Yesterday, December 10th 2013, French-German TV station ARTE TV aired an interview with former president of France, Valéry Giscard d'Estaing, and former German Chancellor Helmut Schmidt.
The whole interview is in English, the language they also used during the 1970s when both had regular consultations (by phone & at meetings).
The interview is accompanied by footage of stations of their career and also by file footage describing the economic situation after the war in France and Germany.
Although ARTE TV published dates for rebroadcasting this interview again, it's perhaps more convenient for German and French viewers to watch the full video again. It's however very unfortunate that ARTE TV obviously blocks access to this video from other countries than France & Germany.
Full video (90 minutes):
SCHMIDT UND GISCARD D'ESTAING - EINE MÄNNERFREUNDSCHAFT (German version)
[update] Schmidt und Giscard d'Estaing - Teil 1 (ZDFInfo, Youtube, video, 43 minutes) [/update]
VALÉRY GISCARD D'ESTAING ET HELMUT SCHMIDT (French version)
Trailer zu Helmut Schmidt und Valéry Giscard d'Estaing (Youtube trailer, video, 4 minutes)
related:
The euro should either be made growth and employment friendly as fast as possible, or it should be dismantled (Professor Christopher Pissarides, LSE blogs, Dec 13th 2013)(via @pierrebri)
Helmut Schmidt conversation with David Marsh, Hamburg December 2013 (omfif.org,pdf, 7 pages)
(via @pierrebri)
Saturday, December 14, 2013
Thursday, December 12, 2013
Slovenia: bank stress test results
(bsi.sl, pdf, English, 4 pages) (via @GovSlovenia)
Statement by Vice President #Rehn on the publication of results of stress tests of #banks in #Slovenia http://t.co/FkDz2Si5aT
— European Commission (@EU_Commission) December 12, 2013
Statement by the President of the #Eurogroup on #Slovenia: http://t.co/BzuugSSsMw
— DG ECFIN (@ecfin) December 12, 2013
Slovenia says it can fix banking sector without international aid http://t.co/GpKi2ln5AU
— DW - Business (@dw_business) December 12, 2013
Tuesday, December 10, 2013
A.D. 2013: Deflation is back in Europe
Although the Germans still are convinced there is no danger looming:
outright deflation arrived in some countries of the euro area:
Greece:
by Vincent Flasseur/Reuters (via @ReutersFlasseur)
#ELSTAT PR: Harmonized Index of Consumer Prices (2005=100.0) ( November 2013 ) http://t.co/FYEIXUSLso
— ELSTAT (@StatisticsGR) December 9, 2013
#ELSTAT PR: Consumer Price Index (2009=100.0) ( November 2013 ) http://t.co/LMEtt0PeIw
— ELSTAT (@StatisticsGR) December 9, 2013
Cyprus:
Cyprus slips into deep deflation in November...
http://t.co/YCGBhIiKUO
— Cyprus News Agency (@cnainenglish) December 5, 2013
Debt /GDP trajectories for EA countries will be added later, but you can imagine it doesn't look good
(revisit for updates)
Slovenia:
In the 3rd quarter of 2013, services producer prices decreased on average by 0.4% both at the quarterly and at... http://t.co/Hma4h6fSq5
— Statistics Slovenia (@StatSlovenia) December 12, 2013
closing in:Portugal:
The CPI 12-month average rate was 0.4% in November http://t.co/NpHfo2gjiA
— INE Portugal (@pt_INE) December 11, 2013
Ireland:
Prices rise by 0.3% in the year to November http://t.co/sVKJmd1qVH
— CSO Statistics (@CSOIreland) December 12, 2013
Sweden: (EU, not euro area)
Inflation rate 0.1 percent http://t.co/P8ic7WZ5Cv
— Statistics Sweden (@StatsSweden) December 12, 2013
Poland: (EU, not euro area)
Price index of consumer goods and services in the fourth quarter of 2013 was 100.0 as compared to the third quarter of 2013 (prices remained on the same level).source: Central Statistics Office, Poland (Jan 15th 2014)
Price index of consumer goods and services in November 2013 decreased 0.2%, as related to October 2013.source: Central Statistics Office, Poland (Dec 13th 2013)
Latvia: 2013 During the year, consumer prices have dropped by 0.4% (Statistika Latvijas, Jan 13th 2013)
A look back in history (Germany, early 1930s, short version by Wikipedia)
revisit earlier blog post: The forgotten catastrophe... Deflation [EZR, December 2011]
(including analysis by Paul Krugman)
recognizing that deflation is in fact dangerous:
If inflation fell "below 1% in a persistent way, then we should of course be extremely concerned" - Otmar Issing, ECB chief econ, May 2003
— Pierre Briançon (@pierrebri) December 5, 2013
France: The Consumer Prices Index decreased by 0.6% in January 2014; it rose by 0.7%, year-on-year
(Insee, Feb 20th 2014)
reactions by ECB officials:
Ecb's Makuch Says Does Not See Strong Deflation Pressures, Does Not See Deflation Ahead
— cigolo (@cigolo) December 10, 2013
More ECB action not ruled out but not needed for now: Coeure http://t.co/dS2Ll6OeLm
— Reuters Business (@ReutersBiz) December 11, 2013
related articles:Eurozone 'sleepwalking into a decades-long deflation trap’ (Telegraph, Dec 28th 2013)
Saturday, November 2, 2013
Germany's surpluses: discussion & facts
US Treasury report slams Germany current a/c surplus - deflationary bias, damages Euro area & world economy http://t.co/lr3g0kHy3R h/t @FTIfo-Prognose zur Leistungsbilanz 2013: Eine gut verkaufte Fahrt in die Hölle (W Muenchau, Spiegel, Jan 15th 2014)
— Prime Economics (@primeeconomics) October 31, 2013
