Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Euro’

Globalism’s Great French Hope

Posted by hkarner - 22. Juni 2017

Date: 21-06-2017
Source: The Wall Street Journal by Greg Ip

French president Emmanuel Macron has exposed a hole in the nationalist agenda,

For global elites left dispirited by Britain’s vote to leave the European Union and Donald Trump’s presidency?, France has provided a shot of adrenaline. Emmanuel Macron won the presidency last month on a proudly pro-European platform, and Sunday, French voters gave him a solid legislative majority.

It is premature to say the nationalist wave has crested. But after establishment victories in the Netherlands and Austria and a setback to Brexit champion Theresa May, it appears globalism—whether the European Union specifically or open borders more generally—is not as politically poisonous as feared.

Still, the message of the last few months is not that voters are in love with globalism again: Turnout in the French elections was historically low. Rather, it’s that nationalists have been far better at spurring anger at the status quo than offering a coherent replacement, as Britain’s Brexit confusion and Mr. Trump’s stalled agenda demonstrate. The public unhappiness that fueled their rise remains, although it increasingly is being felt on the left, not just the right. Den Rest des Beitrags lesen »

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Merkel Signals Openness to Eurozone Reforms

Posted by hkarner - 21. Juni 2017

Date: 20-06-2017
Source: The Wall Street Journal

German chancellor says she could envision supporting French proposal for common finance minister and budget

BERLIN—German Chancellor Angela Merkel for the first time sketched out the outlines of a bargain with France on fixing the governance of Europe’s single currency, in the clearest sign yet that the two biggest eurozone countries are inching closer toward reconciling sharply different views on the matter.

Germany could support two central French demands—the appointment of a eurozone finance minister and the creation of a common budget—if some conditions were met, Ms. Merkel told business leaders in Berlin on Tuesday.

“We can of course think about a eurozone budget as long as it’s clear that this is really strengthening structures and achieving sensible results,” she said.

In a striking softening of previous language opposing money transfers and joint liabilities among member states, Ms. Merkel said “we could think about a common finance minister…if we aren’t pooling liabilities in the wrong place.” Den Rest des Beitrags lesen »

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Mehr Pragmatismus, weniger Dogmatismus auf dem Weg zur Vollendung der Wirtschafts- und Währungsunion

Posted by hkarner - 16. Juni 2017

Atanas Pekanov und Margit Schratzenstaller, 16. Juni 2017, oekonomenstimme.de

Die Europäische Kommission hat kürzlich ein Reflexionspapier zur Vertiefung der Europäischen Wirtschafts- und Währungsunion (WWU) veröffentlicht. Die darin gemachten Vorschläge würden in die richtige Richtung gehen, reichen aber noch nicht aus, wie dieser Beitrag zeigt.

Das Ende Mai 2017 erschienene Reflexionspapier der Europäischen Kommission zur Vertiefung der Europäischen Wirtschafts- und Währungsunion (WWU) (European Commission 2017) erkennt klar die Notwendigkeit weiterer Reformen und einer Vertiefung der Integration an, um die WWU zu stärken und krisenfester zu machen.[ 1 ] Es wurde in den letzten Jahren oft darauf hingewiesen, dass eine unvollständige Union mit einer gemeinsamen Geldpolitik, aber ohne gemeinsame Fiskalpolitik, in der große Heterogenität zwischen den Ländern besteht, langfristig in Schwierigkeiten geraten kann, besonders in Zeiten, in denen sich die Unterschiede und Ungleichgewichte zwischen den Regionen verstärken. Schon der vor zwei Jahren veröffentlichte so genannte Fünf-Präsidenten-Bericht (European Commission 2015) ging davon aus, dass die Vollendung der WWU eine vertiefte Integration in vielen Wirtschaftsbereichen benötigen werde, obwohl die weitere fiskalische Integration in Europa viele Gegner hat. Den Rest des Beitrags lesen »

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The Eurozone Must Reform or Die

Posted by hkarner - 15. Juni 2017

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ECB Drops Reference to Future Interest-Rate Cut

Posted by hkarner - 9. Juni 2017

Date: 08-06-2017
Source: The Wall Street Journal

The move suggests confidence the eurozone’s recovery is strong enough to lift inflation

ECB President Mario Draghi.

