Posts Tagged ‘Europe’
Posted by hkarner - 27. April 2017
Yves Mersch is a member of the Executive Board of the European Central Bank.
APR 26, 2017, Project Syndicate
FRANKFURT – Payment systems in Europe are facing upheaval. With the digital revolution offering ever-faster and more convenient means for settling transactions, cash seems to some to have no future. But to write off the role of banknotes and coins in the economy would be a mistake.
Non-cash payment options have been proliferating in recent years. Credit cards, online transfers, and direct-debit payments are already well established. Now, smartphone-enabled digital-payment solutions and mobile wallets are also gaining ground. The emergence of potentially disruptive innovations like distributed ledger technologies indicate that further and possibly fundamental change may be on the horizon.
Independent of these new and incipient options, there are a number of studies making the case to abolish cash. Advocates of a cashless society tend to fall into three distinct camps. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Cash, ECB, Europe, Mersch, Project Syndicate, Technology | Leave a Comment »
Posted by hkarner - 24. April 2017
Harold James is Professor of History and International Affairs at Princeton University and a senior fellow at the Center for International Governance Innovation. A specialist on German economic history and on globalization, he is a co-author of the new book The Euro and The Battle of Ideas, and the author of The Creation and Destruction of Value: The Globalization Cycle, Krupp: A History of the Legendary German Firm, and Making the European Monetary Union.
APR 24, 2017 Project Syndicate
PRINCETON – The centrist Emmanuel Macron’s success in the first round of the French presidential election is likely to re-energize Europe. Unlike the other candidates, Macron does not just recognize the need for radical change to the European Union; he supports bringing it through Europe-wide cooperation. But Macron’s plurality of the popular vote was narrow, and a much larger share of French voters showed support for a very different political vision.
It is a vision of nostalgia and isolation espoused by Macron’s rival in the second round, the far-right National Front’s Marine Le Pen. Her slogan – “on est chez nous” (we are at home) – underscores her focus on enclosing France in a national cocoon that resists “wild globalization.”
But Le Pen was not alone in promoting this vision. One of the candidates who finished fourth, the far-left Jean-Luc Mélenchon, also built his candidacy on simplistic economic populism. For example, like Le Pen, he promised a radical reduction in the retirement age, without explaining how to finance it.
And both appealed to Germanophobia, focusing on the European debt crisis and Germany’s insistence on austerity. Le Pen accuses Macron of aspiring to be Vice-Chancellor of Europe, under German Chancellor Angela Merkel, while proudly declaring herself to be the “anti-Merkel.” Mélenchon claims that Germany is motivated by radical individualism, neoliberalism, and the economic interests of an aging population. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Euro, Europe, France, James, Macron, Project Syndicate, Target | Leave a Comment »
Posted by hkarner - 21. April 2017
Dank an H.F.
The decision last year by a majority of British voters to exit the European Union was more than a simple vote of the people. The Brexit campaign was promoted and financed by the most influential banks of the City of London and by the British Royal House. Far from the end of Britain, Brexit is far more likely to be the beginning of the end of the disastrous Euro single currency experiment.
Since the global financial crisis of 2008 little significant has been done by Brussels or the governments of the 19 member Eurozone countries to bring the largest banks of the Eurozone into a healthy stability. On the contrary, even venerable mega-banks like Germany’s Deutsche Bank are teetering on the brink.
In Italy the world’s oldest bank, Monte Paschi di Siena, is on state life-support. That is but the tip of an iceberg of Italian bank bad debts. Today in total Italy’s banks hold Italy’s banks hold €360 billion of bad loans or 20% of Italy’s GDP, which is double the total five years ago.
It gets worse. Italy is the fourth largest economy in the EU. Its economy is in dismal shape so bank bad loans grow. State debt is almost as high as that of Greece, at 135% of GDP. Now, since the 2013 Cyprus bank crisis, the EU has passed a stringent new bank “bail-in” law, largely under German pressure. It stipulates that in event of a new banking crisis, a taxpayer bailout is prohibited until bank bond-holders and, if necessary as in Cyprus, its bank depositors, first “bail-in” or take the loss. In Italy, most holders of bank bonds are ordinary Italian citizens, with some €200 billion worth, who were told bank bonds were a secure investment. No more.