Germany is World Champion in Capital Export (CESIFO Group, Jan 14th 2013)
Fratzscher attackiert Sinn: "Deutschland kein Opfer der Euro-Rettung" (Wirtschaftswoche, Jan 11th 2014)
Why “rebalancing” the German economy is easier said than done (Quartz,Jan 9th 2014)(via @jkaraian)
The German Scapegoat (D Gros, Project Syndicate, Dec 5th 2013)(via @JCSBruegel)
What does the German coalition agreement mean for the eurozone? (ECFR, Nov 29th 2013)(v @ECFR)
"Die Koalition wirft Europas Zukunft weg" (A Posen& R Hancke,Die Zeit, Nov 29th 2013)
Where Did All The German Savings Go? (S Fidler, WSJ, Nov 28th 2013)(via @SonyKapoor)
EU commissioner: Germany won't be sanctioned in surplus probe (Reuters, Nov16th 2013)(v @Forexlive)
Don't blame Germany for the eurozone's travails, blame the euro itself (J Warner,Telegraph, Nov 11th 2013)
Germany's Surplus Isn't the Problem (S Nixon,WSJ, Nov 10th 2013)(via @Simon_Nixon)
The view from Germany (S Wren-Lewis,Mainly Macro, Nov 10th 2013)(via @sjwrenlewis)
Treasury and Krugman Are Wrong About Germany (Melvyn Krauss,Bloomberg,Nov 8 2013)(via @HrReisen)
Deutscher Exportüberschuss: Das Märchen vom Gleichgewicht (FAZ, Nov 8th 2013)(via @WelterPatrick)
Hamish McRae: The Italians and Americans are hardly in a position to lecture Germany on how to run its economy (Independent, Nov 7th 2013)(via @Schuldensuehner)
The German trade surplus may widen with the euro-area recovery (Z Darwas,Bruegel,Nov 7th 2013)
US and Germany trade blows over macro policy, but is Germany's export focus really to blame for the woes of the eurozone? (Open Europe Blog, Nov 6th 2013)(via @LondonerVince)
Blogs review: The deflationary bias of Germany’s current account (Cohen-Setton,Bruegel,Nov 6th 2013)(@bruegel_org)
Germany’s Imbalances: Don’t Weaken our Strengths (T Straubhaar,Transatlantic Academy, Nov 6th 2013) >>
Barroso fordert mehr deutsches Engagement (Tagesspiegel, Nov 5th 2013)(via @AnnaJonky)
Why Germany's Export Machine Is Under Attack (Bloomberg, Nov 5th 2013)(via @crtru)
Germany is a weight o the world (M Wolf, Financial Times (paywall), Nov 5th 2013)
EU opens door to showdown with Germany on trade surplus (Telegraph, Nov 5th 2013)(via @TeleFinance)
Those Depressing Germans (P Krugman, NYTimes, Nov 4th 2013)(via @raluca3000)
Germany Is Being Crushed by Its Export Obsession (A Posen, Peterson Institute, Nov 3rd 2013)
German Surpluses: This Time Is Different (P Krugman, NYTimes, Nov 3rd 2013)(via @NYTimesKrugman)
EU's Barroso urges Germany to act on euro imbalances (Yahoo/Reuters, Nov 3rd 2013)
Europe is a currency saint but an egregious demand sinner (A Evans-Pritchard,Telegraph, Nov 2nd 2013)(via @AmbroseEP)
Germany's Export Obsession Is Dooming Europe to a Depression (The Atlantic, Nov 2nd 2013)
Charlemagne Fawlty Europe (Economist. Nov 2nd 2013)(via @GustavoPiga)
Defending Germany (P Krugman, NYTimes, Nov 2nd 2012)(via @NYTimesKrugman)
Aus der Balance (T Mayer, FAZ, Nov 2nd 2013)
IMF Backs U.S. Treasury in Criticizing German Exports (Bloomberg, Nov 1st 2013)(v @saraeisenFX)
Six Facts About the German Economy (germany.info, Nov 1st 2013)(via @noahbarkin)
The Harm Germany Does (P. Krugman, NYTimes, Nov 1st 2013)(via @shireblogger)
The US Treasury is right about Germany’s Eurozone policies: Here is why (Y Varoufakis, Nov 1st 2013)(via @RF_HFC)
Germany rebuffs US criticism of its growth model (BBC, Nov 1st 2013)(via @UNIDO)
Die USA, der deutsche Merkantilismus und die Koalitionsverhandlungen (H Flassbeck, Nov 1st 2013)(via @rkeuper)
A Fiscal Scold, Merkel Softens Tone at Home * (NYTimes, Nov 1st 2013)
It’s Not Germany’s Fault Europe Is Turning Japanese (WSJ, Oct 31st 2013)(via @CristophLawton)
Berlin Dismisses U.S. Criticism of Economy (WSJ, Oct 31st 2013)(via @WSJmarkets)
America’s misplaced lecture to Germany (G. Rachman,FT ($$), Oct 31st 2013)(via @Pa(TtrickBernau)
Schuld sind immer die anderen (Handelsblatt, Oct 31st 2013) (via @blicklog)
Germany rejects U.S. criticism of export reliance (Yahoo/Reuters, Oct 31st 2013)
Analysis: Euro zone current account surplus puts Germany in dock (Yahoo/Reuters, Sept 29th 2013)
Germany Is Not Manipulating the Euro (M Huether, IW cologne)
Exportindustrie: Die Euro-Partner verdienen mit (IW Koeln, May 8th 2013)
Leistungsbilanzen:Investitionsgüter führen zu Überschüssen (IW Koeln, Apr 11th 2013)
Was ist eine Leistungsbilanz? (including: Monatsberichtsaufsatz November 2012,pdf 19 pages) (Bundesbank)
(source (all 4 charts): Thomson/Reuters Datastream)
(3 created by Vincent Flasseur/Reuters -@ReutersFlasseur)
(source: Außenhandelsstatistik (Wiki)
(pink=exports,blue=imports,yellow=exports-imports)
(source: http://alphanow.thomsonreuters.com/)
Total current account balance for Germany pic.twitter.com/Vmo9SGNebP
— Fabrizio Goria (@FGoria) November 2, 2013
By 2017, German current acc surplus to shrink from 7% to 4.8%, overtaken by... Spain from -1 to 5.2. Say IMF pic.twitter.com/oj9uNcC32F
— Faisal Islam (@faisalislam) November 7, 2013
Percent of Each Country's Total Exports Consumed by China: pic.twitter.com/hOMkqpuj90
— Michael McDonough (@M_McDonough) November 3, 2013
Gesamtübersicht: Entwicklung des deutschen Außenhandels 2000- 2012 (complete data)(bmelv-statistik.de)
