Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘ESM’

Juncker Seeks Greater Commission Control over Eurozone

Posted by hkarner - 6. Dezember 2017

Date: 06-12-2017
Source: DER SPIEGEL.
Subject: Ego Trip in Brussels

European Commission President Jean-Claude Juncker would like the EU executive to have more control over the Eurozone in the future. But member states aren’t eager to give up control.

Jean-Claude Juncker never lets others outshine him if he spots an opportunity to give the European project a boost. And that goes for friends and enemies alike.

Indeed, the European Commission president has now come up with a project that not only transgressions the mandate given him by the leaders of the European Union member states, but also pits him against all the Eurozone finance ministers as well.

Juncker was supposed to reach an agreement with finance ministers from the common currency area on proposals for deepening European integration he will present at the forthcoming EU summit later this month. Plans for greater EU integration are currently in vogue, a trend started by French President Emmanuel Macron, who presented his ideas for a better Europe two days after the German election in late September.

But instead of getting the finance ministers on board, Juncker has embarked on an ego trip. On Wednesday, the Commission is to present its plan without any input from the finance ministers whatsoever. The Eurogroup of 19 Eurozone finance ministers met in Brussels on Monday and on Tuesday it was the turn of Ecofin, which represents the EU finance ministers, but officially neither group was consulted on the Commission’s plans. Den Rest des Beitrags lesen »

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A Fiscal Union for the Eurozone

Posted by hkarner - 19. November 2017

Date: 18-11-2017
Source: www.foreignaffairs.com

The Only Way to Save the EU

By Pierpaolo Barbieri and Shahin Vallée

The German election is finally behind us. In spite of headlines about the rise of the extreme right, Chancellor Angela Merkel is headed for yet another term in power with pro-European partners. This means there is finally a window to discuss eurozone reform in earnest. But what is the goal? It is increasingly popular to argue that the creation of a budget for the eurozone is mere federalist utopia. Bruegel’s Andre Sapir, to name one, argue that Europe should pursue a more pragmatic solution. Their suggestion is to “complete the banking union” and transform the existing European Stability Mechanism (ESM) into a European Monetary Fund (EMF). Past and likely future German Finance Minister Wolfgang Schaüble seems to agree with them.

Such an EMF would exist to provide conditional crisis lending to sovereign nations in trouble, as the ESM does today. It would thus perpetuate our current system of asymmetrical adjustments decreed to bailout recipients who face no parliamentary accountability or scrutiny. It features men in dark suits who arrive with foreign reform dicta. It would also enshrine the deflationary bias of the current framework, in turn deepening the corrosive political dynamics of austerity. Den Rest des Beitrags lesen »

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The Eurozone’s Challenge: Don’t Waste the Recovery

Posted by hkarner - 17. Oktober 2017

Date: 16-10-2017
Source: The Wall Street Journal By Simon Nixon

The bloc’s robust recovery is an opportunity to strengthen its resilience to future shocks—but will governments grasp it?

French President Emmanuel Macron, and German Chancellor Angela Merkel have different priorities when it comes to reforming the eurozone’s architecture.

The International Monetary Fund had a clear message for economic policy makers gathered in Washington for its annual meetings last week: don’t waste a recovery. The global economy is enjoying a robust upswing, so governments should fix the roof while the sun is shining.

It was a message directed particularly at the eurozone. The strength of the currency bloc’s recovery has taken almost everyone by surprise, not least the IMF, which upgraded its forecast for eurozone growth in 2018 by 0.2 percentage point to 2.1% compared with its July forecast, putting it on a par with the U.S. This recovery is both broad-based, spanning all countries and sectors, and well-balanced—with household spending, exports and investment all playing their part. Den Rest des Beitrags lesen »

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A Fiscal Union for the Eurozone

