Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Europe’

The West Must Face Reality in Turkey

Posted by hkarner - 16. August 2018

Richard N. Haass, President of the Council on Foreign Relations, previously served as Director of Policy Planning for the US State Department (2001-2003), and was President George W. Bush’s special envoy to Northern Ireland and Coordinator for the Future of Afghanistan. He is the author of A World in Disarray: American Foreign Policy and the Crisis of the Old Order.

Turkey’s currency crisis and standoff with the United States over the imprisonment of an American pastor have exposed the crumbling edifice of the two countries‘ Cold War-era partnership. Rather than hold out hope that Turkey will return to the Western fold, US and European policymakers must consider a new policy toward the country.

NEW YORK – Now that Turkey is at loggerheads with its erstwhile ally, the United States, the country’s currency crisis has morphed into a political problem of the first order. The immediate issue is Turkey’s refusal to release the American pastor Andrew Brunson, who is being held on charges of terrorism, espionage, and subversion for his alleged role in the failed July 2016 coup against Turkish President Recep Tayyip Erdoğan.

The US government is right to object to Brunson’s detention. But its reaction has been counterproductive. In particular, the imposition of additional US tariffs on imports of Turkish steel and aluminum could further undermine confidence in Turkey’s economy, triggering a wider crisis that would do serious harm to the global economy. Moreover, tariffs allow Erdoğan to blame his country’s economic woes on America, rather than on his own government’s incompetence. Den Rest des Beitrags lesen »

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The Strategic Thinking That Made America Great

Posted by hkarner - 12. August 2018

Date: 11-08-2018
Source: Foreign Affairs By Melvyn P. Leffler

Melvyn Paul Leffler (born May 31, 1945 in Brooklyn, New York)[1] is an American historian and educator, currently Edward Stettinius Professor of History at the University of Virginia.

“Europe First” and Why It Still Matters

In the last few weeks, U.S. President Donald Trump has criticized key allies, called the European Union a foe, and labeled Russia a friendly, respectable competitor. By coddling Russian President Vladimir Putin, Trump seeks to appease Russia’s leader, who is not only working systematically to expand Russia’s influence around the globe but also trying to support a growing number of authoritarian leaders who spurn liberal democratic values and free market practices. Trump’s strategy for advancing U.S. greatness is an “America first” agenda: minimizing obligations to allies, treating everyone as a competitor, freeing the United States from the restrictions imposed by multilateral institutions, seeking trade advantages through bilateral negotiations, building up military power, befriending dictators if they support him, and acting unilaterally in a zero-sum framework of international politics.

„Europe First“ never meant Europe alone.

Before Trump, the bedrock of U.S. grand strategy for successive administrations, from Franklin D. Roosevelt to George H. W. Bush, was “Europe First.” “Europe First” meant seeking democratic allies in key areas of the globe, especially across the Atlantic; embracing multilateral institutions; and thwarting efforts of adversaries to gain control of the preponderant natural resources, industrial infrastructure, and skilled labor of Europe and Asia. It never meant Europe alone. The strategy was the means through which policymakers sought to safeguard democratic capitalism and serve the most vital interests and values of the United States—abroad, but especially at home. Of all the pillars of U.S. foreign policy that Trump has jeopardized since taking office, his abandonment of the “Europe First” strategy stands to be the greatest loss. Den Rest des Beitrags lesen »

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The EU Spent a Bundle to Unify the Continent. It’s Not Working.

Posted by hkarner - 9. August 2018

Date: 08-08-2018
Source: The Wall Street Journal

Some of the biggest recipients of aid are hotbeds of the very discontent that’s driving the bloc apart

The European Union has spent nearly one trillion dollars to unify the continent by delivering highways and trains into places where there were once gravel paths. In current dollars, that is over eight times the size of the Marshall Plan that rebuilt Europe after World War II. The EU has built airports and bridges, trams and swimming pools. It has repaired castles and medieval churches.

It hasn’t bought love.