Deutscher Außenhandel (directory of all available data, incl break down per country)(bmelv-statistik.de)
(tradingeconomics.com)
(finfacts.ie, Apr 29th 2013)
World market share of exports (Destatis)
Interactive map: foreign trade surplus/deficit (German,Destatis)
Dutch (EU's 2nd largest exporter) exports of goods strongly EU oriented (CBS.nl)
German exports in August 2013: –5.4% on August 2012 (destatis.de, Oct 8th 2013)
Retail turnover in August 2013: +0.3% in real terms on August 2012 (destatis.de, Sep 30th 2013)
German exports in July 2013: unchanged on July 2012 (destatis.de, Sep 6th 2013)
German exports in June 2013: –2.1% on June 2012 (destatis.de, Aug 8th 2013)
re (lack of) consumer spending
German social insurance system posts big surplus (DW, Apr 12 2013)
While US argues, Germany faces budget surplus (AP, Oct 17th 2013)
German budget surplus jumps in first half of year (BBC, Aug 23rd 2013)
German Health-Care System’s Surplus Is Rising, Die Welt Reports (Bloomberg, Jul 5th 2012)
Dickes Polster: Krankenkassen erzielen erneut Milliarden-Überschuss (Spiegel, Aug 30th 2013)
(surplus health insurance as of June 2013: 29bn Euro)
Germany rakes in record tax income (<=2011)(The Local, Jan 27th 2012)
Germany expects record 2012 tax revenues (DW, Oct 31st 2012)
German tax revenues soar amid solid employment (DW, Oct 21st 2013)
re (lack of) consumer spending
German social insurance system posts big surplus (DW, Apr 12 2013)
While US argues, Germany faces budget surplus (AP, Oct 17th 2013)
German budget surplus jumps in first half of year (BBC, Aug 23rd 2013)
German Health-Care System’s Surplus Is Rising, Die Welt Reports (Bloomberg, Jul 5th 2012)
Dickes Polster: Krankenkassen erzielen erneut Milliarden-Überschuss (Spiegel, Aug 30th 2013)
(surplus health insurance as of June 2013: 29bn Euro)
Germany rakes in record tax income (<=2011)(The Local, Jan 27th 2012)
Germany expects record 2012 tax revenues (DW, Oct 31st 2012)
German tax revenues soar amid solid employment (DW, Oct 21st 2013)
>>Merkel's conservatives will push for a reduction in Germany's debt level to below 60 percent of GDP within 10 years from the current 81 percent, according to a party document obtained by Reuters on Friday.<<source:Germany may see higher tax revenues, could play role in talks (Reuters, Oct 26th 2013)
re domestic investments
Ailing Infrastructure: Scrimping Threatens Germany's Future (Spiegel, Jun 27th 2013),
but: investment projection renewables Germany 2010-2020: 159,5 bn € (prognos,pdf,ger)
related links
BDI-Außenwirtschafts-Report
* = Worry about idiocy not inflation (part II) German austerity myth [EZRopinion]
note: Of course the discussion is ongoing and there will be updates once in a while
Tuesday, October 15, 2013
Letta, Italy’s Premier, Says His Goal Is to Move ‘From Austerity to Growth’(NYTimes)
(NYTimes, Oct 15th 2013, 5 pages)(via @nytimesworld)
update:
update:
@fgoria @BBCGavinHewitt Thursday, Brookings hosts a conversation with #ItalyPM @EnricoLetta. Watch live online: http://t.co/UYV9aAwIkA
— Brookings Global (@BrookingsGlobal) October 15, 2013
(webcast,53 minutes,On european integration, populism, Maastricht, etc)
(ANSA, Oct 15th 2013)
(ANSA, Oct 15th 2013)(via @ItaliaNEWS)
Italy approves 2014 budget with tax, spending cuts
(Reuters, Oct 15th 2013)
Charts re Italy [Reuters via EZRcharts]
Italy approves 2014 budget with tax, spending cuts
(Reuters, Oct 15th 2013)
Charts re Italy [Reuters via EZRcharts]
Wednesday, September 18, 2013
Krugman: 20-30 years from now France will overtake Germany (population & GDP)
Krugman blog on why France will b a more powerful eco than Germany within 25yrs. Same point can be made about UK http://t.co/hSA5MowOpB
— jeremy warner (@JeremyWarnerUK) September 17, 2013
* = some support for Mr Warner's point can be found at bottom of page
Germany
Germany
Current population (DESTATIS)
Germany´s Population by 2060 (DESTATIS)
(pdf,engl, 49 pages, page 19: working age population in: 2020,-30,-40,-50,-60)
France
(pdf,engl, 49 pages, page 19: working age population in: 2020,-30,-40,-50,-60)
France
Population by sex and age on 1st January 2013, France except Mayotte (INSEE)
Components of population change 1982 - 2013 (INSEE)
Charts: Age structure & demographic balance sheet 2012 (INSEE)
[update]
Germany can't afford € transfer union. By 2050, its population of 82mn will have dropped to 70mn, less than in 1963 http://t.co/0yDr620Frc
— Mats Persson (@matsJpersson) September 18, 2013
EN translation of a Weidmann-Speech: Economic policy challenges facing Germany http://t.co/weTns2SB8t
— Deutsche Bundesbank (@bundesbank) September 30, 2013
France-Germany: is there a demographic dividend? | OFCE http://t.co/GghJO5G9oL
— Raquel Vázquez (@rvazfer) October 17, 2013
[/update]No. of people aged 80 and over in the UK is projected to more than double to 6m by mid-2037 http://t.co/NZ8n26pmEn
— ONS (@statisticsONS) November 6, 2013
Monday, August 26, 2013
A perspective on the German ‘job miracle’: labor market outcomes and welfare after the labor market transformation
A piece on German 'job miracle' which was enabled by chancellor Schröder's labor market reforms and which is considered to be the foundation for Germany's present economic strength.
Contains charts regarding:
long term unemployment (as % of active population 2000 - 2012)
long term unemployment (as % of unemployment 2000 - 2012)
youth unemployment (in %, age 15 - 24, 2000 - 2012)
Labor force activity (in %, male,female, total, 2000 - 2012)
Unemployment benefits & reservation age
Unit labor costs (Germany, Finland, France, Spain, 2000 - 2012)
Employment
Average working time
Hourly productivity
part time / full time employment
risk of poverty / inequality
Average weekly working time
& much more
Also contains a detailed country comparison : Germany <> Spain, Italy and France (charts & text)
Summary by Bank of Finland (Soumen Pankki):
http://www.suomenpankki.fi/fi/julkaisut/selvitykset_ja_raportit/bof_online/Pages/BOF_ONL_07_2013.aspx
paper by Michaela Schmöller (BoF,pdf, 0.92 MB, 61 pages, english)
Follow @SuomenPankki
Contains charts regarding:
long term unemployment (as % of active population 2000 - 2012)
long term unemployment (as % of unemployment 2000 - 2012)
youth unemployment (in %, age 15 - 24, 2000 - 2012)
Labor force activity (in %, male,female, total, 2000 - 2012)
Unemployment benefits & reservation age
Unit labor costs (Germany, Finland, France, Spain, 2000 - 2012)
Employment
Average working time
Hourly productivity
part time / full time employment
risk of poverty / inequality
Average weekly working time
& much more
Also contains a detailed country comparison : Germany <> Spain, Italy and France (charts & text)
Summary by Bank of Finland (Soumen Pankki):
http://www.suomenpankki.fi/fi/julkaisut/selvitykset_ja_raportit/bof_online/Pages/BOF_ONL_07_2013.aspx
paper by Michaela Schmöller (BoF,pdf, 0.92 MB, 61 pages, english)
Follow @SuomenPankki
Saturday, August 24, 2013
NL: ABN Amro to be reprivatized soon - taxpayer's 'rescue bill' likely between 7 and 22 bn €
Dutch government expects loss on ABN Amro sale (rte.ie, Aug 23rd 2013)
ABN AMRO bad debts rise as government plans sale (reuters.com, Aug 23rd 2013)
ABN Amro's IPO a heavy burden on the taxpayer (telegraaf.nl, Aug 24th 2013)(*)
Dutch Bank ABN Amro Takes Step Toward an I.P.O. (dealbook.nytimes.com, Aug 23rd 2013))
Lower house supports ABN Amro decision (nos.nl, Aug 23th 2013)(*)
The IPO decision
reactions & analysis (audio/video,nieuwsuur.nl, Aug 23rd 2013)(*)
The taxpayer's costs (32 bn€) for ABN Amro explained(*):
source: NOS - Dutch public TV (use link if embedded video doesn't work)
Earlier (2012) ...
A special commission ('De Wit commission') investigated the rescue of the Dutch financial sector during the financial crisis of 2008:
Criticism De Wit on bank rescue (text & video, nos.nl, Apr 11th 2012)(*)
De Wit: "big mistakes have been made" (text & video, nieuwsuur.nl, Apr 11th 2012(*)
(Former Dutch finance minister) Wouter Bos comments on De Wit commission's findings
(text & video, nieuwsuur.nl, Apr 12th 2012)(*)
Former Dutch finance minister Gerrit Zalm is ABN Amro's CEO since nationalization
BTW: Insurer ASR has been rescued, too:
rescued for 3.65 bn €, government will likely get between 2.15 - 2.30 bn €
(sources: telegraaf.nl, Aug 24th 2013 & telegraaf.nl, Aug 23rd 2013) (*)
* = Dutch language
ABN AMRO bad debts rise as government plans sale (reuters.com, Aug 23rd 2013)
ABN Amro's IPO a heavy burden on the taxpayer (telegraaf.nl, Aug 24th 2013)(*)
Dutch Bank ABN Amro Takes Step Toward an I.P.O. (dealbook.nytimes.com, Aug 23rd 2013))
Lower house supports ABN Amro decision (nos.nl, Aug 23th 2013)(*)
The IPO decision
reactions & analysis (audio/video,nieuwsuur.nl, Aug 23rd 2013)(*)
The taxpayer's costs (32 bn€) for ABN Amro explained(*):
source: NOS - Dutch public TV (use link if embedded video doesn't work)
Earlier (2012) ...
A special commission ('De Wit commission') investigated the rescue of the Dutch financial sector during the financial crisis of 2008:
Criticism De Wit on bank rescue (text & video, nos.nl, Apr 11th 2012)(*)
De Wit: "big mistakes have been made" (text & video, nieuwsuur.nl, Apr 11th 2012(*)
(Former Dutch finance minister) Wouter Bos comments on De Wit commission's findings
(text & video, nieuwsuur.nl, Apr 12th 2012)(*)
Former Dutch finance minister Gerrit Zalm is ABN Amro's CEO since nationalization
BTW: Insurer ASR has been rescued, too:
rescued for 3.65 bn €, government will likely get between 2.15 - 2.30 bn €
(sources: telegraaf.nl, Aug 24th 2013 & telegraaf.nl, Aug 23rd 2013) (*)
* = Dutch language
Tuesday, August 20, 2013
France: government presents its "France 2025" vision for the country's future
Quelle France dans dix ans ? Un document de discussion du Commissariat à la stratégie http://t.co/ScMQo3Z2VC
— Jean Pisani-Ferry (@BruegelPisani) August 20, 2013
Jean Pisani-Ferry (bruegel.org)
French minister predicts ‘full employment’ by 2025 (france24.com, Aug 17th 2013)
Hollande livre sa vision de la France de 2023 (europe1.fr, Aug 19th 2013)
France in 2025: full employment, no red tape and housing for all? (telegraph.co.uk, Aug 18th 2013)
France in 2025: Hollande hits back at 'Nostradamus' jibes (telegraph.co.uk, Aug 20th 2013 2013)
"France 2025" – Hollandes Vision von Glück (welt.de, Aug 19th 2013)
France to invest €20bn in high-speed broadband for the entire country (ZDNET, Feb 22nd 2013)
France Monde | Jean Pisani-Ferry : « La France touche aux limites de son modèle » - Le Bien Public http://t.co/crnxSzKDUG via @lebienpublic
— Strategie_Gouv (@Strategie_Gouv) August 26, 2013
French government commissions 10-year action plan for reforms http://t.co/f6GEWbNqmv via @reuters
— Strategie_Gouv (@Strategie_Gouv) August 27, 2013
My recent interview on France 24 (in English) about the French economy http://t.co/Z9lt7TuaEHrelated:
— Jean Pisani-Ferry (@pisaniferry) October 29, 2013
French Investment Bank to launch in 2013 (EZR compilation)
Charts re France (Reuters/Datastream)
A Proud Nation Ponders How to Halt Its Slow Decline (NY Times, Aug 24th 2013)
Sunday, August 18, 2013
Announcement: Twitter handle changed from andrs_mr to EZR_news
It won't affect those who are already following ...
