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The IMF at 75: Reforming the global reserve system

Posted by hkarner - 20. April 2019

José Antonio Ocampo 08 April 2019, voxeu

Member of the Board of Directors of Banco de la República; Professor of Professional Practice in International and Public Affairs, Columbia University (on leave)

The 75th anniversary of the Bretton Woods agreement is a good time to rethink the role the institutions created at the time should play in today’s world. In the case of the IMF, there are four central issues to consider:

  1. the global reserve system (the way international liquidity is provided);
  2. managing the macroeconomic linkages among different economies, including the exchange rate system;
  3. balance-of-payments crisis prevention and resolution, including in the first case rules for capital account management; and
  4. improving governance of the international monetary system, to develop a more inclusive system and appropriate links between the IMF and regional and interregional monetary arrangements (i.e. the design of the Global Financial Safety Net). Den Rest des Beitrags lesen »

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In der Drei-Banken-Gruppe bahnt sich Streit an

Posted by hkarner - 20. April 2019

19. April 2019, 18:03 derstandard.at

Die Bank Austria beantragt eine Sonderprüfung aller Kapitalerhöhungen der Kärntner BKS Bank – BKS sieht „Angriff“ auf Regionalbank

Wien – Streit bahnt sich in der seit den 1950erjahren streng miteinander verflochtenen Drei-Banken-Gruppe (besteht aus kärntnerisch-steirischern BKS Bank, Bank für Tirol und Vorarlberg sowie Oberbank) an. Die Minderheitsaktionärin Bank Austria (BA) wird bei der Hauptversammlung der BKS am 8. Mai eine Sonderprüfung beantragen. Das erschließt sich aus der am Freitag veröffentlichten Ergänzung zur Tagesordnung für die Aktionärsversamlung.

Die BA will, dass alle Kapitalerhöhungen seit 1994 von einem externen Wirtschaftsprüfer auf ihre Rechtmäßigkeit hin untersucht werden. Die BA stellt die wechselseitige Teilnahme der Institute an den Kapitalerhöhungen in Frage. Unter anderem soll geprüft werden, ob Rückforderungsansprüche bestehen, ob einzelnen Aktionären ein Vorteil entstanden ist bzw. ob der Gesellschaft oder Aktionären Schaden entstanden ist, aus dem sich allenfalls ein Schadenersatz ableiten ließe. Den Rest des Beitrags lesen »

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The Church of Resentment

Posted by hkarner - 20. April 2019

Date: 19-04-2019
 Source: The Wall Street Journal By The Editorial Board

Some people hate the rich more than they love Paris’s cathedral.

Well, so much for unity amid disaster. Monday’s catastrophic fire at Notre Dame cathedral in Paris was barely out before a chorus of complaint began about the superrich families and large corporations that rushed to donate to the rebuilding effort.

Those extraordinary pledges now total about €850 million. Within 24 hours two of France’s richest men had promised a combined €300 million, and petro giant Total committed €100 million. Hundreds of millions of euros have poured in from L’Oreal , Apple , Disney and an array of companies, foundations and wealthy individuals.

Yet some French politicians are unhappy about this. Ingrid Levavasseur, a leader of the yellow-vest protest movement, complained about “the inertia of large companies in the face of social misery when they prove that in one night they can mobilize a crazy amount of money for Notre Dame.” Den Rest des Beitrags lesen »

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The EU’s voting system will help small parties less than they think

Posted by hkarner - 19. April 2019

Date: 18-04-2019
Source: The Economist
Subject: The EU’s voting system will help small parties less than they think

Despite proportional representation, the Remain vote could be fatally split

Britain is set to elect members of the European Parliament on May 23rd, something Theresa May had hoped to avoid. The prime minister is embarrassed to be holding an eu election two months after the country was supposed to have left the club. What’s more, she knows her Conservative Party is in for a drubbing.

The Tories and Labour face competition from a crowd of little parties, some established, others brand new, motivated by Europhobia or -philia. Nigel Farage has launched the Brexit Party to “start the fightback” against the Remainer establishment. Eleven fed-up Labour and Tory mps have formed an anti-Brexit party called Change uk. The Liberal Democrats and Greens are pushing a strong Remain message. Den Rest des Beitrags lesen »

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Es ist Zeit für einen grünen EU-Deal

Posted by hkarner - 19. April 2019

Michel Barnier

Michel Barnier is a former vice president of the European Commission and French Minister of Foreign Affairs. He is currently EU chief negotiator for Brexit.

BRÜSSEL – In vielen Hauptstädten der Welt ist ein „Green New Deal” zum Thema geworden. Die Idee, die kürzlich in den Vereinigten Staaten entstanden ist, ist angelehnt an das visionäre Programm zur wirtschaftlichen Erholung, das Präsident Franklin D. Roosevelt 1933 ins Leben rief. Aber Europa kann – und muss – es auch leisten.