The European Central Bank removed a reference to the possibility of it lowering
interest rates in its regular monetary policy statement on Thursday.

The move suggests some confidence the eurozone’s recovery is strong enough to lift inflation closer to the central bank’s medium-term target of just below 2%.

The ECB left its key interest rates unchanged Thursday.

“The Governing Council expects the key ECB interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases,” the central bank said. Den Rest des Beitrags lesen »

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Europe must seize the chance to fix the euro

Posted by hkarner - 4. Juni 2017

Date: 01-06-2017
Source: The Economist: Charlemagne

An improving economy and Emmanuel Macron’s election are an opportunity that may not come twice

PICK a note, any note. The bills of Europe’s single currency are adorned with handsome bridges, arches, vaults and aqueducts, testament to the glorious architectural history of the old continent. True, the constructions are a little lacking in character; the notes’ designers were told to depict generic examples rather than specific structures to avoid offending countries whose splendours might be overlooked. But they speak of strength, sturdiness and the confidence of what some used to believe might be the world’s next reserve currency.

The euro itself, though, remains a wobbly, half-built enterprise, desperately unprepared for the next shock. When Europe caught America’s flu after 2008, bond markets picked off the euro’s weakest members one by one. Greece, Portugal, Ireland and Spain were forced into bail-outs. Italy, the euro’s third largest economy, tottered. Emergency funds were created, the European Central Bank implied it would create unlimited quantities of cash if needed, and the euro limped on. Today, growth is picking up and unemployment falling. But no one believes that the euro, which lacks the political and fiscal institutions typical of a currency area, can remain half-built forever. Investors are uncertain of its future, and governments have piled on debt since the last crisis, shrinking the space available to respond to the next one. Den Rest des Beitrags lesen »

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The Eurozone’s Hidden Strength

Posted by hkarner - 3. Juni 2017

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Vive l’Euro?

Posted by hkarner - 2. Juni 2017

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Eurozone Manufacturing Adds Jobs at Fastest Pace in 20 Years

Posted by hkarner - 25. Mai 2017

Date: 24-05-2017
Source: The Wall Street Journal

German business sentiment also improves, reflecting a ‘euphoric’ mood

The latest PMI figures are the first to cover the period since Emmanuel Macron, above, was elected president of France on May 7, defeating the anti-euro Marine Le Pen.

The eurozone’s economic recovery maintained its recent, stronger momentum in May as the currency area’s manufacturing sector added jobs at the fastest pace in 20 years while German businesses were more optimistic than at any time since 1991.

Data firm IHS Markit said its composite Purchasing Managers Index for the eurozone, based on a survey of 5,000 companies, was unchanged at 56.8 in May, remaining at a six-year high. A reading above 50.0 signals an increase in activity, while a reading below signals a decline. Economists had expected the measure to fall very slightly. Den Rest des Beitrags lesen »

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Can Emmanuel Macron revive the Franco-German relationship?

Posted by hkarner - 13. Mai 2017

Date: 11-05-2017
Source: The Economist

Getting Europe back to speed will be no easy task

LIKE all the best clichés, the notion that the European Union is driven by a Franco-German “locomotive” is grounded in truth. From the founding of the European Coal and Steel Community to the creation of the euro, almost all the signature projects of post-war Europe have emerged from Paris and Berlin. The compromises forged between two former foes with competing political and economic visions have proved powerful enough to bring much of the rest of the continent along with them. Lately, though, the French part of the engine has run out of steam, and the European train has been idling. Can Emmanuel Macron, the young reformer who won France’s presidency wrapped in the EU flag, shunt it back on to the rails?

The grandest of Mr Macron’s many ideas involve fixing what he calls the “half-pregnancy” of Europe’s single currency. He wants intra-euro-zone transfers and investment, funded from a common budget and administered by fresh institutions like a finance ministry and parliament. But Germany has long looked askance at such gouvernement économique. As the two countries’ economic performance has diverged, it has become ever harder for French ideas to find an audience in Berlin. In 2012 Mr Macron’s newly minted predecessor (and former boss), François Hollande, took his anti-austerity campaign pledge to Angela Merkel and returned to Paris with a flea in his ear. Soon enough he was executing endless U-turns. He leaves office on May 14th with historically low approval ratings, an example of what not to do. Den Rest des Beitrags lesen »

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