Just another 'station ID' will pop-op in their Twitter timeline.
A 'rethink' (old: andrs_mr >>> EZR_news) however is needed, when trying to send direct messages to this account. (private or public ones)
Twitter logo, EZR Twitter policy won't change at all ...
Just another 'station ID' will pop-op in their Twitter timeline.
A 'rethink' (old: andrs_mr >>> EZR_news) however is needed, when trying to send direct messages to this account. (private or public ones)
Twitter logo, EZR Twitter policy won't change at all ...
Saturday, August 17, 2013
state secret bank rescue (ARTE TV docu, German language)
Where has the all money for European bank rescues gone ?
Some answers regarding:
Ireland, Spain (Bankia), Greece, Cyprus
, but also Germany(HRE)
compiled by German journalist Harald Schumann (Der Tagesspiegel)
Interviews with:
German FinMin Wolfgang Schaeuble
Spanish FinMin Luis de Guindos
Irish depute FinMin Bryan Hayes
ECB's Joerg Asmussen
Irish finance professor Karl Whelan
Irish economist Constantin Gurdgiev
& others
Staatsgeheimnis Bankenrettung ARTE (Youtube, video, 53 minutes, German language)
Quand l'Europe sauve ses Banques, qui paye ? (Youtube,video, 52 minutes, French language)
New ! The Secret Bank Bailout (HD 1080p) (Youtube, 58 minutes, English language)
Some answers regarding:
Ireland, Spain (Bankia), Greece, Cyprus
, but also Germany(HRE)
compiled by German journalist Harald Schumann (Der Tagesspiegel)
Interviews with:
German FinMin Wolfgang Schaeuble
Spanish FinMin Luis de Guindos
Irish depute FinMin Bryan Hayes
ECB's Joerg Asmussen
Irish finance professor Karl Whelan
Irish economist Constantin Gurdgiev
& others
Staatsgeheimnis Bankenrettung ARTE (Youtube, video, 53 minutes, German language)
Quand l'Europe sauve ses Banques, qui paye ? (Youtube,video, 52 minutes, French language)
New ! The Secret Bank Bailout (HD 1080p) (Youtube, 58 minutes, English language)
Germany: Lastest figures released by FAZ re bank rescues since 2008 & Euro area liabilties
risks resulting from euro area rescues
Schäuble: Gesamtrisiko beträgt 310 Milliarden Euro (FAZ, Aug 17th 2013)(German)
(engl.:Schaeuble: total liabilities 310 bn euro,
IFO: 533bn € optimistic scenario, 637bn pessimistic)
(article is a follow-up to this one a day earlier: Deutsche Haftung höher als Schäuble angibt)
risks re German bank rescues since outbreak of financial crisis 2008
Milliardengrab Bankenrettung (FAZ, Aug 16th 2014)(German)
(engl.: billion grave bank rescue,
646 bn € guarantees, 259 bn used , possible bill for taxpayer: 30-50 bn)
(included European rescue chart: light red = guarantees, dark red = used , BIP = GDP )
related
Cross border exposures (BIS data)
State secret bank rescue (video)
Ab 2015 keine Nettokreditaufnahme mehr geplant (Bundestag.de, Aug 13th 2013)
Schäuble: Gesamtrisiko beträgt 310 Milliarden Euro (FAZ, Aug 17th 2013)(German)
(engl.:Schaeuble: total liabilities 310 bn euro,
IFO: 533bn € optimistic scenario, 637bn pessimistic)
(article is a follow-up to this one a day earlier: Deutsche Haftung höher als Schäuble angibt)
risks re German bank rescues since outbreak of financial crisis 2008
Milliardengrab Bankenrettung (FAZ, Aug 16th 2014)(German)
(engl.: billion grave bank rescue,
646 bn € guarantees, 259 bn used , possible bill for taxpayer: 30-50 bn)
(included European rescue chart: light red = guarantees, dark red = used , BIP = GDP )
related
Cross border exposures (BIS data)
State secret bank rescue (video)
Ab 2015 keine Nettokreditaufnahme mehr geplant (Bundestag.de, Aug 13th 2013)
Update: German positions (on: Greek debt haircut (OSI),euro exit, forming 'grand coalition')
Unity re Greek debt haircut: Merkel & Steinbrueck against Greek debt haircut (German)
(Handelsblatt, Aug 17th 2013)(via @jvanovertveld)
Seehofer (CSU) rules out debt relief for Athens (German)(Die Welt, Aug 17th 2013)
(via @YanniKouts)
Debt relief for Greece: Wagenknecht (Leftists) demands 'truth commssion' (German)
(Handelsblatt, Aug 17th 2013)
IFR Comment: A third aid programme, no new haircuts for Greece (ifre.com) Chancellor Merkel not ruling out a 'grand coalition' (DW, Aug 17th 2013)(via @dw_english)
Schaeuble adviser Kai Konrad: "Germany can't rescue the eurozone"(German)
(interview on German euro exit ('Gerxit'?)) (Die Welt, Aug 17th 2013)(via @kleingut)
German citizens :
Germans Believe Politicians Are Lying About Crisis, Says Study (WSJ, Aug 15th 2013)
related: (EZR compilation)
