Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Dervis’

Which Way Now for the EU?

Posted by hkarner - 29. Juli 2019

Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is Senior Fellow at the Brookings Institution.

Calls for Europe to strengthen its “strategic sovereignty” often imply that a more integrated European Union should become the third pillar of a “G3” world alongside the United States and China. But if the EU tries to become a pure power player in a transactional game of realpolitik, Europe’s soft power will weaken.

WASHINGTON, DC – With the main European Union institutions preparing for a change of leadership this autumn, now is a good time to reflect on the EU’s priorities for the coming years.

The EU’s new top team is all but confirmed. Ursula von der Leyen, the former German defense minister, will be the next president of the European Commission, while Christine Lagarde, the outgoing managing director of the International Monetary Fund, will take over at the European Central Bank. Belgian Prime Minister Charles Michel will be the next president of the European Council, and Spanish Foreign Minister Josep Borrell is poised to become the EU’s new High Representative of the Union for Foreign Affairs and Security Policy.Several commentators say the EU’s new leaders should seek to strengthen Europe’s “” through greater pooling of member states’ resources and much closer policy coordination. This is certainly much needed, not least on . Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

The Center Left and Globalization

Posted by hkarner - 31. Dezember 2018

Caroline Conroy is a senior research analyst at the Brookings Institution.

After promising to reform both France and the European Union, President Emmanuel Macron is now struggling to reclaim the public’s confidence and prove that he is not the „President of the Rich.“ By pursuing a business-friendly reform agenda, Macron has fallen into a trap that center-left reformers everywhere seem incapable of avoiding.

WASHINGTON, DC – Popular uprisings across France are to shatter the hope that so many had placed in French President Emmanuel Macron after his election in May 2017. With his party, La République En Marche !, having secured an absolute parliamentary majority, Macron promised to pursue difficult reforms not just in France, but also within the European Union. But now he is facing the biggest crisis of his presidency.

Revitalization of the EU has long depended on a strong French leader capable of overhauling the country’s economy. Before the proposed fuel tax that brought the Yellow Vests into the streets last month, Macron had managed to overcome opposition to a series of labor-market reforms. Though politically difficult, the reforms were necessary to bring the budget deficit below 3% of GDP, in accordance with EU rules, and modernize France’s generous social-security system in the face of disruptive new technologies. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , , | Leave a Comment »

A Fragmented Multilateralism?

Posted by hkarner - 12. September 2018

Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is Senior Fellow at the Brookings Institution.++++

With multilateral frameworks under attack, a new system in which country groupings – based on, say, geography or worldview – would formulate their own sets of rules may seem like a viable alternative. But the trend toward increasingly close economic and even social interdependence demands global rules and standards.

WASHINGTON, DC – Amid ongoing attacks by US President Donald Trump, the battle for the future of multilateralism has commenced. Previous demands for pragmatic reforms have escalated into pressure for the wholesale transformation – or even total destruction – of the global framework of multilateral institutions. Trump seems to prefer a “system” in which bilateral deals replace the multilateral rules-based order. As the US is still the world’s most advanced (and one of the largest in terms of market prices) economy in the world, he believes America can get the best “deal” by negotiating alone, unbound by international rules – a view that extends to military affairs.

Although multilateralism had made substantial progress since the end of the Second World War, there was a need for continuous reform, owing to changes in the structure of the world economy. By the late 1990s, emerging-market economies had grown in size and market share, overtaking the “Quad” (the US, Canada, the European Union, and Japan), which had dominated the General Agreement on Tariffs and Trade and the GATT’s successor, the World Trade Organization. A similar change in “economic weight” affected the International Monetary Fund and the World Bank. At the heart of this change was the spectacular growth of China Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , | Leave a Comment »

Can Multilateralism Survive?

Posted by hkarner - 23. Juli 2018

Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is Senior Fellow at the Brookings Institution.

In today’s deeply interconnected world, we need rules and institutions to govern markets and economic activity more than ever. Yet multilateralism is under increasing strain, and the lack of a clear and consistent means for assessing changing global power dynamics is not helping.

WASHINGTON, DC – It is often said that the unipolar world order, dominated by the United States, that emerged at the end of the Cold War has lately shifted to a “multipolar” arrangement, owing to the growing geopolitical “weight” of countries such as China, as well as many emerging economies. But the actual metrics by which we weigh global powers are typically discussed in only vague terms, if at all.

There is no agreed scale with which to measure a country’s international weight relative to others. For example, the International Monetary Fund and the World Bank use economic metrics, such as GDP and trade volumes, that are not standardized across other institutions. The United Nations does not even use the same metrics across all of its agencies: in the General Assembly, every country is weighted equally, and there are no veto rights; in the Security Council, the five permanent members (China, France, Russia, the United Kingdom, and the US) have veto rights. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , | Leave a Comment »

Macron’s Internationalism and the New Politics

Posted by hkarner - 12. Mai 2018

Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is Senior Fellow at the Brookings Institution.