To the vexation of European leaders, some of the biggest recipients of funding are now hotbeds of discontent, brimming with voters disquieted by the cultural and political pressures that have accompanied European integration, and threatening the bloc’s cohesion.

A renovated kindergarten in Lapy, Poland, sits near a bright blue billboard reading “Financed by the European Union.” The EU bankrolls one-fifth of Lapy’s budget, improved its sewage system and built an office complex for startups. Locals meanwhile overwhelmingly support Poland’s governing nationalist party, which says the EU overrides Polish sovereignty, condescends to Poles and threatens religious values. Den Rest des Beitrags lesen »

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Step 1: Smash the World Order. Step 2?

Posted by hkarner - 9. August 2018

Date: 08-08-2018
Source: The Wall Street Journal By William A. Galston

Any jackass can kick down a barn, but it takes a carpenter to build one.’
President Donald Trump with German Chancellor Angela Merkel .

The late House Speaker Sam Rayburn, a connoisseur of the art of the possible, often said “Any jackass can kick down a barn, but it takes a carpenter to build one.”

In foreign affairs thus far, President Trump’s deconstructive prowess has been much in evidence. Mr. Trump has withdrawn the U.S. from the Trans-Pacific Partnership and the Iran nuclear agreement while challenging the basis of the North Atlantic Treaty Organization. He sidelined negotiations for a trade deal with the European Union, withdrew from the Paris climate accord, threatened to pull out of the North American Free Trade Agreement, and began a trade war with China. His decision to move the U.S. Embassy to Jerusalem ended, perhaps permanently, America’s longstanding role as broker between Israel and the Palestinians. Two astonishing summits—with North Korea’s Kim Jong Un and Russia’s Vladimir Putin —upended decades of American diplomacy.

For 70 years, America’s role in the world was clear: We would use treaties and multilateral institutions to defend our friends, deter our foes and promote peace, prosperity and democracy around the world. We believed that the strength of our allies strengthened us as well. We made many mistakes and a handful of grave errors, but at least we knew what we stood for, and so did everyone else. No longer. Den Rest des Beitrags lesen »

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Europe’s Trade Coup

Posted by hkarner - 8. August 2018

Daniel Gros is Director of the Brussels-based Center for European Policy Studies. He has worked for the International Monetary Fund, and served as an economic adviser to the European Commission, the European Parliament, and the French prime minister and finance minister. He is the editor of Economie Internationale and International Finance.

At the core of the recent US-EU trade agreement is the understanding that the two sides will “work together“ toward zero tariffs and non-tariff barriers. But the potential for a free-trade deal isn’t the point; the end to the escalation of tit-for-tat tariffs is what matters – and not just to the US and Europe.

BRUSSELS – All has gone quiet on the transatlantic trade front, with last month’s agreement between US President Donald Trump and European Commission President Jean-Claude Juncker having dispelled fears of an all-out tariff war. The deal was surprising, but perhaps it shouldn’t have been.

At the core of the agreement concluded by Juncker and Trump was the understanding that the European Union and the United States will “work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods,” with no new trade barriers in the meantime. But the potential for a free-trade agreement isn’t the point; what matters is the end to the escalation of tit-for-tat measures, set in motion by Trump’s decision to impose tariffs on US imports of European steel. Den Rest des Beitrags lesen »

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Menschliche Banker verlieren an Roboter

Posted by hkarner - 1. August 2018

Der Chef der schwedischen Nordea-Bank glaubt, dass die Branche in den nächsten zehn Jahren nur mehr die Hälfte des aktuellen Personals beschäftigen werde.

Nordea Bank setzt neue Standards

Etwas Interessantes ist im letzten Quartal in der schwedischen Finanzwelt passiert. Die einzige große Bank, die es geschafft hat, ihre Kosten zu senken, steht auch hinter einem der kühnsten Pläne der Branche, Menschen durch Automatisierung zu ersetzen. Nordea Bank AB, deren Chef Casper von Koskull sagt, seine Branche dürfte in einem Jahrzehnt nur noch die Hälfte der derzeitigen menschlichen Arbeitskräfte beschäftigen, ist dabei, 6.000 dieser Jobs zu streichen. Von Koskull sagt, dass die Anpassung der einzige Weg ist, um in Zukunft wettbewerbsfähig zu bleiben, mit Automatisierung und Robotern, die von Menschen in allen Bereichen, von der Vermögensverwaltung bis zum Beantworten von Anrufen von Privatkunden Aufgaben übernehmen.