German finance minister Schäuble's statement on possible 2nd 'haircut' for Greece (OSI)
(Handelsblatt, Aug 17th 2013)(via @jvanovertveld)
Seehofer (CSU) rules out debt relief for Athens (German)(Die Welt, Aug 17th 2013)
(via @YanniKouts)
Debt relief for Greece: Wagenknecht (Leftists) demands 'truth commssion' (German)
(Handelsblatt, Aug 17th 2013)
Euro-Krise: Schäuble - Athen benötigt drittes Hilfsprogramm http://t.co/ar8Qks7Y6b via @welt
— WELT Wirtschaft (@WELT_Economy) August 20, 2013
Greece will need a third bailout, admits German finance minister http://t.co/cJcNK0Sl4h
— Gareth Gore (@gareth_gore) August 20, 2013
Germany's finance minister: No more Greek-style eurozone bailouts - CNN http://t.co/F0W69jfaNe
— articles about GR (@intlGR) August 27, 2013
Wolfgang Schäuble: Weiterer Schuldenschnitt? "Unnötig und falsch" http://t.co/KSE4ItnlD0
— DIE WELT (@welt) September 8, 2013
"Was die AfD behauptet, ist brandgefährlich" sagt Wolfgang Schäuble im ZEIT ONLINE-Interview http://t.co/HzAL7qHV2Q #btw13 (leo)########
— ZEIT ONLINE (@zeitonline) September 18, 2013
IFR Comment: A third aid programme, no new haircuts for Greece (ifre.com) Chancellor Merkel not ruling out a 'grand coalition' (DW, Aug 17th 2013)(via @dw_english)
Schaeuble adviser Kai Konrad: "Germany can't rescue the eurozone"(German)
(interview on German euro exit ('Gerxit'?)) (Die Welt, Aug 17th 2013)(via @kleingut)
"We should save Europe, not the Euro!" http://t.co/p2JAl1oHHs
— Klaus Kastner (@kleingut) August 20, 2013
German citizens :
Germans Believe Politicians Are Lying About Crisis, Says Study (WSJ, Aug 15th 2013)
related: (EZR compilation)
German finance minister Schäuble's statement on possible 2nd 'haircut' for Greece (OSI)
Wednesday, August 14, 2013
Portugal 2nd quarter GDP: +1.1% q/q , BUT (Portugal Statistics explains)
Whoa Portugal! Growth of 1.1pc qoq in Q2 2013. What explains it other than volatile exports?
— Megan Greene (@economistmeg) August 14, 2013
A question possibly also asked by others in Europe (and elsewhere)
The chart looks nice:
Now including Portugal RT @ReutersFlasseur: Wrap - Q2 GDP growth comparison #graphic http://t.co/ZvHHYuJcVz
— Vincent Flasseur (@ReutersFlasseur) August 14, 2013
Commissioner Rehn is happy , too:
Non self-congratulatory 'green shoots' blog from #Rehn here http://t.co/IBCpEce8PV HT @ecfin, but as always 'the devil is in the details':
— Shire Blogger (@Shireblogger) August 14, 2013
The less intense year-on-year reduction of GDP in the 2nd quarter was mainly driven by the less pronounced decrease of Investment, particularly in Construction, and to the significant acceleration of Exports of Goods and Services, partially due to the calendar effect associated to the Easter celebration (in 2012, it took place in April whereas in 2013 it occurred in March).source: Statistics Portugal (#FF)
Gross Domestic Product decreased 2.0% in real terms in the 2nd quarter 2013 http://t.co/F5FgQzwgWe
— INE Portugal (@pt_INE) August 14, 2013
Year-on-year change rate of Gross Domestic Product was -2.1% in volume http://t.co/zpOlHzjfEX
— INE Portugal (@pt_INE) September 6, 2013
P.S:
There is now a new Twitter handle for the people who fancy graphics
Saturday, August 10, 2013
BBC: Das Auto - The Germans, Their Cars and Us (video,2013)
Dear reader,
not exactly "news", but a very interesting review and comparison of the British and German car industry from right after the war (1945) to the present time.
Lots of explanations what went wrong in Britain and what the Germans did right. Including some only recently declassified documents of the British government on their estimates of the British (largely state owned) car industry.
A lot of production numbers, exports, consumer opinions, management performance , but of course also an overview what models did turn out to be "best sellers" and which ones flopped.
BBC Das Auto The Germans Their Cars and Us (BBC TV, video, Youtube, 59 minutes)
not exactly "news", but a very interesting review and comparison of the British and German car industry from right after the war (1945) to the present time.
Lots of explanations what went wrong in Britain and what the Germans did right. Including some only recently declassified documents of the British government on their estimates of the British (largely state owned) car industry.
A lot of production numbers, exports, consumer opinions, management performance , but of course also an overview what models did turn out to be "best sellers" and which ones flopped.