French President Emmanuel Macron initially described his new political movement as being “neither on the right nor on the left,” and now says that it is “on both the right and the left.” But he won’t be able to fudge it indefinitely: sooner or later, he will have to pick a side with which to ally.

WASHINGTON, DC – French President Emmanuel Macron’s state visit to the United States last month was a study in contrasts. Despite the friendly dynamic, Macron’s agenda and rhetoric were almost diametrically opposed to US President Donald Trump’s. But Macron’s leadership is subject to an even more fundamental challenge; how he manages it could point the way forward for liberal-democratic politics.

Addressing the US Congress in English, Macron articulated a staunchly internationalist worldview, calling for stronger international institutions, a recommitment to the rules-based system of international trade, and a general embrace of globalization. With regard to Iran, he reiterated the need to preserve the 2015 nuclear deal, from which Trump has just withdrawn, though he did call for complementary agreements on topics that the existing agreement does not address.

Macron has also signaled that he will pursue a pan-European campaign for the 2019 European Parliament election. As a democrat, he believes that the deepening of the European Union must go hand in hand with the development of a truly European political space. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

Is Another Debt Crisis On the Way?

Posted by hkarner - 19. Dezember 2017

Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is Senior Fellow at the Brookings Institution.

The world does not seem to face much risk in the short term. But in the medium to long term, rising income inequality, exacerbated by the mismatch between skills and jobs in the digital age, will become a significant impediment to growth, unless policymakers implement a wide array of difficult structural reforms.

WASHINGTON, DC – Economic growth is accelerating across most of the world. Yet the world’s total gross debt-to-GDP ratio has reached nearly 250%, up from 210% before the global economic crisis nearly a decade ago, despite post-crisis efforts by regulators in many important economies to drive the banking sector to deleverage. This has raised doubts about the sustainability of the recovery, with some arguing that a rise in interest rates could trigger another global crisis. But how likely is that to happen?

To answer this question, one must recall that debt is both a liability and an asset. In a closed economy – and we don’t owe anything to non-Earthlings – overall debt and the corresponding assets necessarily cancel each other out. So what really matters is the composition of debts and liabilities – or, to put it simply, who owes what to whom. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , | Leave a Comment »

Democracy Beyond the Nation-State

Posted by hkarner - 15. November 2017

Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is Senior Fellow at the Brookings Institution.

According to the Harvard economist Dani Rodrik, it is impossible to have full national sovereignty, democracy, and globalization simultaneously. The concept of a “political trilemma of the world economy” is useful, but it becomes less binding when one takes into account levels of government above and especially below the nation-state.

WASHINGTON, DC – According to the Harvard economist Dani Rodrik, it is impossible to have full national sovereignty, democracy, and globalization simultaneously. The concept of a “political trilemma of the world economy,” which Javier Solana also recently explored, is useful, but incomplete.

Den Rest des Beitrags lesen »

Posted in Artikel, Books | Verschlagwortet mit: , , , | Leave a Comment »

Three Ways Ahead for the Eurozone

Posted by hkarner - 7. Oktober 2017

Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is a vice president of the Brookings Institution.

With German Chancellor Angela Merkel still forming her new coalition government, it is impossible to say for certain what approach to integration Europe will take in the coming years. But reform of the EU and the eurozone will almost certainly not follow the highly ambitious path favored by European Commission President Jean-Claude Juncker.

WASHINGTON, DC – After a tumultuous year, politics seem to be stabilizing across Europe. Though the far-right Alternative für Deutschland (AfD) gained almost 13% of the vote in Germany’s recent federal election, it does not pose a serious threat to Chancellor Angela Merkel’s leadership. In France – the other pillar of the European project – President Emmanuel Macron can count on a solid parliamentary majority. And, despite the uncertainty surrounding the details of Brexit, there is little doubt that, whatever plans the European Union makes, it will be doing so without the United Kingdom as a member. 

Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , | Leave a Comment »

Tackling Migration at the Source

Posted by hkarner - 13. September 2017

Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is a vice president of the Brookings Institution.

For advanced economies, immigration is a contentious topic, with countries struggling to settle on policies that will enable them to reap the benefits of immigration, without incurring excessive costs. But, rather than focusing on their own borders, they should be looking to mitigate migration pressures in source countries.
WASHINGTON, DC – For citizens of poor countries, migration often is a highly appealing option. The journey to a new country is often perilous, but it promises far greater economic opportunity: average per capita incomes in advanced economies can be more than 50 times higher (in terms of purchasing power parity) than those in the developing world. In many cases, migrants’ physical security improves as well. Yet, for recipient countries, immigration remains a contentious topic, with governments struggling to settle on policies that will enable their economies to reap the benefits and avoid incurring excessive costs.

Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

Can Macron Redraw the Political Map?

Posted by hkarner - 8. Juni 2017

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »