Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘France’

Europe’s New Economic Divide

Posted by hkarner - 30. August 2015

Date: 29-08-2015
Source: YaleGlobal

Europe still wrestles over how to resolve the debt crisis in Greece. The managing director of the International Monetary Fund warned this month that Greece’s debt remains unsustainable, and she urged the country’s European partners to prepare to provide significant relief. “Few voters anywhere in Europe are excited about bailing out Greece’s government,” writes Chris Miller, Yale doctoral student and a research associate at the Hoover Institution. He points to an east-west divide in addition to the north-south one. Countries in Western Europe that provide generous social programs with high ratios of debt to GDP, are generally less critical of Greece, fearing that they, too, might need bailouts someday. The former socialist countries in Eastern Europe like Poland, Estonia, Latvia and Slovakia are less wealthy than Greece and less sympathetic. Europe’s politics are becoming divided in more ways than one. – YaleGlobal

A key axis for Europe: free-market advocates in Western Europe ally with those in former communist countries Den Rest des Beitrags lesen »

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Frankreich gegen Deutschland: EU-Giganten auf Crash-Kurs

Posted by hkarner - 7. August 2015

Deutsche Wirtschafts Nachrichten  | 

Zwischen Deutschland und Frankreich dürfte es schon bald zu einer Neuauflage des Konflikts um neue Kredite für Griechenland kommen. Frankreichs Präsident Hollande und EU-Präsident Juncker unterstützen die Syriza-Pläne. Wolfgang Schäuble glaubt nicht an eine schnelle Einigung. Griechenland ist der Katalysator eines grundsätzlichen Richtungsstreits zwischen den beiden EU-Giganten.

Bisher hat die EU stets davon profitiert, dass Deutschland und Frankreich im entscheidenden Moment eine gemeinsame Linie verfolgten. Doch mit dem Krisen-Gipfel, bei dem Wolfgang Schäuble den Rauswurf Griechenlands aus dem Euro als Option auf den Tisch legte, hat sich das Verhältnis grundsätzlich geändert: Die französischen Eliten räsonieren offen darüber, dass es für den Euro am besten wäre, wenn Deutschland austritt.

War in Brüssel noch notdürftig ein Kompromiss gezimmert worden, der allen Seiten half, vorläufig weitermachen zu können wie bisher, zeichnet sich die Verschärfung des Konflikts im Zuge der Verhandlungen über neue Kredite für Griechenland ab. Den Rest des Beitrags lesen »

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Empfehlung aus Frankreich: Deutschland soll aus dem Euro austreten

Posted by hkarner - 5. August 2015

Deutsche Wirtschafts Nachrichten  | 

Die Verwerfungen wegen der Griechenland-Krise haben in Frankreich tiefe Spuren hinterlassen. Nun werden erste Stimmen in den französischen Eliten laut, die sagen, es gäbe nur zwei Möglichkeiten: Den geordneten Austritt Deutschlands aus dem Euro oder das wirtschaftliche Chaos. Dieses werde sich einstellen, wenn Frankreich oder ein anderer Süd-Staat gezwungen würden, den Euro-Raum zu verlassen.

Während sich in Griechenland die „Verhandlungen“ über den nächste „Hilfs“-Paket mehr mühsam als konstruktiv dahinschleppen, diskutieren die französischen politischen Eliten bereits die nächsten Schritte. Sie haben das Vertrauen in Deutschland verloren, ganz so, wie Angela Merkel das Vertrauen in die Syriza-Regierung verloren hat. Unter solchen Umständen ist eine politische Union in Europa nur schwer vorstellbar. Viel naheliegender sind da Gedanken über die Frage, wer zuerst aus dem Euro austreten solle – Frankreich oder Deutschland.

