Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Europe’

Can Europe Sustain the Macron Moment?

Posted by hkarner - 14. Dezember 2017

Carl Bildt was Sweden’s foreign minister from 2006 to October 2014 and Prime Minister from 1991 to 1994, when he negotiated Sweden’s EU accession. A renowned international diplomat, he served as EU Special Envoy to the Former Yugoslavia, High Representative for Bosnia and Herzegovina, UN Special Envoy to the Balkans, and Co-Chairman of the Dayton Peace Conference. He is Chair of the Global Commission on Internet Governance and a member of the World Economic Forum’s Global Agenda Council on Europe.

The European Union’s political and economic outlook improved dramatically in 2017, following a year in which the bloc reeled from the United Kingdom’s Brexit referendum and Donald Trump’s election in the United States. But European leaders must not become complacent in 2018, or the EU could be thrown into crisis yet again the following year.

STOCKHOLM – At the start of 2017, many feared that the European project would experience a near-breakdown within the next year. The United Kingdom had decided to leave the European Union, the United States had elected a president who cheered the Brexiteers on, and populists running in the French and German elections posed a clear danger to European integration.

As we approach the start of 2018, the picture is very different. The European project has not only survived, but may be gaining new momentum. At least within the bubble of EU institutions in Brussels, one senses a newfound confidence. Den Rest des Beitrags lesen »

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Does Europe Really Need Fiscal and Political Union?

Posted by hkarner - 12. Dezember 2017

Dani Rodrik is Professor of International Political Economy at Harvard University’s John F. Kennedy School of Government. He is the author of The Globalization Paradox: Democracy and the Future of the World Economy, Economics Rules: The Rights and Wrongs of the Dismal Science, and, most recently, Straight Talk on Trade: Ideas for a Sane World Economy.

There is a growing sense in Europe, among conservatives and progressives alike, that fiscal and eventual political union is necessary to maintain the euro without damaging economic performance or democratic values. But there is also an alternative, much less ambitious view, according to which only banking union is needed.
CAMBRIDGE – Greece’s combative former finance minister, Yanis Varoufakis, and his nemesis, former German finance minister Wolfgang Schäuble, were at loggerheads on Greek debt throughout Varoufakis’s term in office. But they were in full agreement when it came to the central question of the eurozone’s future. Monetary union required political union. No middle way was possible.

This is one of the interesting revelations in Varoufakis’s fascinating account of his tenure as finance minister. “You are probably the one [in the Eurogroup] who understands that the eurozone is unsustainable,” Varoufakis quotes Schäuble as telling him. “The eurozone is constructed wrongly. We should have a political union, there is no doubt about it.” Den Rest des Beitrags lesen »

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What Does the Brexit Deal Mean for The City of London and Wall Street Banks?

Posted by hkarner - 11. Dezember 2017

Date: 09-12-2017
Source: The Wall Street Journal

Bankers push for more clarity as the U.K. moves into the next phase of Brexit negotiations

The U.K. and the European Union Friday reached a deal on the opening terms in their Brexit negotiations. What does that mean for London’s finance industry?

Not a ton. “It doesn’t do anything concrete,” said Joe Cassidy, a partner at consultancy KPMG. “All this does is allows us to move onto the next stage of the discussion.”

But the next stage includes two important things for the City of London: First, an agreement on a transition period that would maintain regulatory certainty over several years as businesses adjust after Brexit, and second, a potential EU-U.K. free-trade agreement for financial services.

Transition Deal Den Rest des Beitrags lesen »

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Germany is not about to reinvigorate the EU

Posted by hkarner - 9. Dezember 2017

Date: 07-12-2017
Source: The Economist: Charlemagne

Europe’s Sleeping Beauty is proving devilishly hard to wake up

FOR so long the last man standing in Europe, Germany has suddenly become its Sleeping Beauty. Several Princes Charming are gathered around the bed, desperate to rouse the princess from her slumber. Emmanuel Macron, France’s president, urges Germany to wake up for the sake of Europe. Brussels anxiously watches the princess’s repose. Even Alexis Tsipras, who as Greece’s prime minister is more used to taking instructions from Berlin than giving them, has been whispering into her ear.

Europeans complain about the results of German leadership when they receive it, but do not much like its absence. In 2011 Radek Sikorski, then Polish foreign minister, declared himself less fearful of German power than German inaction. Today, as Germany clumsily grapples with the result of its inconclusive election in September, much of Europe finds itself in a similar spot.

It is all so frustrating. When France elected an avowedly reformist president in May, Germany seemed to have found the partner it had long claimed to seek. Two days after Germany’s election Mr Macron, who barely blinks without first considering the reaction in Berlin, delivered an ambitious speech on European reform calibrated not to antagonise Angela Merkel’s government. Some Germans are wringing their hands that he still awaits an answer. “France is ready for a European revolution and it is Germany that is pulling the brakes,” Martin Schulz, leader of Germany’s Social Democrats (SDP), told Der Spiegel, a weekly. Den Rest des Beitrags lesen »

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Market failure: China takes on the EU at the WTO

Posted by hkarner - 9. Dezember 2017

Date: 08-12-2017
Source: The Economist

Both the EU and America are loth to weaken their defences against Chinese dumping

NOT all trade tension is made in America. China is suing the European Union at the World Trade Organisation (WTO). Hearings began this week. China thinks it deserves treatment as a “market economy”. The EU, supported by America, disagrees. As they lock horns, each side sees the other as breaking a promise.