Während viele in der Finanzbranche Schwierigkeiten hatten, diese Botschaft zu verdauen, legen die jüngsten Ergebnisse der Banken in Schweden nahe, dass sich die Führungskräfte in einer der technologisch fortschrittlichsten Ecken der Welt von Nordea inspirieren lassen. Bei SEB AB sagt CEO Johan Torgeby jetzt, dass „alles, was automatisiert werden kann, automatisiert werden wird“.

Elf Prozent weniger Kosten Den Rest des Beitrags lesen »

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Die Herausforderung Donald Trump oder Europas Realitätstest

Posted by hkarner - 1. August 2018

Joschka Fischer was German Foreign Minister and Vice Chancellor from 1998-2005, a term marked by Germany’s strong support for NATO’s intervention in Kosovo in 1999, followed by its opposition to the war in Iraq. Fischer entered electoral politics after participating in the anti-establishment protests of the 1960s and 1970s, and played a key role in founding Germany’s Green Party, which he led for almost two decades.

BERLIN – Spätestens nach seinen letzten Reisen zur NATO in Brüssel, nach Großbritannien und zu seinem Treffen mit Putin in Helsinki gibt es nicht mehr den leisesten Zweifel daran, was Donald Trump und seine Anhänger wirklich wollen, und das ist nichts Geringeres als die Zerstörung der von den USA nach 1945 geschaffenen und beschützten internationalen Ordnung und des freien Welthandels.

Donald Trump ist alles andere als eine Witzfigur, sondern er macht bitteren Ernst mit der Zerstörung des Westens, was quasi einer Revolution der globalen Ordnung gleichkommt. Gewiss, Trump ist nicht das ganze Amerika und repräsentiert wahrscheinlich nicht einmal dessen Mehrheit. Aber er ist dessen Präsident und damit der mächtigste Mann der Welt. Seine Handlungen haben daher, wie lächerlich im Einzelfall auch immer begründet, sehr ernste Konsequenzen, vor allem für den engsten Partner der USA, für Europa, das der amerikanische Präsident in Gestalt der EU offensichtlich als seinen Hauptfeind ansieht. Den Rest des Beitrags lesen »

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Brexit-Verhandlungen – Dann eben auf die harte Tour

Posted by hkarner - 1. August 2018

Britische Banken dürfen auch nach dem Brexit in der EU operieren – wünscht sich die Regierung in London. Brüssel ist vehement dagegen, doch die Briten haben einen Trumpf. Und drohen, ihn nun auszuspielen.

Von Sascha Zastiral, London
Londoner Bankenviertel Canary Wharf

Montag, 30.07.2018 23:55 Uhr

Großbritanniens Unterhändler führen die Brexit-Gespräche nun offenbar auf die harte Tour. Sie haben laut einem Bericht des „Guardian“ kürzlich ihren Verhandlungspartnern in Brüssel mit ernsten Konsequenzen gedroht, falls die EU britischen Finanzdienstleistern nach dem Brexit nicht denselben Zugang zum EU-Markt gewähren sollte wie bisher.

Konkret drohten die britischen Brexit-Verhandler offenbar damit, dass europäische Finanzdienstleister, die Kunden in Großbritannien haben, mit Auflagen belegt werden könnten, falls die EU nicht sämtlichen Sektoren der britischen Finanzindustrie einen Zugang wie bisher ermöglichen sollte. Als Beispiel wurden dem Bericht zufolge etwa 7000 europäische Investmentfonds genannt.