Posted by hkarner - 28. September 2017

Date: 27-09-2017
Source: Foreign Affairs By Pierpaolo Barbieri and Shahin Vallée

The Only Way to Save the EU

The German election is finally behind us. In spite of headlines about the rise of the extreme right, Chancellor Angela Merkel is headed for yet another term in power with pro-European partners. This means there is finally a window to discuss eurozone reform in earnest. But what is the goal? It is increasingly popular to argue that the creation of a budget for the eurozone is, in the words of the Financial Times’ Martin Sandbu, mere “federalist utopia.” He and Bruegel’s Andre Sapir, to name a few, argue that Europe should pursue a more pragmatic solution. Their suggestion is to “complete the banking union” and transform the existing European Stability Mechanism (ESM) into a European Monetary Fund (EMF). Past and likely future German Finance Minister Wolfgang Schäuble seems to agree with them.

Such an EMF would exist to provide conditional crisis lending to sovereign nations in trouble, as the ESM does today. It would thus perpetuate our current system of asymmetrical adjustments decreed to bailout recipients who face no parliamentary accountability or scrutiny. It features men in dark suits who arrive with foreign reform dicta. It would also enshrine the deflationary bias of the current framework, in turn deepening the corrosive political dynamics of austerity. Den Rest des Beitrags lesen »

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Merkel will europäischen Währungsfonds

Posted by hkarner - 29. August 2017

29. August 2017, 12:33 derstandard.at

Der Eurorettungsfonds soll weiterentwickelt werden. Auch ein gemeinsamer Finanzminister ist für die deutsche Kanzlerin vorstellbar

Berlin – Deutschlands Kanzlerin Angela Merkel unterstützt den Vorstoß von Finanzminister Wolfgang Schäuble, den Eurorettungsfonds ESM zu einem umfassenderen europäischen Währungsfonds auszubauen. Sie finde den Vorschlag, den ESM weiterzuentwickeln, sehr gut, sagte sie am Dienstag bei ihrer Sommerpressekonferenz. Damit könne Europa zeigen, dass es alle Mechanismen im Portfolio habe, um auf alle Situationen reagieren zu können, so Merkel. Vor allem brauche es aber mehr wirtschaftliche Kohärenz der Euroländer.

Eurofinanzminister nicht ausgeschlossen

Merkel schloss nicht aus, sich der französischen Idee eines gemeinsamen Eurofinanzministers anzuschließen. Darüber müsse aber noch gesprochen werden. „Ich könnte mir auch einen Wirtschafts- und Finanzminister vorstellen“, sagte sie mit Blick auf eine besser abgestimmte Budget- und Wirtschaftspolitik. Sie habe sich außerdem schon sehr früh für ein Eurozonenbudget eingesetzt. Der ESM könne dafür ein Ansatz sein. (APA, Reuters, 29.8.2017) – derstandard.at/2000063297679/Merkel-will-Europaeischen-Waehrungsfonds

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Macrons Krisenfonds: Risiko des „Moral Hazard“

Posted by hkarner - 21. Juli 2017

Roland Vaubel, 20. Juli 2017, Ökonomenstimme

Der französische Präsident Emmanuel Macron hat einen europäischen Krisenfonds vorgeschlagen, der den existierenden „Europäischen Stabilitätsmechanismus“ ergänzen soll. Dieser Beitrag kritisiert u.a., dass damit die relativ kreditwürdigen Länder den nicht so kreditwürdigen Mitgliedern Versicherungsschutz gegen wirtschaftliche Krisen bieten und damit die Anreize für „gute“ Wirtschaftspolitik sinken würden.

Der von Präsident Macron für die Eurozone vorgeschlagene Fonds zur Krisenintervention soll Euroländern, die zum Beispiel in eine Rezession geraten, zinsgünstige Kredite geben. Zu zahlen wäre der durchschnittliche Zins, den die Euroländer am Kapitalmarkt aufbringen müssen. Der Fonds würde daher nur von den weniger kreditwürdigen Ländern in Anspruch genommen, die am Markt einen überdurchschnittlichen Zins zahlen müssten. Dabei hängt die Kreditwürdigkeit weniger von der vorübergehenden Konjunkturlage als vom Umfang der bereits bestehenden Staatsverschuldung (relativ zum Bruttosozialprodukt) und von der Vertrauenswürdigkeit der politischen Institutionen ab.

