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This article is brought to you in association with the European Commission. The European Commission has allocated an additional €40 million in emergency assistance for those affected by the worsening humanitarian situation in Afghanistan, as well as for Afghan refugees in neighbouring Pakistan and Iran. This brings total EU humanitarian aid for the Afghan crisis to […]
Unquestionably, everything is wrong in the international financial system, even though the major central banks have actually donated trillions to the banking ‘community’. The US central bank, the Fed, has lent almost free of charge $4.5 trillion to the American banking hub. On this side of the Atlantic Ocean, the European Central Bank has done […]
This article is brought to you in association with OECD. Governments should treat the opioid epidemic as a public health crisis and improve treatment, care and support for people misusing opioids. Overdose deaths continue to rise, fuelled by an increase in prescription and over-prescription of opioids for pain management and the illicit drugs trade, according to […]
This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum. Author: Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and Professor of Economics, Harvard University & Ross Chainey, Digital Media Specialist, World Economic Forum The financial crisis of 2008 may have started in the US banking sector but it […]
This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum. Author: Johnny Wood, Senior Writer, Formative Content By the end of 2017, persecution, conflict and violence had forced 68.5 million people from their homes. That figure – from the UNHCR’s 2018 Global Trends Report – includes 25.4 million refugees (over […]
This article is brought to you thanks to the strategic cooperation of The European Sting with the World Economic Forum. Author: Guy Miller, Chief Market Strategist and Head of Macroeconomics, Zurich Insurance As the end of the year beckons and we ponder what the world will look like in 2019, the World Economic Forum’s latest report on Regional Risks […]
It seems the US-China trade conflict, if not full scale trade war, is entering the phase of no return. Nothing will be as before in the economic and otherwise relations between the two largest economies of the world. Washington appears ready to push its cause to the end, while Beijing still pretends not to understand […]
This article is brought to you in association with the International Monetary Fund Written by IMF staff Frequently asked questions about Argentina, June 7, 2018 How much money will be disbursed to Argentina to support the new economic plan? Argentina and IMF staff have reached an agreement on an economic plan that can be supported by […]
All along the years after the 2008-2010 financial crisis, which in the European Union took the form banking/government debt breakdowns starting with Greece, there were cries for the creation of a solid Eurozone. In every respect, these calls amounted to demands that super prosperous Germany accepts some degree of risk-sharing with the rest of the […]
Not many years after the financial meltdown of 2008-2010, the main culpable parties for that global catastrophe, the big banks and the gigantic insurance companies are now commandingly asking the world to forget that. They demand to be again left completely unchecked, free to repeat what they did then; inflate all and every market to […]
The appointment of Jerome Powell as the next head of the US central bank, the famous Fed, is a reassurance to the financial world that the giant lenders will continue being favored by ample and very cheap money. Last Thursday, Donald Trump, the American President didn’t dare to change the cautious approach to monetary policy. […]
The US Department of Justice settled its claims against Deutsche Bank, the biggest German lender, for packaging and selling toxic mortgage securities to uninformed customers prior to the 2008-2010 financial crisis. Initially, the Justice Department had asked for $14 billion, but it seems it settled for a fine of $7.2bn. However, this is not the […]
This year’s annual meetings of the IMF – World Bank Group in Washington D.C., which kicked off on Thursday 6 October, turned out to be an all out financial war of words between the United States and Germany. In the middle of it stands the battered Deutsche Bank. For a start, there was a confrontation […]
The European leaders who form the EU ‘directoire’ may get together as many times as they like, but still appear incapable of solving the club’s existential problems. Last Monday the German Chancellor Angela Merkel, the French President Francois Hollande and the Italian Prime Minister Matteo Renzi met in Naples to relaunch Europe, after the Brexit. […]
Last Thursday morning the International Monetary Fund and the American central bank, the Fed, simultaneously but in the face of it independently, issued warnings about the health of the largest German lender, the long ailing Deutsche Bank. A few days before that the US rating agency Moody’s had degraded the creditworthiness of the bank close […]
Last Thursday 7 April, the European Committee of the Regions (CoR) concluded that there is “No successful reform of the Economic and Monetary Union without a regional dimension”. Indirectly, this means the EMU remains a system just to support the banking industry. In other words, the banks are still completely unregulated, high flying and counting […]
On Thursday 25 February, this newspaper concluded that “the other major central banks in Europe, China, Japan and elsewhere appear ready to fill the gap that the Fed plans to leave in the ‘money for nothin’ game”. This week’s developments completely justified this prediction. The immediate result is a new appreciation of the dollar with […]