Brüssel lehnt Rosinenpickerei vehement ab

Bei diesem Streit geht es im Kern darum, welche Regeln nach dem EU-Austritt für die britische Finanzindustrie bei Geschäften innerhalb der EU gelten werden. Da Premierministerin Theresa May schon früh angekündigt hat, dass Großbritannien nach dem Brexit den europäischen Binnenmarkt verlassen soll, war eigentlich klar, dass die britischen Banken ihre „Passporting“-Rechte verlieren würden, die es ihnen bislang ermöglichen, EU-weit Dienstleistungen anzubieten. Darüber, was diese Regelung ersetzen soll, herrscht nun aber offenbar offener Streit.

Britische Vorschläge, wonach Großbritannien und die EU nach dem Brexit weiter automatisch die Regeln der anderen Seite anerkennen sollen, hat die EU schon früh ausgeschlossen. Denn dieses Prinzip der „wechselseitigen Anerkennung“ ist einer der Grundsätze des europäischen Binnenmarkts. Dass sich London für die Zeit nach dem Brexit all jene Vorzüge des Binnenmarkts herauspickt, die es gern behalten würde – das möchte man in Brüssel auf keinen Fall. Den Rest des Beitrags lesen »

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Europe’s Trade Victory in Washington

Posted by hkarner - 31. Juli 2018

Simon Johnson, a former chief economist of the IMF, is a professor at MIT Sloan, a senior fellow at the Peterson Institute for International Economics, and co-founder of a leading economics blog, The Baseline Scenario. He is the co-author, with James Kwak, of White House Burning: The Founding Fathers, Our National Debt, and Why It Matters to You.

US President Donald Trump holds himself out as a brilliant negotiator, and his supporters regard his trade policy as a perfect example of his success. But in his recent trade talks with the Europeans, Trump was clearly out of his depth.

WASHINGTON, DC – On July 25, when US President Donald Trump appeared in front of the White House with Jean-Claude Juncker, the president of the European Commission, their joint statement and spoken remarks surprised many. The two sides agreed “to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods.” It seemed like a remarkable U-turn for Trump, who, until recently, was threatening the European Union with higher tariffs – and extolling the value of trade tariffs (which are essentially taxes on imported goods) more generally. He even called the EU a “foe” as recently as June.

Substantive follow-through on the joint US-EU statement would represent a major policy shift for the Trump administration. But this is no triumph for Trump; rather, he seems to have been outmaneuvered by adroit European diplomats. Den Rest des Beitrags lesen »

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Jean-Claude Juncker’s Unexpected Deal

Posted by hkarner - 30. Juli 2018

Date: 29-07-2018
Source: SPIEGEL

How the European Commission President Won Over Trump

This week, Washington and Brussels struck an unexpected agreement to lift levies in the tariff conflict between the U.S. and the EU. The move represents a victory for all sides, but especially beleaguered European Commission President Jean-Claude Juncker.

So, how did he ultimately manage to secure a deal with Donald Trump that nobody had thought possible? Jean-Claude Juncker found himself sitting in an unadorned meeting room at a Washington think tank, where he reflected on the hours he had just spent at the White House. He appeared visibly exhausted, but was in a buoyant mood. „I did it,“ he said.

He had spent more than two hours negotiating with Trump before finally reaching an agreement that was greeted with relief both in the European Union and the United States. Trump has now said he will not impose punitive tariffs on European cars — at least for the time being. In exchange, the Europeans have expressed a willingness to buy more liquefied petroleum gas and soybeans from the U.S. and, among other things, discuss how tariffs on other goods can be abolished. The president has agreed there will be no further tariffs, Juncker announced proudly, and that existing tariffs on cars would not be increased.

Of course, it’s still too early to tell how long that agreement will hold. Many fear all it would take is one nasty tweet from Trump for the whole thing to come unspun again. And then comes the fact that the deal does nothing to solve the many other problems the Europeans have with this unpredictable American president. The man who, for now at least, seems prepared to call a kind of cease-fire in the trade conflict, but still wants to abolish NATO, threatens Iran and dismisses climate change as nonsense largely promulgated by Europeans. Den Rest des Beitrags lesen »

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