Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘McNamara’

The EU Needs Less Technocracy and More Democracy

Posted by hkarner - 16. Mai 2018

Date: 15-05-2018

Source: Foreign Affairs By Catherine De Vries and Kathleen R. McNamara

Subject: How Choice Can Save Europe

The European Union, bruised and battered by years of political and economic crises, is at a crossroads. In a recent speech to the European Parliament, French President Emmanuel Macron warned that today’s political divisions in Europe are like “a European civil war.” Although the decade-old eurozone crisis has faded from public view, the ongoing refugee crisis, Hungary’s and Poland’s descent into illiberalism, and the aftershocks of the Brexit vote continue to divide the continent. In this context, it is not surprising that the EU itself has become an increasingly politicized topic among voters, many of whom have come to doubt the competence and integrity of their political and financial masters in Brussels and at home. Although support for a full-blown exit from the EU still finds only limited public support, Euroskepticism has moved from the fringe to the mainstream.

Yet there is a way out of Brussels’ current predicament. It starts with recognizing that both Macron’s EU speeches and the broader debates between the pro-EU camp and hard-core Euroskeptics rest on a false dichotomy of the EU as a choice between “in and out,” between blind support for the European project and further integration or a retreat into nationalism. Den Rest des Beitrags lesen »

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The Euro in Decline

Posted by hkarner - 14. Januar 2018

Date: 12-01-2018
Source: Foreign Affairs By Kathleen R. McNamara

How the Currency Could Spoil the Global Financial System

When the euro was created some 15 years ago, there was speculation that the new currency might come to challenge the dominance of the U.S. dollar as the international reserve currency of choice. But the euro’s guardian, the European Central Bank (ECB), had little appetite for such a role. Likewise, foreign exchange markets showed little support for supplanting the dollar’s hegemony with the euro, despite a move into euro-denominated bonds and a strengthening of the value of the euro over the 2000s. This has meant that the EU has, in large part, played a “helper” role in U.S. financial hegemony throughout the postwar era to today.

But now, Europe’s “helper” status may well be in question. The populist forces that have emerged throughout the continent challenge the legitimacy of the euro and threaten both the institutional and ideational foundations upon which it rests. With this uncertainty arises the possibility of the EU turning into a “risk generator” within the global financial order or perhaps even worse—a “spoiler” of the very system itself. Den Rest des Beitrags lesen »

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