Shahin Vallée, früher Berater im französischen Wirtschaftsministerium und des früheren EU-Ratspräsidenten, hat in der New York Times eine ziemlich desillusionierte Analyse abgeliefert: Er kritisiert Deutschland heftig und geht davon aus, dass die harte Haltung Deutschlands gegenüber Griechenland nur ein Vorspiel zu dem ist, was kommen wird: eine fundamentale Auseinandersetzung zwischen Frankreich und Deutschland über die Zukunft der Europäischen Union. Den Rest des Beitrags lesen »

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France’s Euroskeptic National Front Party Broadens Base of Support

Posted by hkarner - 20. März 2015

Date: 20-03-2015
Source: The Wall Street Journal

Leader Marine Le Pen’s once-fringe party fields more candidates than any other in local elections

France partiesGUERBIGNY, France—Even before votes are counted from Sunday’s local elections, Marine Le Pen’s National Front has scored a victory: For the first time, the once-fringe party will field candidates in nearly every constituency across the country—more than any other political group.

The growth underscores the party’s success in expanding its base. Ms. Le Pen has toned down its far-right rhetoric, expelled activists for racist comments and latched on to public anger toward mainstream parties and the European Union, which many voters see as responsible for France’s economic ills.

The surge is on display in the Somme district in northern France, where elementary-school teacher Yves Dupille is among thousands nationwide joining or returning to the anti-immigration, anti-EU party. Den Rest des Beitrags lesen »

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The Digital Transformation of Europe

Posted by hkarner - 17. März 2015

Date: 16-03-2015
Source: Project Syndicate


John Chambers is Chairman and CEO of Cisco.

SAN JOSE – Europe is on the cusp of an unprecedented technological transformation. I call it the Internet of Everything: the penetration of the World Wide Web into the everyday aspects of our lives. Wearable technology will tell us how well we are sleeping and whether we need to exercise. Sensors in the street will help us avoid traffic jams and find parking. Telemedicine applications will allow physicians to treat patients who are hundreds of miles away.

This massive transition will transform how citizens interact with their governments, revolutionize entire industries, and change the way we engage with one another. In Europe, the Internet of Everything is emerging as the single most promising way to revive a moribund economy and tackle the continent’s stubborn unemployment problem, with companies, cities, and even countries positioning themselves as leaders in innovation, growth, and the creation of jobs. Den Rest des Beitrags lesen »

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French politics: The resistible rise of Marine Le Pen

Posted by hkarner - 14. März 2015

Date: 12-03-2015
Source: The Economist

France’s mainstream parties must do more to counter the far-right National Front

ALMOST 13 years have passed since the then leader of the Front National (FN), Jean-Marie Le Pen, shocked the world by reaching the run-off in the presidential election of 2002. The far-right party, now led by his daughter, Marine, came first in last year’s European elections. It is expected to be top again in the first round of local elections on March 22nd, with perhaps 30% of the vote. Back in 2002 Le Pen père was so widely loathed that the left and the right rallied around Jacques Chirac, who won the run-off easily. Today, by contrast, there is no such united front. Instead, mainstream politicians openly speculate about Ms Le Pen reaching the second round in the 2017 presidential election—and, just conceivably, winning it.

Ms Le Pen is a more appealing political leader than her father. To detoxify the FN’s brand she has shed much of the neo-fascism, racism and anti-Semitism it once embodied. She is working hard to strengthen the party’s foundations, so that it is acquiring not only more voters but also more members and greater political experience. The party has 1,500 councillors and two deputies in the National Assembly. The transformation of the FN’s image is striking: even among young people, to be a supporter is no longer taboo. Indeed, voting FN has become semi-respectable. Den Rest des Beitrags lesen »

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Immigration and Islam: Europe’s Crisis of Faith

Posted by hkarner - 17. Januar 2015

Date: 17-01-2015
Source: The Wall Street Journal

France and the rest of Western Europe have never honestly confronted the issues raised by Muslim immigration

The terrorist assault on the French satirical magazine Charlie Hebdo on Jan. 7 may have been organized by al Qaeda’s affiliate in Yemen. But the attack, along with another at a Paris kosher market days later, was carried out by French Muslims descended from recent waves of North African and West African immigration. Well before the attacks, which left 17 dead, the French were discussing the possibility that tensions with the country’s own Muslim community were leading France toward some kind of armed confrontation.

