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Archive for 3. Oktober 2019

A New Eurafrican Partnership

Posted by hkarner - 3. Oktober 2019

Ellen Johnson Sirleaf

Ellen Johnson Sirleaf, a Nobel Peace Prize laureate, is a former president of the Republic of Liberia.

Mo Ibrahim is Chair and Founder of the Mo Ibrahim Foundation.

Etienne Davignon is a former vice president of the European Commission, President of Friends of Europe, and Belgium’s minister of state.

To build a peaceful and prosperous future, African and European leaders must agree on a forward-looking strategy that addresses structural imbalances, harnesses the benefits of migration, and delivers tangible benefits to their citizens. Such a strategy should rest on four pillars.

ABUJA – Europe and Africa are inextricably linked by history, geography, and economic ties. Today, securing a peaceful and prosperous future on either continent requires cooperation by both – but not the donor-supplicant relationship that has defined “cooperation” in the past. Instead, leaders on both sides must build an equitable strategic relationship that benefits Europe as much as Africa, and Africa as much as Europe.

European leaders must now lay the foundations for such a relationship by agreeing on a forward-looking strategy that addresses structural imbalances, harnesses the benefits of migration, and delivers tangible benefits to their citizens, especially those who have been left behind or are particularly vulnerable to climate change. And they must commit to its long-term implementation.The pillars of such a strategy have already been identified. Since being convened last year by Friends of Europe, the Mo Ibrahim Foundation, and the ONE Campaign, the EU-Africa High-Level Group – of which we are all members – has been working to identify essential steps for making progress in core policy areas. Den Rest des Beitrags lesen »

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Visa, Mastercard, Others Reconsider Involvement in Facebook’s Libra Network

Posted by hkarner - 3. Oktober 2019

Date: 02-10-2019

Source: The Wall Street Journal

Executives of some of Libra’s backers decline Facebook’s requests to publicly support the project

Cracks are forming in the coalition Facebook Inc. assembled to build a global cryptocurrency-based payments network.

Visa Inc., Mastercard Inc. and other financial partners that signed on to help build and maintain the Libra payments network are reconsidering their involvement following backlash from U.S. and European government officials, according to people familiar with the matter. Wary of attracting regulatory scrutiny, executives of some of Libra’s backers have declined Facebook’s requests to publicly support the project, the people said.

Their reluctance has Facebook scrambling to keep Libra on track. Policy executives from Libra’s more than two dozen backers—a group called the Libra Association—have been summoned to a meeting in Washington, D.C., on Thursday, according to people familiar with the matter. Den Rest des Beitrags lesen »

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Informal payments cost governments hundreds of billions in revenue each year

Posted by hkarner - 3. Oktober 2019

Date: 02-10-2019
Source: The Economist

Encouraging electronic payments will help plug the gap

BENJAMIN FRANKLIN once declared: “Nothing is certain but death and taxes.” Scrub the taxes. Otherwise legal purchases of goods and services, which are deliberately concealed from public authorities, and on which taxes are not paid, make up perhaps one-third of the global economy. The largest under-the-table economies (relative to the above-board bits) are in sub-Saharan Africa and Central Asia. But nowhere is immune. Because of their opaque nature, it is hard to put an exact figure on shadow economies. Researchers arrive at estimates by conducting surveys of the public, or by spotting discrepancies in macroeconomic data, such as the difference between national income and national expenditures. A study in 2018 found that the shadow economy in the European Union amounts to 17% of official GDP.

Missing taxes mean less money to spend on health care, education and public safety. In many EU countries, the shadow economy is large enough to cover the annual budget deficit. Those losses probably cannot be recouped entirely: some tax-dodgers might quit rather than pay up. But how can they be limited? One way is to attack the payment instrument of choice: cash. Most informal transactions are made in cash because it is untraceable. Payments by bank transfer, debit card or credit card, however, are easier to track. One way, then, to shrink the shadow economy is to encourage electronic payments. Countries where card payments are more common tend to have smaller shadow economies (see chart). Den Rest des Beitrags lesen »

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Böse Erinnerung: US-Banken haben ein Cash-Problem

Posted by hkarner - 3. Oktober 2019

02.10.2019, Kurier.at

Die Zentralbank Fed muss US-Banken mit Milliardensummen versorgen, weil ihnen Mittel für das Tagesgeschäft fehlen

Es dürfte einer der merkwürdigsten Vorgänge in der jüngeren Finanzgeschichte sein: Obwohl amerikanische Banken noch immer in Zentralbankgeld schwimmen, scheint ihnen die Abwicklung alltäglicher Geschäfte Probleme zu bereiten. Das geht so weit, dass einer der wichtigsten Finanzmärkte der Welt, der US-Interbankenmarkt, nicht mehr ordnungsgemäß funktioniert.

Das Phänomen weckt schlimme Erinnerungen an die weltweite Finanzkrise vor gut einer Dekade. Der Interbanken- oder Geldmarkt ist eine Einrichtung, die der breiten Öffentlichkeit in aller Regel verborgen bleibt. Kein Wunder, handelt es sich doch um einen sehr speziellen Markt, auf dem sich Banken gegenseitig Finanzmittel für ihr tägliches Geschäft besorgen. Das funktioniert normalerweise absolut reibungslos.

Wie vor Ausbruch der Finanzkrise

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Johnson has run out of road. Other people’s outrage is all he’s got now

Posted by hkarner - 3. Oktober 2019

Date: 02-10-2019
Source: The Guardian Tom Kibasi

The prime minister must make a deal with the EU, request an extension, or resign. The rest is bluster

‘The true fight over any no-deal Brexit will take place in the coming general election.’ Boris Johnson at the Conservative party conference.

Boris Johnson is routinely dismissed as a liar for whom the truth is just another fling. So it is all the more perplexing that his bluster about a no-deal Brexit is taken seriously. The truth is that Johnson does not want a no-deal Brexit – and certainly not one that precedes a general election.

Let’s start with the genesis of no-deal Brexit. It was an exemplar of Theresa May’s politics: a tactic invented to force her will on parliament rather than to engage in the hard graft of consensus-building political leadership. It was also an embarrassingly misguided attempt to threaten the European Union. Den Rest des Beitrags lesen »

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