tuesday.

Mr. Draghi and his predecessor, Frenchman Jean-Claude Trichet, both faced opposition in Germany, which ranged from public sparring to ECB resignations and lawsuits. Den Rest des Beitrags lesen »

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Donald Trump’s frenetic, unstable administration has created stuck policies and immovable politics

Posted by hkarner - 5. Juli 2019

Date: 04-07-2019
Source: The Economist: Lexington
Subject: The calm within the storm

July 4th could not come a day too soon for Donald Trump. As Lexington sat down to write, the president was finalising plans for the “Salute to America” pageant he had dreamed of presiding over ever since witnessing Emmanuel Macron’s columns of armoured cars and strapping legionnaires two years ago. Tanks, planes and other things that go were promised—plus, Mr Trump teased by tweet, “an address by your favourite President, me!” Trump devotees, including the donors and other cheerleaders for whom a section of the National Mall had been cordoned off, were in for a treat.

Equally delightful for the president, his critics were outraged. There were reports that $2.5m in national park receipts had been siphoned off to help foot the jamboree’s bill, and that Mr Trump’s tanks could damage the underground vaults of the Lincoln Memorial. To see Independence Day being so politicised was sad. For a president who has elevated “owning the libs” from a Twitter meme to a governing strategy, this was both part of the plan and a timely distraction from more damning events. Mr Trump has issued a series of bold foreign-policy pledges for his first term: including to improve America’s trade with China, deal with the nuclear threats of North Korea and Iran, wind down the war in Afghanistan, pacify the Middle East and restore order to America’s southern border. And it has become apparent, in a recent cascade of bad news for his dealmaking ambitions, that he has a diminishing chance of honouring any of them. Den Rest des Beitrags lesen »

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