China’s entry into the WTO in 2001 was part of a grand bargain. In return for market access, it promised economic reform. The deal laid out unusually strict terms. Any members’ exports can face anti-dumping duties if sold too cheap. But China’s accession agreement allowed others to erect stronger defences, and assume that it was a non-market economy when calculating the “fair” duty—using third-country prices for comparison. In practice this meant higher tariffs. Den Rest des Beitrags lesen »

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Europe’s Chance to Lead on Robotics and AI

Posted by hkarner - 8. Dezember 2017

Guy Verhofstadt

Artificial intelligence could be either the best or the worst thing that ever happened to mankind. To prepare for the profound changes to lives and livelihoods that lie ahead, the European Union should start establishing rules to protect all Europeans – and give the rest of the world a model to follow.

BRUSSELS – At least since Mary Shelley created Victor Frankenstein and his iconic monster in 1818, humans have had a morbid fascination with man-made beings that could threaten our existence. From the American television adaptation of “Westworld,” which depicts an amusement park populated by androids, to the “Terminator” films, in which super-intelligent machines aim to destroy mankind, we often indulge the paranoid fantasy that our own technological creations might turn on us. Den Rest des Beitrags lesen »

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The New Language of European Populism

Posted by hkarner - 8. Dezember 2017

Date: 07-12-2017
Source: Foreign Affairs By Rogers Brubaker

Why „Civilization“ Is Replacing the Nation

Anti-immigrant populist parties have been a familiar feature of European politics since at least the 1980s, but they have gained new prominence in recent years. In May, the National Front leader Marine Le Pen was a serious contender in France’s presidential election; in the run-up to the Dutch parliamentary elections in March, Geert Wilders’ Party for Freedom was long in the lead; and last year, Norbert Hofer of the far-right Freedom Party came very close to winning Austria’s presidency. Anti-immigrant populists have also achieved breakthroughs in countries where they had previously failed to gain traction, notably Germany and Sweden, where the Alternative for Germany and the Sweden Democrats, respectively, have made big electoral gains.

Observers ordinarily characterize these parties as nativist, nationalist, and far right. But although these parties do champion nativist and nationalist themes, and although their rhetoric is indeed sometimes extreme, it would be a mistake to see them as simply the heirs of Europe’s long tradition of far-right nationalism. Unlike the Nazi Party or the fascist parties of interwar Europe or the small neo-Nazi or neofascist parties of postwar Europe, these are not anti-system actors; they do not reject the democratic constitutional order. Nor are they even consistently right-wing. Unlike her conservative opponent François Fillon, for example, Le Pen presented her party as “neither right nor left” and promised to defend workers against “savage globalization.” Den Rest des Beitrags lesen »

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Schulz will Vereinigte Staaten von Europa bis 2025

Posted by hkarner - 7. Dezember 2017

Date: 07-12-2017
Source: Die Welt

Martin Schulz will die EU bis 2025 in die Vereinigten Staaten von Europa umwandeln.

Der SPD-Vorsitzende Martin Schulz will die Europäische Union bis 2025 in die Vereinigten Staaten von Europa mit einem gemeinsamen Verfassungsvertrag umwandeln. Die EU-Mitglieder, die dieser föderalen Verfassung nicht zustimmen, müssten dann automatisch die EU verlassen, sagte Schulz am Donnerstag auf dem SPD-Parteitag in Berlin.

Die Sozialdemokraten und ihre Wähler bat er nach der historischen Niederlage bei der Bundestagswahl um Entschuldigung. „Ich trage als Kanzlerkandidat die Verantwortung für dieses Wahlergebnis“, sagte Schulz zu Beginn seiner Parteitagsrede.

Er wandte sich an alle, die der SPD vertraut und an sie geglaubt haben: „Bei all diesen Menschen bitte ich für meinen Anteil an dieser bitteren Niederlage um Entschuldigung.“ Die SPD hatte im September mit 20,5 Prozent ihr schlechtestes Ergebnis bei einer Bundestagswahl bekommen.

„In den Wochen nach der Wahl haben wir ein denkbar schlechtes Bild abgegeben. Öffentlich wurde bei uns mehr über Personalfragen als über Inhalte gestritten. Das darf uns so nie wieder passieren“, sagte Schulz.

„So ein Jahr habe ich noch nicht erlebt“

Er habe privat und politisch schon „so manches Auf und Ab“ hinter sich, sagte Schulz vor rund 600 Delegierten, die am Nachmittag über die Aufnahme ergebnisoffener Gespräche mit der Union entscheiden und Schulz erneut zum SPD-Vorsitzenden wählen sollten. Den Rest des Beitrags lesen »

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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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Resetting the Africa-Europe Relationship

Posted by hkarner - 6. Dezember 2017

Ibrahim Assane Mayaki, a former Prime Minister of Niger, is CEO of the New Partnership for Africa’s Development (NEPAD) Agency

Africa faces a broad range of development challenges, and overcoming them will require huge sums of foreign aid and investment. But as Africa develops, its people will also need partners who recognize that there are mutual benefits to engaging with the continent’s mobile and highly-educated base of human capital.

JOHANNESBURG – In October, the European Union announced a plan to invest €40 billion ($47.6 billion) in Africa, a “Marshall Plan” for the continent that would boost economic growth, create jobs, and, ultimately, slow the migration of young Africans to Europe. “Words won’t convince migrants to stay at home,” European Parliament President Antonio Tajani said. “We must give them a chance to have a decent life.”

Tajani is right. Unfortunately, his approach is not.

For almost 60 years, well-meaning foreign governments, many of them European, have poured huge sums of money into Africa, with little to show for it. Lasting solutions to Africa’s development challenges require funding, to be sure, but they also demand a significant recalibration in relations with foreign partners. And Africa’s relationship with Europe may require the biggest overhaul of all. Den Rest des Beitrags lesen »

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