BBC Das Auto The Germans Their Cars and Us (BBC TV, video, Youtube, 59 minutes)
Sunday, July 14, 2013
German finance minister Schäuble's statement on possible 2nd 'haircut' for Greece (OSI)
Merkel, Schaeuble stress opposition to new Greek haircut (Ekathimerini, Jul 12th 2013)
The interview in full:
BILD-INTERVIEW MIT BUNDESFINANZMINISTER WOLFGANG SCHÄUBLE
(bild.de,Jul 12th 2013)(German)
By promising German taxpayers to do his utmost to support Greece* he could have referred to this:
Schaeuble to sign investment deal in Athens (Ekathimerini, Jul 13th 2013) (via @ioannou_ch)
(more on that German KfW initiative for Southern Europe (Spain,Portugal,Greece) here (EZR compilation))
note: headline rephrased after readers questioned "FinMin" ... so now it is "finance minister". Apologies
Schäuble refuses to guarantee taxpayer loans to Greece won't be written off after German elections in Bild interview pic.twitter.com/rX170LMhMv
— Pawel Swidlicki (@pswidlicki) July 12, 2013
The interview in full:
BILD-INTERVIEW MIT BUNDESFINANZMINISTER WOLFGANG SCHÄUBLE
(bild.de,Jul 12th 2013)(German)
By promising German taxpayers to do his utmost to support Greece* he could have referred to this:
Schaeuble to sign investment deal in Athens (Ekathimerini, Jul 13th 2013) (via @ioannou_ch)
(more on that German KfW initiative for Southern Europe (Spain,Portugal,Greece) here (EZR compilation))
* "Ich garantiere, dass ich alles tun werde, dass das Programm erfolgreich sein wird."source: Bild Zeitung (same link to full interview above)
note: headline rephrased after readers questioned "FinMin" ... so now it is "finance minister". Apologies
Saturday, July 13, 2013
ECB's forward guidance: M Draghi, JC Trichet & B Coeuré statements (Bloomberg TV, video)
Draghi's Own Words on Rates, Forward Guidance (Bloomberg, video, 4 minutes)
#ECB Benoit Coeure says guidance will be reassessed: Watch my exclusive interview http://t.co/bWt4n76aM5 @ecb @BloombergTV
— Caroline Connan (@CarolineConnan) July 12, 2013
Trichet not convinced by Draghi's forward guidance: http://t.co/csEg2uzj1W @Cercle_eco @BloombergTVWrld @BloombergParis
— Caroline Connan (@CarolineConnan) July 7, 2013
Praet Says Forward Guidance on ECB Rates Wouldn't Work (Bloomberg, Jan 29th 2013)
Saturday, May 25, 2013
Schäuble's letter to Rösler: German KfW bank should aid Portugal and Spain (and possibly also Greece)
Schäuble schreibt Rösler: KfW soll Portugal und Spanien helfen (N-TV, May 25th 2013)
Schäuble writes Rösler: KfW should aid Portugal and Spain
(aid program could possibly be extended to Greece)
KfW-Kredite: Schäuble plant Förderung für Unternehmen in Krisenländern (Der Spiegel, May 25th 2013)
Deutsche Krisenhilfe für Portugal und Spanien (dw.de, May 25th 2013)
Schäuble-Plan für Spanien schreckt Haushälter auf (Handelsblatt, May 27th 2013)
(Mr Rösler endorsed Mr Schäuble's proposal, details have to be hammered out)
Schaeuble to sign investment deal in Athens (Ekathimerini, Jul 13th 2013)
Germany's KfW to Offer Support for Portugal's SMEs-Ministers (WSJ, May 22nd 2013)
Staatliche Förderbank: KfW soll Portugal bei Firmenfinanzierung helfen (Handelsblatt, May 22nd 2013)
related:
KfW (Wiki)
Philipp Rösler (Wiki)
Wolfgang Schäuble (Wiki)
KfW enhances its promotional capacity with another very positive result <= 2012: 2,4bn € profit
(kfw.de,Apr 16th 2013)
public investment banks (EU member states) (EZRdevelop compilation)
last updated: May 26th 2013, 8:50 CET
Schäuble writes Rösler: KfW should aid Portugal and Spain
(aid program could possibly be extended to Greece)
KfW-Kredite: Schäuble plant Förderung für Unternehmen in Krisenländern (Der Spiegel, May 25th 2013)
Deutsche Krisenhilfe für Portugal und Spanien (dw.de, May 25th 2013)
Schäuble-Plan für Spanien schreckt Haushälter auf (Handelsblatt, May 27th 2013)
(Mr Rösler endorsed Mr Schäuble's proposal, details have to be hammered out)
Schaeuble to sign investment deal in Athens (Ekathimerini, Jul 13th 2013)
Reuters: KfW to provide loans of €800m to Spanish SMEs as part of planned €1bln German aid programmeifre.com/germany-plans-…
— CapitalCityIFR (@CapitalCityIFR) 3 juni 2013
German KfW bank to help set up Portuguese financial body-finmins (Reuters, May 22nd 2013)Germany's KfW to Offer Support for Portugal's SMEs-Ministers (WSJ, May 22nd 2013)
Staatliche Förderbank: KfW soll Portugal bei Firmenfinanzierung helfen (Handelsblatt, May 22nd 2013)
related:
KfW (Wiki)
Philipp Rösler (Wiki)
Wolfgang Schäuble (Wiki)
KfW enhances its promotional capacity with another very positive result <= 2012: 2,4bn € profit
(kfw.de,Apr 16th 2013)
public investment banks (EU member states) (EZRdevelop compilation)
last updated: May 26th 2013, 8:50 CET
Friday, May 24, 2013
Germany: GDP 1st quarter 2013:+0,1% q/q , but -1,4% y/y (Destatis, detailed statistics)
imports: -2,1% q/q
exports: -1,8% q/q
Detailed gross domestic product results for the 1st quarter of 2013 (Destatis, May 24th 2013)
Ifo Business Climate Rises (cesifo-group.de, May 24th 2013)
exports: -1,8% q/q
Detailed gross domestic product results for the 1st quarter of 2013 (Destatis, May 24th 2013)
Ifo Business Climate Rises (cesifo-group.de, May 24th 2013)
(graphics by Vincent Flasseur/ThomsonReutersDatastream)
(via @ReutersFlasseur)
more charts re: Germany (EZRcharts)
Sunday, May 19, 2013
BoE's Sir Mervyn King on Euro, Eurozone & UK Treasury's 'help to buy scheme' [video]
(video, 22 minutes, Sky News, Sun May 19th 2013)
(On British economy, low interest rates, fiscal policy, 'help to buy scheme')
(Also on increasing exports for weaker countries and increasing domestic demand in e.g. Germany, Eurozone as a danger to British recovery)