German Austerity Medicine Killing Patient Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: austerity, Brexit, Engdahl, Euro, Europe, Neo | Leave a Comment »
Posted by hkarner - 19. April 2017
Finanzstabilität bessert sich, Gefahr der Blasenbildung in China
Washington – Rund zehn Jahre nach Beginn der Weltwirtschaftskrise haben die Aufräumarbeiten im Bankensektor deutliche Fortschritte gemacht. Das Risiko einer neuen Krise sei so niedrig wie schon lange nicht mehr: Das ist die gute Nachricht aus dem am Mittwoch in Washington vorgestellten Bericht des Internationalen Währungsfonds (IWF) zur internationalen Finanzstabilität. Die schlechte lautet, dass vor allem in Europa viele Institute, besonders kleine und lokal tätige, weiter mit Problemen und nicht vorhandener Profitabilität kämpfen.
Zu viele faule Kredite
Zu den größten Sorgen des IWF zählten in den vergangenen Jahren die faulen Kredite, die von Bankkunden nicht mehr bedient werden. Das Ausmaß dieser Non-performing Loans ist laut Währungsfonds in den vergangenen beiden Jahren zwar um rund 120 Milliarden US-Dollar zurückgegangen. Doch noch immer schleppen Europas Kredithäuser faule Kredite in Höhe von einer Billion Dollar (940 Milliarden Euro) mit sich herum. Die größten Probleme gibt es laut Währungsfonds in Irland, wo 8,5 Prozent der Kredite faul sind. Aber auch in Italien (6,2) und Portugal (4,3 Prozent) sei die Quote bedenklich hoch. In Österreich liegt sie bei 1,3 Prozent. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Austria, Banken, Europe, IMF, NPL, Standard | Leave a Comment »
Posted by hkarner - 19. April 2017
Jean-Pierre Danthine 12 April 2017, vox.eu
Associate member and President, PSE; CEPR Research Fellow; Emeritus Professor of Economics and Finance of the University of Lausanne
In this column, Jean-Pierre Danthine, a co-author of „Making Sense of Subsidiarity: How Much Centralization for Europe?“, revisits the report nearly 25 years on from its publication. He examines the main themes of the report and shows how such areas as centralisation/decentralisation, subsidiarity, and macroeconomic stabilisation have played out over the years since the report was published. He concludes that the report was both prescient and, at the same time, represents a view from the past of the ‚road not taken‘.
Preparing for the EU’s 60th anniversary, the European Commission presented a White Paper that outlines five possible avenues for EU institution future (European Commission 2017). This is not a new problem. The basic economic, political and institutional issues were laid out and analysed in a 1993 CEPR report authored by David Begg, Jacques Crémer, Jean-Pierre Danthine, Jeremy Edwards, Vittorio Grilli, Damien Neven, Paul Seabright, Hans-Werner Sinn, Anthony Venables and Charles Wyplosz (Begg et al. 1993).
Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: CEPR, Danthine, Europe, Subsidiarität, voxeu | Leave a Comment »
Posted by hkarner - 16. April 2017
The rise of European populism in 2016 gave new urgency to longstanding efforts to unify European Union and eurozone member states around shared social, political, and economic goals. Following the French and German elections this year, Europe may have a new opportunity – perhaps its last – to do just that.
APR 14, 2017 Benedicta Marzinotto, Project Syndicate
FLORENCE – After the annus horribilis of 2016, when the United Kingdom decided to withdraw from the European Union and Donald Trump won the US presidency, the first months of 2017 have given Europeans new cause for hope.
In the Netherlands’ recent general election, the anti-EU populist Geert Wilders fell short of expectations, and suffered a relative defeat at the ballot box. And in Austria’s presidential election last December, the pro-European candidate, Alexander Van der Bellen, defeated the far-right nationalist Norbert Hofer.
Many observers saw these elections as referenda on European integration itself. But the true test of European solidarity will come next month in the second round of the French presidential election, in which the far-right National Front’s Marine Le Pen has only a slim chance of beating a more centrist candidate such as Emmanuel Macron or François Fillon. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Europe, Marzinotto, Populism | Leave a Comment »
Posted by hkarner - 12. April 2017
Source: The Economist
Though many would like to, it looks both legally and politically unlikely
MOST of those who regret Britain’s decision to leave the European Union now accept that Brexit is going to happen. But many are still scrabbling for an escape hatch. The 1m-odd Britons living elsewhere in the EU hope to have their residency rights confirmed early during the negotiations. Anyone with an Irish grandparent can apply for Irish citizenship—and plenty of people are. Marriage to an EU national is another trick, as is buying Maltese or Cypriot citizenship (though the price is steep).
