Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Europe’

Finding Europe’s Way in the World

Posted by hkarner - 23. Januar 2020

Sigmar Gabriel

Sigmar Gabriel, former Vice Chancellor and Foreign Minister of Germany, is Chairman of Atlantik-Brücke.

Michael HütherMichael Hüther, Director and Member of the Presidium of the German Economic Institute, is a vice chairman of Atlantik-Brücke.

For historical reasons, Europe has long resided in the strategic shadow of the United States, which itself has underwritten decades of globalization and rapidly expanding prosperity. But the global balance of power is rapidly shifting, leaving Europe increasingly exposed.

BERLIN – The European Union, and particularly Germany, have yet to rise to the challenge posed by the United States’ retreat from global leadership. But, given the new competition from China, together with Russia’s renewed great-power aspirations, Western countries must find a way to cooperate more closely. 

To that end, five issues seem vital. The first is Germany’s relationship with the US, which is now under severe stress. The elephant in the room is Germany’s failure to increase its annual defense spending to 2% of GDP, as agreed at the 2014 NATO summit in Wales. For obvious historical reasons, Germany is hesitant to become Europe’s de facto military power. Were it to meet its spending commitment, it would be allocating €80 billion ($89 billion) per year to the Bundeswehr, which is €46 billion more than what France spends. Den Rest des Beitrags lesen »

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Wer zahlt für den grünen Deal?

Posted by hkarner - 23. Januar 2020

Hans-Werner Sinn, Professor of Economics at the University of Munich, was President of the Ifo Institute for Economic Research and serves on the German economy ministry’s Advisory Council. He is the author, most recently, of The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs.

MÜNCHEN – Die EU-Kommission hat Großes vor. Sie will ein eine Billion Euro schweres Klimapaket schnüren, das den Weg in eine kohlenstofffreie Wirtschaft bis zum Jahr 2050 eröffnet. Die Summe soll freilich vor allem durch finanzielle Hebelwirkungen zustande kommen. Das echte Geld, das die EU für diese Zwecke bereit stellt, beträgt im Jahr 2020 nur etwa 40 Mrd. Euro, und davon war der Löwenanteil auch schon vorher eingeplant.  Neu sind wohl nur 7,5 Mrd. Euro. 

Wie schon bei dem erstmals im Jahr 2015 aufgelegten Juncker-Fonds besteht der Trick auch dieses Mal darin, dass der Löwenanteil der genannten Summe über einen Schattenhaushalt aufgebracht wird, den die Europäische Investitionsbank verwalten soll. Die EU-Kommission selbst darf zwar keine Schulden aufnehmen, doch die intergouvernementalen Rettungs- und Investitionsfonds der EU dürfen es. Ähnlich wie die großen Banken die Regulierung vor der Finanzkrise umgangen hatten, indem sie einen Teil ihres Geschäft in in außerbilanzielle Conduits und Zweckgesellschaften verlagerten, verhält sich auch die EU.

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Trade Tensions With Europe Flare as Trump Flexes Economic Muscle

Posted by hkarner - 23. Januar 2020

Date: 22‑01‑2020

Source: The Wall Street Journal

President says he will impose new tariffs on European car imports if EU doesn’t agree to a new trade pact

President Trump talked Tuesday to reporters at the World Economic Forum in Davos, Switzerland. He threatened European allies with new tariffs.

DAVOS, Switzerland—Fresh threats by the U.S. to place tariffs on some of its closest allies—just days after reaching an initial trade deal with China—show that economic pressure remains President Trump’s weapon of choice in international disputes.

Even as he lauded the phase‑one deal the U.S. signed with China last week, Mr. Trump on Tuesday threatened another trade fight with Europe. Mr. Trump, in an interview on the sidelines of the World Economic Forum, said he would impose new tariffs on European car imports if the European Union didn’t agree to a new trade agreement.

Hours earlier, U.S. Treasury Secretary Steven Mnuchin  warned that Italy and Britain would face U.S. levies if they proceeded with a tax on American digital giants such as Alphabet Inc.’s Google and Facebook Inc Den Rest des Beitrags lesen »

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Make no mistake: Poland and Hungary aren’t the only EU states abusing the law

Posted by hkarner - 23. Januar 2020

Date: 22‑01‑2020

Source: The Guardian by Agata Gostynska‑Jakubowska

Countries from Britain to Greece are guilty of democratic backsliding. And that threatens the integrity of the EU itself

‘It has been 10 months since the European People’s party said it would consider the fate of Hungary’s ruling party, Fidesz’, led by Viktor Orbán.

