Germans are less and less interested in Southern Europe as a market for exports. The driver of German exports abroad are emerging markets (and the United States, to a lesser degree). Italy is only the seventh-largest importer of German goods, and Greece, Spain and Portugal are even further down the list. Notwithstanding a collapse of […]
The Municipal Theater in Piraeus, Greece, was bathed in an eerie light, with yellow floodlights and red torches combining to illuminate the theater’s neoclassical façade, which now served as the backdrop for a macabre spectacle: At least 1,000 neo-Nazis and their supporters had turned out for a march, and red flags bearing a large, black […]
A Chinese proverb tells us that it is wise to learn from your own mistakes but wiser to learn from the mistakes of others. Asian leaders should take this advice to heart as they juggle between policies for social welfare and economic dynamism. By keeping a keen eye on Europe’s fiscal crises, they can avoid […]
Russia recently turned down a deal to save Cyprus’ banking sector. At first glance, the move looked like a huge strategic blunder. In fact, a credible offer was never on the table and Moscow needs no accord to secure its dominance on the island. Read Here – Foreign Affairs
One thing that everyone can agree on in Brussels is that Cyprus is a minnow in the European fish pond, accounting for less than 0.5 per cent of the euro zone economy. In the words of the German finance minister, Wolfgang Schäuble, the island is “not systemically important”. Read Here – The National
One way or another, the situation is Cyprus likely marks a major turning point in the eurozone crisis. It could be the beginning of true disaster for the zone, eventually leading to a series of sovereign debt defaults and possible exits from the euro area. It could also be the point at which we learn […]
Europe, and indeed much of the world, is facing a crisis of democracy. The economic crisis is not the cause of public unrest; rather it has provided an opportunity to bring public concerns about the way they are governed into the open. Eurobarometer figures show a pervasive loss of trust in government and in political […]
Europe’s leaders are starting to talk, cautiously, about economic recovery. “Growth is expected to pick up in the second half of 2012 and gather speed in 2013,” Olli Rehn, the European Commissioner for Economic and Monetary Affairs, wrote in a Dec. 10 column in the Financial Times. Sounds encouraging—but Europe Inc. isn’t buying it. From steelmakers […]
BRITAIN has never been too keen on tying the knot with Europe. It sat aside in the 1950s as Germany, France, Italy and the Benelux countries forged a single market in coal and steel, which became a broader common market. It eventually joined, in 1973, largely because Europe seemed to be where the money was. […]
Greek opinions about Germans are changing. When “austerity measures” were first imposed, Greek newspapers and posters infamously depicted Chancellor Merkel as a Nazi leader. But the reaction has lately become more sophisticated: now we hear that Germans want to pursue a strict interpretation of Protestant ethics (which knows no redemption on earth) and punish the […]
looking beyond borders 