BoE governor King warns of euro risk to British recovery (Reuters, May 19th 2013)
Sir Mervyn King warns against 'demonising' bankers (ITV, My 19th 2013)
Sir Mervyn King warns against 'demonising' bankers (ITV, My 19th 2013)
Help to Buy scheme (Guardian compilation)
Mortgage help scheme 'will create a housing bubble' (Telegraph, Mar 20th 2013)
HELP TO BUY (bellway.co.uk)
Monday, May 6, 2013
EU parliament's ECON committee: hearing on Cyprus Bailout (May7+8)
Urgent ECON hearing with Dijsselbloem called for by ALDE Group (alde.eu, Mar 29th 2013)
Talking about monetary union and Cyprus this WEEK (euobserver.com, Ma 3rd 2013)
"EU-TV" (EbS) schedule May 7th
"EU-TV" (EbS) schedule May 8th
related reading:
MEPs angry at EU's Olli Rehn over treatment of Cyprus (BBC, Apr 17th 2013)
EU Parliament likely to back forced losses on wealthy failed bank depositors (Reuters, Apr 23rd 2013)
Cyprus Losses Spur EU Lawmakers to Bolster Depositor Protection (Bloomberg, Apr 9th 2013)
Follow @EP_Economics Follow @Europarl_EN
Tuesday & Wednesday #Dijsselbloem, #Asmussen, #Rehn in ECON on #Cyprus + #Barnier & #Semeta on their files. Agenda: europarl.europa.eu/committees/en/…
— ECON Committee Press (@EP_Economics) 3 mei 2013
Week Ahead: May 6 to May 10 (WSJ, May 3rd 2013)Talking about monetary union and Cyprus this WEEK (euobserver.com, Ma 3rd 2013)
"EU-TV" (EbS) schedule May 7th
"EU-TV" (EbS) schedule May 8th
related reading:
MEPs angry at EU's Olli Rehn over treatment of Cyprus (BBC, Apr 17th 2013)
EU Parliament likely to back forced losses on wealthy failed bank depositors (Reuters, Apr 23rd 2013)
Cyprus Losses Spur EU Lawmakers to Bolster Depositor Protection (Bloomberg, Apr 9th 2013)
Follow @EP_Economics Follow @Europarl_EN
Friday, May 3, 2013
EU Commissioner Rehn comments on Spring economic forecast (NOS video)
source: Rehn: de situatie in Frankrijk is duidelijk slechter (c) by NOS TV, May 3rd 2013, English, 7 minutes
Spring 2013 forecast: The EU economy – slowly recovering from a protracted recession (europa.eu, May 3rd 2013)
EU Recovery and Resolution Directive (RRD) (re: bail-in )
[update Dec 12th 2013]
[/update]
Asmussen: bail-in for bank resolution should be used from 2015
ECB's Asmussen: Essential to Move Swiftly on All Aspects of Banking Union (WSJ, Apr 12th 2013)
HIGHLIGHTS-Comments from EU finance ministers, officials (Reuters, Apr 12th 2013)
Jörg Asmussen: CEEs and the crisis – current challenges and benefits (BIS, pdf, 4 pages, Apr 29 2013)
Resolution and future of finance - speech by Paul Tucker (Bank of England, May 20th 2013)
Resolution mechanism for banking union can be created without treaty change, says EU's Barnier
(Ekathimerini, May 20th 2013)
EU Parliament Panel Seeks Depositor Preference in Bank-Loss Law (Businessweek, May 20th 2013)
EU draft bank rescue law would not shield big deposits (MSN Money, May 20th 2013)
#brrd negotiators seal political deal pic.twitter.com/T7jkPE7aHm
— ECON Committee Press (@EP_Economics) December 11, 2013
Big step tonight. Agreement in trilogue #BRRD for all 28 MS. Taxpayers no longer in front line to pay 4 banks mistakes @ghokmark @EU2013LT
— Michel Barnier (@MBarnierEU) December 11, 2013
Commissioner Barnier welcomes trilogue agreement on the framework for bank recovery and resolution (europa.eu)
#EU agrees new rules for bank bailouts to save taxpayers from paying for the rescue of ailing institutions http://t.co/rP0CjXoXKl /via @AFP
— Yannis Koutsomitis (@YanniKouts) December 12, 2013
#BRRD bank recovery and resolution directive - Outline of yesterday's deal http://t.co/CuxEmd3E4S @ghokmark
— ECON Committee Press (@EP_Economics) December 12, 2013
#Bankrecovery & resolution directive:statement by rapp @ghokmark
#trialogue @EP_Economics VIDEO now available: http://t.co/QKFOQDK5Z5
— EP Audiovisual (@europarlAV) December 12, 2013
(Ángel Ubide, Peterson Institute, pdf, 9 pages) (via @raluca3000)
[/update]
>>Bail-in takes shape but national inconsistencies likely to emerge…<< (KPMG)
source: EU Directive on Recovery and Resolution (KPMG, June 2012)
Proposal - European Commission - Europa (ec.europa.eu,pdf, 537kb, 171 pages)
Banking: EU Crisis Management (ec.europa.eu)
[Liikanen report] (ec.europa.eu, pdf, 153 pages, Oct 2nd 2012)
Recovery and Resolution Planning: Making the Key Attributes Requirements Operational
(FSB , pdf, 53 pages, Nov 2012)
Recovery and Resolution Planning: Making the Key Attributes Requirements Operational
(FSB , pdf, 53 pages, Nov 2012)
Working towards effective resolution... (KPMG, April 2012)
Rapporteur for RRD unwilling to disclose 'work in progress'. This is the dossier which covers bail-in, or not, or deposits.
— Sharon Bowles(@SharonBowlesMEP) 3 mei 2013
Asmussen: Bail-in bei Bankenabwicklung schon ab 2015 vorsehen (finanznachrichten.de, May 5th 2013)Asmussen: bail-in for bank resolution should be used from 2015
ECB's Asmussen: Essential to Move Swiftly on All Aspects of Banking Union (WSJ, Apr 12th 2013)
HIGHLIGHTS-Comments from EU finance ministers, officials (Reuters, Apr 12th 2013)
Jörg Asmussen: CEEs and the crisis – current challenges and benefits (BIS, pdf, 4 pages, Apr 29 2013)
Resolution and future of finance - speech by Paul Tucker (Bank of England, May 20th 2013)
Resolution mechanism for banking union can be created without treaty change, says EU's Barnier
(Ekathimerini, May 20th 2013)
EU Parliament Panel Seeks Depositor Preference in Bank-Loss Law (Businessweek, May 20th 2013)
EU draft bank rescue law would not shield big deposits (MSN Money, May 20th 2013)
note: (as usual) some more links might be added in the upcoming weeks
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