Mention concerns about the rule of law in certain EU countries, and people, even EU officials, automatically assume you are referring to Hungary and Poland. Without doubt, the state of democracy in both countries is worrying. Buoyed by strong electoral mandates, their populist governing parties are interfering with the independence of the judiciary and increasing state control of other institutions, including the media. But an equally worrying trend is less talked about. The decline in respect for the rule of law is happening elsewhere in the EU – indeed, it is an EU‑wide issue and it has the potential to undermine the functioning of the entire bloc.

The World Bank’s governance indicators show a deterioration in Bulgaria, France, Italy and Greece

Make no mistake, the European commission is justified in responding to developments in Warsaw and Budapest. Efforts there to undermine liberal democracy have been flagrant. The EU has responded by launching the so‑called article 7 procedure, sometimes referred to as the nuclear option, as it can ultimately lead to a country being stripped of its voting rights. It has also pursued legal cases against the two states at the European court of justice. Den Rest des Beitrags lesen »

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What’s Behind the EU’s Decline

Posted by hkarner - 21. Januar 2020

Date: 20‑01‑2020

Source: The Wall Street Journal

Losing Britain is only part of the reason Europe faces major challenges ahead

Prime Minister Boris Johnson is leading Britain out of the EU.

At the end of this month, the European Union will shrink for the first time in its history. It will lose its second‑largest economy and almost an eighth of its population.

One of its two most capable military powers will depart the bloc and with it a voice that has traditionally supported a strong role for markets in the European economy, resisted protectionism and looked to expand the bloc to new countries.

Britain’s last day in the EU on Jan. 31 “will be a tough and emotional day,” European Commission President Ursula von der Leyen said in a speech in London this month. She added, “Brexit will not resolve any of the existing challenges either for the European Union or the U.K.”

While Brexit will allow Britain to plow a different furrow from the EU in ways that many in the U.K. view as advantageous, for others, splitting the bloc can only accelerate Europe’s declining geopolitical relevance.

Some of that decline is inevitable: In the 21st century, size does matter. Mrs. von der Leyen pointed out that in 1950, three of the 10 most populous countries in the world were in Europe: Germany, Italy and the U.K. Now, only one—Germany—is in the top 20.

Britain’s departure is also happening as an earthquake is shaking the international order. A period of global U.S. dominance in which a large majority of governments by and large followed rules laid down by U.S.‑led international institutions such as the World Trade Organization is giving way to a period of open superpower competition. Den Rest des Beitrags lesen »

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Voter Suppression Comes to Europe

Posted by hkarner - 12. Januar 2020

Federico Fubini, an economics journalist and editor-at-large at Corriere della Sera, is the author, most recently, of Per Amor Proprio, a reflection on Italy’s identity crisis in its relations with the EU.

Recent national and EU-level election results show that while intra-EU migrants tend to support more liberal, pro-EU parties, their participation in elections lags far behind that of their domestic counterparts. Worse, populist and illiberal governments are increasingly exploiting expats‘ lower turnout for their own benefit.

ROME – Voter suppression first emerged in the United States between 1885 and 1908, when 11 southern states enacted laws designed to discourage or hinder former slaves and their descendants from voting. Since then, similar strategies have been tried in Canada, Australia, and Israel. And now, electoral discrimination may be coming to Europe, with several European Union member states exploring ways to block or discourage key constituents from voting.

Officially, there are around 17 million EU citizens living and working in another EU country (the actual tally of intra-European migrants is surely higher). Most of these intra-EU migrants are younger and more educated than the European average, and hail from economically weaker countries that are more prone to populist jingoism. In fact, many have emigrated precisely because they have more pro-EU, cosmopolitan leanings. Den Rest des Beitrags lesen »

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Why stereotypes rule in Brussels

Posted by hkarner - 11. Januar 2020

Date: 09‑01‑2020

Source: The Economist

The EU’s de facto capital has a dirty secret

The brussels bubble is a cosmopolitan place. Its inhabitants are typically well travelled and fluent in a hat‑trick of languages. Often, they will have a spouse from another country. Their children attend international schools, in which the playground squeals in a mishmash of French, English, Polish and more. It should be a place where national stereotypes wither, as familiarity breeds content. Instead, Eurocrats, diplomats and hangers‑on revel in stereotyping that would make a 1970s sitcom writer blush.