The latest wheeze is to find a way to allow regretful Britons to retain their EU membership on an individual basis. Guy Verhofstadt, a former Belgian prime minister who is now the European Parliament’s point man for the Brexit negotiations, is promoting voluntary “associate EU citizenship” for Britons, an idea first put forward by a fellow MEP from Luxembourg, Charles Goerens. A paragraph in the parliament’s resolution on Brexit, adopted on April 5th, calls for some action to mitigate Britons’ loss of EU citizenship. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Brexit, Citizens, Economist, Europe | Leave a Comment »
Posted by hkarner - 12. April 2017
BRUSSELS – Europe is often viewed as a digital laggard, running far behind the frontier-pushing United States and Asia. But appearances are deceiving. In fact, according to a new report by the London venture capital firm Atomico, European startups are now taking the lead in artificial intelligence, building new tech hubs, and drawing investment from traditional industrial stalwarts. Last year, a record-setting $13.6 billion was invested in Europe’s tech sector, compared with $2.8 billion in 2011.
Gone are the days when Europe’s “tech” sector largely comprised consumer-oriented e-commerce businesses – often blatant knockoffs of successful US companies. Today, Europe is the home of real pioneering innovation, led by what Atomico calls “deep tech” – the kind of artificial intelligence developed by Google’s DeepMind. Deep tech accounted for $1.3 billion of European venture investments in 2015, delivered in 82 rounds, up from $289 million, delivered in 55 rounds, in 2011.
Europe’s new tech hubs are emerging in unexpected places, far beyond the early hotspots of London, Berlin, and Stockholm. Atomico pinpoints Paris, Munich, Zurich, and Copenhagen as the cities to watch over the coming years. The French capital, Atomico points out, is already starting to challenge London and Berlin in terms of the number and volume of venture-capital-financed deals. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Deep Tech, Echikson, Europe, Technology | Leave a Comment »
Posted by hkarner - 7. April 2017
Thomas Mayer aus La Valletta7. April 2017, 07:00 derstandard.at
EU-Finanzminister und Eurogruppe in Malta: Noch keine Lösung für Griechenland
Die EU-Finanzminister könnten bei einem informellen Treffen in Maltas Hauptstadt La Valletta am Wochenende den Anstoß zur Suche nach dem Nachfolger von Eurogruppenchef Jeroen Dijsselbloem geben. Das Thema steht zwar gar nicht auf der Tagesordnung. Aber es ist dringlich. Offiziell soll es in Malta um die Bankenunion, Maßnahmen zur Förderung von Wachstum und Beschäftigung und um die umstrittenen nächsten Tranchen der Kredithilfen für Griechenland gehen. Entscheidungen wird es dazu nicht geben, trotz guter Fortschritte der Regierung in Athen. Dijsselbloem hat ausgeschlossen, dass er sich frühzeitig von seinem Posten zurückziehen wolle, also vor Dezember. Seine Tage als niederländischer Finanzminister sind in jedem Fall trotzdem gezählt. Seine Partei, die Sozialdemokraten, wird der nächsten Regierung in Den Haag nicht mehr angehören. Sobald Premier Marc Rutte eine Koalition zusammengebracht haben wird, muss Dijsselbloem zu Hause das Amt abgeben. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Dijsselbloem, ecofin, Europe, Standard | Leave a Comment »
Posted by hkarner - 7. April 2017
Herman Van Rompuy
Herman Van Rompuy, a former president of the European Council and former Prime Minister of Belgium, is President of the European Policy Centre.
Janis A. Emmanouilidis
Janis A. Emmanouilidis is Director of Studies at the European Policy Centre (EPC).
Fabian Zuleeg is Chief Executive at the European Policy Centre (EPC).
APR 6, 2017 Projct Syndicate
BRUSSELS – The eurozone crisis is far less dangerous now than during its peak years of 2010-2013. Growth has picked up across the European Union, and five million jobs were created between 2014 and 2017.
But the EU banking union remains incomplete, Greece and the Italian banking sector are facing challenges, and the aftershocks of the euro crisis could still undermine the EU’s stability – or even threaten the common currency.
Barring the worst-case scenario of populist victories in the French election this May and the German election this September, European leaders should seize the opportunity later this year to pursue more ambitious, but pragmatic, reforms.
As a first step, policymakers will need to acknowledge that they still lack effective policy-coordination tools. Although the European Semester created a broad framework for coordination, it has failed to effectively improve competitiveness, growth, or employment across all EU countries. At the same time, investment remains too low throughout the eurozone, and especially in countries that need to stage the largest recoveries. The “Juncker Plan” for targeted EU-wide investments can be a part of the solution, but it will not be enough. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: EPC, Europe, Project Syndicate, Structural Reform, Van Rompuy | Leave a Comment »