Europa engagiert sich seit langem für die Umwelt und hat bereits 1972 sein erstes gemeinsames Programm eingeführt. Im Jahr 2005 hat die Europäische Union das erste Emissionshandelssystem eingeführt, das nach wie vor der größte Kohlenstoffmarkt der Welt ist. Und im Jahr 2015 übernahm die EU bei den Verhandlungen über das Pariser Klimaabkommen die Führung und verpflichtete sich, ihre eigenen Treibhausgasemissionen gegenüber 1990 um 40 Prozent zu senken. Den Rest des Beitrags lesen »

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Financing for Sustainable Development: Tackling Big Challenges

Posted by hkarner - 19. April 2019

By Chris Lane

Without adequate financing, the best intentions of the global community expressed in the Sustainable Development Goals (SDGs) will remain beyond reach.

Recent setbacks in financing for development should therefore focus policymakers’ attention on the need for decisive national strategies so these best intentions might be realized. Harnessing the necessary resources could be achieved through a combination of revenue mobilization, attracting private finance, and supporting financial sector development. Policy makers will need to engage in collective action and practice a new multilateralism in support of global goals.

A new UN study, prepared with significant contributions by the IMF, the World Bank Group, the World Trade Organization, the United Nations Development Program and other UN agencies, takes a deep dive into how countries and the international community are faring in mobilizing the needed financing. Den Rest des Beitrags lesen »

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Ivanka Trump’s Decline

Posted by hkarner - 19. April 2019

Date: 18-04-2019
Source: BBC
Subject: Ivanka Trump: I declined father’s suggestion of World Bank job

IIvanka Trump has confirmed she turned down the job of World Bank head when her father asked if she was interested.

Last week, President Donald Trump told The Atlantic he had asked her if she wanted the bank’s most senior role „because she’s very good with numbers“.

She has now said that when asked, she told him she was „happy with the work“ she’s doing as White House adviser.

Ms Trump was eventually involved in selecting the new World Bank president, US economist David Malpass.

The US has a longstanding, if informal, right to select the World Bank’s leader.

Speaking to the Associated Press news agency during a trip to Ivory Coast, Ms Trump said her father brought the job up with her as „a question“, but she refused the offer.

She added that Mr Malpass would do an „incredible job“.

Asked if the president had offered her any other prominent jobs, she said that she would „keep that between“ the two of them. Den Rest des Beitrags lesen »

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The Good Life After Work

Posted by hkarner - 18. April 2019

Robert Skidelsky, Professor Emeritus of Political Economy at Warwick University and a fellow of the British Academy in history and economics, is a member of the British House of Lords. The author of a three-volume biography of John Maynard Keynes, he began his political career in the Labour party, became the Conservative Party’s spokesman for Treasury affairs in the House of Lords, and was eventually forced out of the Conservative Party for his opposition to NATO’s intervention in Kosovo in 1999.

In order to manage the latest wave of automation, we must have ends that are more compelling than merely wanting more products and services. Without an intelligent definition of wellbeing, we will simply create more and more monsters that feed on our humanity.

LONDON – Almost all “robots are coming” stories follow a tried-and-true pattern. “Shop Direct puts 2,000 UK jobs at risk,” screams a typical headline. Then, quoting from authoritative reports from prestigious institutes and think tanks, the article in question usually alarms audiences with extravagant estimates of “jobs at risk” – that is, percentages of workers whose livelihoods are threatened by high-tech automation. To quote another representative example: “A new report suggests that the marriage of [artificial intelligence] and robotics could replace so many jobs that the era of mass employment could come to an end.”

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The Digital Revolution’s Silent Majority

Posted by hkarner - 18. April 2019

Edoardo Campanella

Edoardo Campanella is a Future of the World Fellow at the Center for the Governance of Change of IE University in Madrid.

An abiding mystery of the twenty-first-century economy is tepid productivity growth despite the emergence of cutting-edge technologies with the potential to disrupt entire industries. But there could be a simple explanation: the attention these technologies receive is wildly disproportionate to their scale and scope.

MILAN – Statistics can hold brutal truths. We are constantly told that innovation is occurring faster than ever, yet the data coming out of the so-called Fourth Industrial Revolution suggest that it is anything but revolutionary. Among advanced economies, productivity growth is the slowest it’s been in 50 years.

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Hohe Schuldenstände verhindern weitere Leitzins-Anhebungen

Posted by hkarner - 18. April 2019

Dank an H.G.

Deutsche Wirtschafts Nachrichten | Veröffentlicht: 16.04.19 17:14 Uhr
Die Notenbanken der westlichen Industriestaaten haben im ersten Quartal 2019 den
Zinserhöhungszyklus abgesagt. Die immens gestiegenen Schuldenstände bei Staaten, Haushalten
und Firmen machen höhere Zinsen unmöglich.

Der US-Großbank J.P. Morgan (JPM) zufolge hat die US-Zentralbank Federal Reserve die Phase der
Zinserhöhungen vorerst beendet. Der US-Leitzins liege derzeit zwischen 2,25 und 2,5 Prozent; angesichts der
aktuellen Inflation von 2 Prozent ergebe dies einen realen Leitzins nur knapp über der Nulllinie. In Europa habe
die EZB trotz fünfjähriger Wachstumsphase in der Eurozone gar nicht erst mit Zinserhöhungen begonnen und der
reale Leitzins ist mit minus 1 Prozent tief negativ.

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