Consider Éric Zemmour, a slashing television debater and a gifted polemicist. His history of the collapse of France’s postwar political order, “Le suicide français,” was No. 1 on the best-seller lists for several weeks this fall. Today, our elites think it’s France that needs to change to suit Islam, and not the other way around,” Mr. Zemmour said on a late-night talk show in October, “and I think that with this system, we’re headed toward civil war.” Den Rest des Beitrags lesen »

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Europe’s Monetary Madhouse

Posted by hkarner - 7. Januar 2015

By David StockmanStockman


If you want to know where the global experiment in massive money printing is heading—-just take a look at the monetary madhouse in Europe. And that particular phrase has full resonance once again as it becomes more apparent by the hour that Europe and the Euro were not fixed at all. Indeed, beneath the surface of Draghi’s “whatever it takes” time out, the crisis has been metastasizing into ever more virulent deformations.

The coming European monetary crack-up is rooted in the fact that the ECB’s financial repression and ZIRP policies have—like everywhere else—-destroyed honest price discovery in Europe’s massive sovereign debt market. There is no other way to explain the preposterously low 10-year bond yields prevailing this morning for the various and sundry fiscal cripples that comprise the EU-19.

In the wake of Hollande’s two odd years of serial tax, regulatory and fiscal blows to his nation’s economy, for example, why not load-up on some French ten-year bonds at a yield of 0.78%?  Yes, the French benchmark bond is now trading in Japanese style basis points, not the whole integers that French state debt has carried since the time of the Black Plague. Indeed, today’s miniscule yield is but a tiny fraction of the rates prevailing in more recent times, including the 3.5% rate at the bottom of the global financial meltdown in late 2008. Den Rest des Beitrags lesen »

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Germany, France, Italy Call for Tighter Tax Curbs

Posted by hkarner - 2. Dezember 2014

Date: 02-12-2014
Source: The Wall Street Journal

Countries Say EU Should Take Concrete Steps By the End of Next Year

The letter is an open challenge to new European Commission President Jean-Claude Juncker.

BERLIN—Germany, France and Italy are pressing the European Union to tighten
curbs on tax havens, saying that it should take concrete steps by the end of next year.

A joint letter from the finance ministers of the three leading EU countries to European Economics Commissioner Pierre Moscovici argues that new measures should ensure greater transparency and hinder companies from gaming Europe’s divergent tax laws.

The commission should work to rein in “aggressive tax planning” and “profit shifting” by companies, according to the letter, which calls for stricter rules, more disclosure requirements and better coordination between European states. Den Rest des Beitrags lesen »

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A European Plan for France and Germany

Posted by hkarner - 2. Dezember 2014

Date: 02-12-2014
Source: Project Syndicate


Henrik Enderlein is a professor at the Hertie School of Governance and Director of the Jacques Delors Institute in Berlin.


Jean Pisani-Ferry is a professor at the Hertie School of Governance in Berlin, and currently serves as the French government’s Commissioner-General for Policy Planning. He is a former director of Bruegel, the Brussels-based economic think tank.

PARIS – Europe is falling into a stagnation trap. With growth barely visible, and dangerously low inflation causing real interest rates to rise, the weight of public and private debt has grown very heavy, and many fear that another lost decade is at hand. And, though the threat of eurozone fragmentation has receded, it has not disappeared. Given all of this, Europe is losing relevance internally and externally.

France and Germany – which largely drove European integration for more than six decades – must not resign themselves to this state of affairs. They urgently need a common plan, not mutual recrimination by German supply-siders and French demand-siders. Den Rest des Beitrags lesen »

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