Entire regions are condemned. Given half a chance, bubble‑dwellers turn into mini Max Webers, pontificating on the essential differences between Catholic and Protestant Europe. Countries in “Club Med” are portrayed as debt‑addicted wasters, while their counterparts in the north are condemned as moralistic misers. Objections from newer member‑states are disregarded as adolescent moaning. Good ideas put forward by the original gang of six members are dismissed as Euro‑aristocrats lording it over newer arrivals. Officials from some countries are written off with barely a chance. One former eu official pooh‑poohed the idea that stereotypes shape thinking in Brussels, before adding later that “everyone” likens the Dutch to female genitalia. The rise of the eu was supposed to iron out such crass distinctions. Instead, at the heart of the project, they stubbornly go on. Den Rest des Beitrags lesen »

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Boris wants to play tough with Brussels

Posted by hkarner - 8. Januar 2020

Date: 07‑01‑2020

Source: The Guardian by Mujtaba Rahman

Subject: Brace yourself: the next phase of Brexit is going to get messy

With the clock ticking, a low‑alignment deal with the EU now seems likely, but it comes with great risks

‘Although he now commands an 80‑strong parliamentary majority, extending the transition would seriously anger Eurosceptic MPs and some voters.’ Boris Johnson at an election rally in November.

Boris Johnson’s honeymoon was always going to be short‑lived. The immediate, unexpected, reason is the sudden escalation of tensions between the US and Iran. But it won’t be long before Brexit once again dominates the headlines.

With the UK set to leave the EU on 31 January, and both sides set to embark on trade negotiations shortly thereafter, the prime minister, his senior ministers and his key aides are keen to lower the temperature. “We want to see Brexit on the business pages, not the front pages,” says one ally. Den Rest des Beitrags lesen »

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Will Eurozone Policymakers Take the Long View?

Posted by hkarner - 8. Januar 2020

Daniel Gros is Director of the Centre for European Policy Studies.

The 2010s were an exceptional decade that called for unprecedented economic policies. Now, however, the eurozone’s fiscal and monetary policymakers must think more long-term and accept that continued stimulus measures are unlikely to offset the effects of Europe’s demographic decline.

BRUSSELS – The beginning of a new year, and the start of a new decade, is a good time for longer-term reflection on economic policy. In the 2010s, a decade dominated by the aftermath of a once-in-a-lifetime financial crisis, a strong monetary and fiscal stimulus was clearly justified. In fact, there is now general agreement that large fiscal expansions by governments almost everywhere, followed by unconventional monetary policies, were instrumental in preventing the Great Recession from turning into a repeat of the Great Depression of the 1930s.

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Nobelpreisträger im Interview – Paul Krugman: „Europa sieht aus wie Japan vor 20 Jahren“

Posted by hkarner - 3. Januar 2020

Der Star-Ökonom spricht über die fragile Weltwirtschaft, die Krise des Kapitalismus und die ökonomischen und politischen Risiken, sollte Trump wiedergewählt werden.

Astrid Dörner Dr. Jens Münchrath, Handelsblatt.de

02.01.2020 – 04:00 Uhr

Paul Krugman

Der US-Ökonom schreibt eine wöchentliche Kolumne für die „New York Times“.

US-Ökonom Paul Krugman rechnet im Handelsblatt-Interview mit der Präsidentschaft Donald Trumps ab. „Seine Handelskriege schaden nicht nur der Weltwirtschaft, sondern zunehmend auch der heimischen Wirtschaft“, warnte Krugman. An eine nachhaltige Annäherung im amerikanisch-chinesischen Handelskonflikt glaubt der Nobelpreisträger nicht, obwohl Trump am Dienstag angekündigt hatte, das erste Teilabkommen mit China am 15. Januar zu unterschreiben: „Wenn überhaupt, dann lässt sich in Peking nur mithilfe einer großen Koalition unter Einschluss der Europäer etwas erreichen.“ Auch Ifo-Chef Clemens Fuest ist skeptisch: „Das Abkommen hat Erwartungen geweckt, die der Vertrag kaum erfüllen kann.“

Krugman gilt als Enfant terrible unter den US-Ökonomen. Als Wissenschaftler genießt er auch bei seinen Kritikern höchsten Respekt. Als Publizist ist er gefürchtet, weil er vor Polemik, die in akademischen Kreisen ansonsten eher unüblich ist, nicht zurückschreckt.

Insgesamt hält Krugman die Wirtschaftspolitik des Präsidenten für völlig verfehlt: „Alles, was Trump bezweckt hat, ist nicht eingetroffen. Im Gegenteil: Die Investitionen der Unternehmen sinken, trotz Steuersenkungen. Die Industrieproduktion schrumpft, trotz all der Strafzölle, die sie schützen sollen“, sagte Krugman.

Sollte Trump wie angedroht im Frühjahr Strafzölle auf EU-Autoimporte in Höhe von 25 Prozent erheben, könnte Europa in eine Rezession abrutschen, warnte Krugman. Europa sehe ohnehin ökonomisch „so schwach aus wie Japan vor 20 Jahren“. Den Rest des Beitrags lesen »

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