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Archive for 12. Juli 2019

Does the G20 Still Matter?

Posted by hkarner - 12. Juli 2019

Jim O’Neill, a former chairman of Goldman Sachs Asset Management and a former UK Treasury Minister, is Chair of Chatham House.

The first few gatherings of the G20, at the height of the global financial crisis, yielded concrete results, and seemed to promise an auspicious future for global governance. But in the years since, the group has increasingly replaced action with empty talk, piling ever more goals on top of the unmet objectives of summits past.

LONDON – When the G20 leaders held their first summit in late 2008, many welcomed what looked like a diverse, highly representative new forum for crafting common solutions to global problems. The group acquitted itself well in responding to the global financial crisis, and, for a while, its emergence as a forum for international policy coordination seemed like one of the only silver linings of that mess.

I was certainly among those applauding the G20’s initial achievements. Since 2001, when I identified the rise of the BRIC countries (Brazil, Russia, India, and China) as a key feature of the twenty-first-century world economy, I had been a major overhaul of global-governance structures. As I argued at the time, the continued dominance of the G7 (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) was increasingly with the complex world of the early 2000s. Den Rest des Beitrags lesen »

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The Art of Wait and See

Posted by hkarner - 12. Juli 2019

Keyu Jin, Professor of Economics at the London School of Economics, is a World Economic Forum Young Global Leader

Following yet another „truce“ between US President Donald Trump and Chinese President Xi Jinping, Sino-American negotiations over trade, technology, and related issues appear to be back on. But those hoping for a respite in the escalating rivalry should not hold their breath.

BEIJING – Those now hoping for an eventual trade deal between China and the United States should not hold their breath. Contrary to what US President Donald Trump seems to think, the Chinese have not reached their wits’ end, and will not suddenly accede to his demands.

A successful negotiation usually requires that each side understand the other’s perspective. One can question the wisdom of China’s approach to the dispute thus far, but without a deeper apprehension of the country’s short- and long-term thinking, little progress will be made.Trump’s supporters insist that he should be taken seriously, not literally. Chinese leaders seem to agree. They have shrugged off the Trump administration’s excessive and unreasonable demands, but harbor little doubts about its intent: to keep China down. Den Rest des Beitrags lesen »

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ECB Officials Signal Intention to Launch Fresh Stimulus

Posted by hkarner - 12. Juli 2019

Date: 11-07-2019
Source: The Wall Street Journal

Minutes for June meeting suggest ECB could cut interest rates or restart its $2.92 trillion bond-buying program

ECB President Mario Draghi had disappointed investors by suggesting the eurozone economy would need to soften further before the bank would act.

FRANKFURT—Top European Central Bank officials signaled at their June policy meeting that they will consider injecting fresh stimulus into the eurozone economy soon in light of weak inflation data and mounting global uncertainties.

ECB policy makers are preparing to act to support the region’s export-focused economy by cutting the bank’s key interest rate, currently set at minus 0.4%, or restarting its €2.6 trillion ($2.92 trillion) bond-buying program, according to the minutes of the policy meeting published Thursday.

“There was broad agreement that, in the light of the heightened uncertainty, which was likely to extend further into the future, the governing council needed to be ready and prepared to ease the monetary-policy stance further by adjusting all of its instruments,” the minutes said. Measures to be considered included rate cuts and fresh bond purchases, the notes said. Den Rest des Beitrags lesen »

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