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*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Fri Nov 23rd, 2012 at 03:31:35 PM EST
European Banking Congress sees upbeat ECB chief | Business | DW.DE | 23.11.2012

European Central Bank President Mario Draghi on Friday expressed some optimism about the euro area's outlook amid promising signs of improvement in the region's two biggest economies, Germany and France.

He told a European Banking Congress in Frankfurt, Germany that a slow return to confidence in the eurozone was under way. His remarks came after a closely watched index saw German business confidence gaining a surprise win and a French survey pointing to industry leaders raising their expectations of economic developments over the next few months.

Draghi insisted financial markets had become more stable after the ECB's announcement it was prepared to relaunch its controversial bond-buying program to keep troubled nations' borrowing costs at bay.



*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Fri Nov 23rd, 2012 at 03:31:44 PM EST
[ Parent ]
EU leaders push through Mersch for ECB top post | Business News | DW.DE | 23.11.2012
EU leaders have appointed Luxembourg's central bank chief Yves Mersch to the European Central Bank (ECB) executive board. The decision defies a vote by European parliamentarians who wanted a woman for the job.


*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Fri Nov 23rd, 2012 at 03:31:53 PM EST
[ Parent ]
What are you on, Draghi, dude? Quit hoggin' the good stuff, share some around, man!

Mmm, that's some good confidence!


-----
sapere aude

by Number 6 on Sat Nov 24th, 2012 at 07:11:42 AM EST
[ Parent ]
German Opposition Votes Against Tax Treaty with Switzerland - SPIEGEL ONLINE
It was supposed to end decades of disagreement between Switzerland and Germany over tax evasion, but on Friday lawmakers in Berlin put a stop to it. The country's upper legislative chamber, the Bundesrat, voted against implementing a long-awaited tax treaty that parliament had already approved.

The conflict between the two neighboring countries on the issue now threatens to continue after members of the opposition Social Democratic Party (SPD) and the Green Party used their majority to block the measure in the Bundesrat, which represents the interests of Germany's 16 states. The issue must now be addressed by the Mediation Committee between the upper and lower parliamentary chambers. But any potential agreement would then have to be re-approved by Switzerland.



*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Fri Nov 23rd, 2012 at 03:32:13 PM EST
[ Parent ]
Financial Times Deutschland folds as losses mount | Business News | DW.DE | 23.11.2012

German business daily Financial Times Deutschland (FTD) has said it will publish its last edition on December 7. Modeled on its popular British namesake, FTD shook up the German print market, but has never made a profit.

FTD owners Gruner + Jahr (G+J) said the closure of the Financial Times Deutschland daily newspaper was part of an effort to limit losses in the publisher's business section, which would also included selling off business magazines "Impulse" and "Börse Online."

In addition, the flagship magazine "Capital" would be continued with less staff, G+J's executive board member Julia Jäkel told a news conference Friday.



*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Fri Nov 23rd, 2012 at 03:32:22 PM EST
[ Parent ]
Tacit Bond Arrangement between Governments and Banks Endangers System - SPIEGEL ONLINE
States and banks have made a deal with the devil. Banks buy the sovereign bonds needed to prop states up in the tacit understanding that the states will bail them out in a pinch. But experts warn that this symbiotic arrangement might be putting the entire financial system at risk.


*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Fri Nov 23rd, 2012 at 03:32:32 PM EST
[ Parent ]
Dangerous, confused nonsense from Project Syndicate: The Age of Financial Repression (Nov. 21, 2012)
When the economy is growing, automatic stabilizers work their magic. As more people work and earn more money, tax liabilities rise and eligibility for government benefits like unemployment insurance falls. With higher revenues and lower payouts, the budget deficit diminishes.

But in times of slow economic growth, policymakers' options are grim. Increasing taxes is not only unpopular; it can be counter-productive, given already-high taxation in many countries. Public support for spending cuts is also difficult to win. As a result, many Western policymakers are seeking alternative solutions - many of which can be classified as financial repression.

...

Direct or indirect monetary financing of budget deficits used to rank among the gravest sins that a central bank could commit. QE and OMT are simply new incarnations of this old transgression. Such central-bank policies, together with Basel III, mean that financial repression will likely define the economic landscape for at least another decade.



I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Nov 25th, 2012 at 02:11:54 AM EST
[ Parent ]

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