Some six years ago the European Union set targets for an ambitious project called “The Europe 2020 Strategy”. Amongst other equally fallacious if not deceitful objectives, the leaders of the 28 EU member states undersigned the Commission’s proposal to “lift 20 million people out of poverty and social exclusion by 2020”. No need to say […]
During the last two weeks the world’s largest stock markets had a wild time not seen since Lehman Brothers went bust on 15 September 2008. The New York stock exchange in Wall Street lost more than 8% of its capitalization in a few days and then recovered some of the losses to close last Friday […]
Rome, 14th November 2014 // The policy responses to the economic crisis which began in 2008 have hit youth hardest, according to a new publication launched by the European Youth Forum today at a high-level event on youth employment in Rome. The publication “Youth in the Crisis: What Went Wrong?”, which examines in depth the […]
Last Monday 10 November the Financial Stability Board, an international non-binding body based in Basel which comprises government and central bank officials from G20 countries had a bright idea for the lenders. They admitted that the 30 “too big to fail” major world banks should retain at least 20% of their risky assets in own […]
Last Saturday appeared as the possible beginning of a new phase for the Ukraine-Russia question, after a ceasefire was signed in the Belarusian capital, Minsk, between the Ukrainian government and rebels on Friday. Although both sides claimed on Saturday that the other had violated the ceasefire, the Associated Press reported that Donetsk was relative calm, the […]
The European Parliament once more confirmed its reputation as the authentic channel transiting the social and the economic realities the European people have to endure to decision makers. Yesterday, the MEPs disagreed with the Commission President Manuel Barroso and Dimitrios Kourkoulas, the Greek deputy Foreign Minister speaking for the Council Presidency, that economic recovery was […]
Everybody knew it but ‘The Independent on Sunday’ said it this weekend; Nigel Farage’s UKIP political formation is the first choice of the Brits. The newspaper published a poll giving 27% to UKIP, 26% to Labour and 25% to Conservatives. Not to forget that last year this party got almost one-quarter of the English vote […]
It’s very interesting to study how incomes and consumption in the worst hit countries coped with the financial crisis and the concomitant severe austerity measures imposed by the ‘troika’ of auditors/lenders. The European Commission, the European Central Bank and the International Monetary Fund formed this ‘troika’ in 2010, to deal with the risk of insolvency […]
At least one out of every four EU citizens is at risk of poverty or social exclusion. The relevant percentage was 24.8% in 2012. However, given that this variable has been increasing steadily since 2008 by some decimal points every year, the measurement must have exceeded the 25% benchmark in 2013. These figures were published […]
Despite the falling level of citizens’ confidence in EU institutions during the past few years from 55% in 2007 to 44% in 2012, a recent Eurobarometer survey found that respondents insist that the EU is best placed to regulate banks, with 54% of the respondents supporting this view. This is a direct proof that Europeans […]
Labour market participation rates are socially sensitive variables and as such are slightly affected by short-term economic developments and modestly connected to cyclical changes. Because of that any attempt to follow the evolution of labour market participation percentages has to cover long periods incorporating more than one economic cycle. In view of that Eurostat, the […]
The European Commission adopted yesterday a proposal for measures on shadow banking introducing new but quite loose and thus ineffective rules and controls for money market funds (MMFs). This is a parallel financial system created by the major banks in order to avoid even the few controls and restrictions that the official banking system has […]
The crucial character of this Friday’s Ecofin Council can be seen in the size of the Commission’s preparative memo. More than 3,000 words were needed for it. The text of yesterday’s Press release contains everything, from the specific economic policy recommendations to countries with excessive deficits, the entry of Croatia, the €10 billion capital increase […]
Once more Eurostat, the EU statistical service, went a step forward and produced deep socio-economic analysis with labour market data, than sheer statistical tables. Without colouring its statistics with ideology, the choice of the variables to analyse and present betray a scientific strictness accompanied however with increased susceptibility towards inequality and exclusion. This time it […]
The discussion and the argumentation about the unbelievable fall of living standards of the most deprived part of the population in the European Union during the crisis years is more or less an assertion, based on what every one of us sees and hears in one’s own personal social circle. Unemployment percentages tell only part […]
The positive relation between economic growth and the size of population is one of the best established principles in economic theory. There is no doubt then that today’s birth rate and future GDP are positively related, despite the fact that the dynamism of the correlation between those two crucial variables, seems to vary according to […]
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