Verwässerung der Zugangsbedingungen Den Rest des Beitrags lesen »

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Vive l’Euro?

Posted by hkarner - 2. Juni 2017

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Macron Marches Into the Breach of EU Overhaul

Posted by hkarner - 16. Mai 2017

Date: 15-05-2017
Source: The Wall Street Journal By Simon Nixon

Arguably his boldest idea would establish a eurozone budget overseen by a eurozone finance minister

The symbolism could hardly be clearer: Emmanuel Macron will spend his first full day as president of France in Berlin visiting German Chancellor Angela Merkel.

The man who campaigned as an ardent pro-European, who greeted the crowds at his victory rally to the strains of the European Union anthem, and who pledged at his inauguration on Sunday to “reform and relaunch the EU” is signaling that this work starts immediately.

Yet Mr. Macron may find the challenge of overhauling the EU even more daunting than reforming France. Den Rest des Beitrags lesen »

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„Die Märkte könnten den Euro in 48 Stunden zerstören“

Posted by hkarner - 5. Mai 2017

Date: 05-05-2017
Source: SPIEGEL
Subject: Möglicher Wahlsieg Le Pens

„Die Märkte könnten den Euro in 48 Stunden zerstören“

Gewinnt Marine Le Pen am Sonntag die Präsidentschaftswahl, droht Europa die wirtschaftliche Kernschmelze: Investoren würden aus Frankreich und Südeuropa fliehen, warnt der Ökonom Henrik Enderlein.

Wie geht es weiter mit Frankreich, Deutschland und Europa? Im November 2014 stellte der damalige französische Wirtschaftsminister Emmanuel Macron gemeinsam mit seinem deutschen Amtskollegen Sigmar Gabriel (SPD) bei Paris ein Strategiepapier vor, das eine Antwort auf diese Frage geben sollte.

Es skizzierte ehrgeizige Wirtschaftsreformen für Frankreich, aber auch für Deutschland. Vieles daraus hat der Präsidentschaftskandidat Macron inzwischen in sein Wahlprogramm übernommen. Bilder von damals zeigen Gabriel und Macron in freundschaftlicher Pose, flankiert von zwei Wirtschaftsexperten, die das Papier geschrieben hatten. Den Rest des Beitrags lesen »

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That sinking feeling

Posted by hkarner - 25. März 2017

Date: 23-03-2017
Source: The Economist

Members agree that the single currency needs more integration, But they disagree over how

MANY BRITISH TORY Eurosceptics trace their beliefs back to the 1992 Maastricht treaty which agreed to create a single currency. To them, Maastricht represented a Franco-German stitch-up. The French president, François Mitterrand, accepted German unification, and in exchange the German chancellor, Helmut Kohl, agreed to give up the D-mark for the euro.

In fact money was crucial from the very start of the European project. In the 1950s Jacques Rueff, a leading French economist, declared that “Europe will be made through a currency, or it will not be made.” After the break-up of the Bretton Woods international monetary system in 1971, European countries made many attempts, usually in vain, to ensure currency stability through such arrangements as the “snake”, the European monetary system and the exchange-rate mechanism.

A move to a single European currency may have seemed a logical extension of such efforts, yet it was far more momentous. However fixed an exchange-rate arrangement pretends to be, it can be altered at any time. Indeed, that is what happened repeatedly in the 1980s and 1990s. The point of the single currency was to put an end to such disruption. By launching the euro in 1999 and replacing national notes and coins in 2002, the EU was not just underpinning the single European market, its most successful project. It was also taking a giant leap towards deeper political and economic integration.

The design of the euro suffered from two big defects that still haunt the single currency Den Rest des Beitrags lesen »

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