Chief Economist of BNP Paribas Fortis, explains how economics need to evolve after the financial crisis has proven the prevailing economic paradigm is no longer valid
The document discusses the formation of the eurozone and the causes of the eurozone financial crisis. It analyzes how countries like Greece, Portugal, Ireland, Italy and Spain accumulated too much sovereign debt when borrowing rates converged at Germany's lower level. When the global recession hit in 2008, it exposed weaknesses in some eurozone economies and led the ECB and governments to implement austerity measures with limited success. Recommended solutions for the future of the eurozone remain unclear.
What did the financial crisis taught us about the eurozoneMarkets Beyond
Europe is not yet ready to face the reality of the the harsh decisions to be implemented, still retrenched in dogma: in the end facts are always right...
The document discusses the ongoing Eurozone crisis and possible solutions. It provides background on how the crisis began in the US and spread globally. It outlines some of the challenges faced in containing the crisis and differing views on approaches. It then maps the crisis from 2011-2012 and considers worst and best case scenarios if a country defaults. It presents some ideas for solving the crisis, such as bank nationalization, new financial regulations, optimizing spending, and moving towards a more politically united Europe. It concludes that the only way to truly save the euro may be for Eurozone countries to sacrifice more of their own interests for the greater community.
This document summarizes Greece's financial crisis and its impact on the European Union. It discusses how Greece accumulated large debts and deficits after joining the EU. While the EU delayed assistance from the IMF, which could have helped sooner, Greece also failed to properly manage its finances. Now Greece's instability has strained other EU economies. The document examines Greece's history and current efforts to recover, but notes that without changes to its governance, Greece may not be able to sustain itself without bailouts.
From Crisis to Recovery The Causes, Course and Consequences of the Great Rece...Dr Lendy Spires
OECD Insights: From Crisis to Recovery 3 Foreword The current global economic crisis was triggered by a financial crisis caused by ever-increasing thirst for short-term profit. In addition, against a background of government support for the expansion of financial markets, many people turned a blind eye to basic issues of business ethics and regulation. We now need to rewrite the rules of finance and global business. To restore the trust that is fundamental to functioning markets, we need better regulation, better supervision, better corporate governance and better co-ordination. We also need fairer social policies and an end to the bottlenecks that block competition and innovation and hamper sustainable growth. We must also find the most productive ways for governments to exit from their massive emergency interventions once the world economy is firmly back on a growth path. Dealing with fiscal deficits and unemployment while encouraging new sources of growth will absorb policy makers’ attention in the near term, but lifting our collective sights to focus on wider issues, such as the environment and development, is a challenge we must also meet. How can we move from recession to recovery? The OECD’s strategic response involves strengthening corporate governance and doing more to combat the dark sides of globalisation, such as corruption and tax evasion. As well as correcting the mistakes of the past, we have to prepare the future. We are elaborating a “Green Growth Strategy” to guide national and international policies so that all countries can realise the potential of this new approach to growth. Our analysis shows a need for governments to take a stronger lead in fostering greener production, procurement and consumption patterns by devising clearer frameworks and ensuring that markets work properly. They should drop some costly habits too, notably subsidising fossil fuels, which would help fight climate change and save money as well.
The document summarizes an interview with two bankers from Banco di Brescia about the financial crisis in Europe. Some key points:
- The financial crisis began in the US in 2007-2008 but spread to Europe by 2010, requiring intervention from the European Central Bank to bail out countries like Ireland, Portugal, Greece, and Italy.
- The crisis was underestimated initially and was caused by a lack of balance due to globalized financial flows and too much private and public debt. It restricted liquidity and credit flows.
- Italian banks had to manage the crisis by reducing lending to families and businesses while evaluating worthy enterprises. Some banks were more solid than others.
- To overcome the crisis,
1) Rating agencies and financial markets have little confidence in Italy's ability to stabilize its public debt due to high debt levels, weak growth, and structural economic problems.
2) Eurozone policymakers are increasing pressure on Berlusconi to deliver budget reforms and balance the budget sooner.
3) At a recent bond auction, Italy had to pay 6.06% interest for 10-year bonds, highlighting investors' rising concerns about the country's debt situation.
KI a INESS v spolupráci s ďalšími partnermi organizovali medzinárodnú
konferenciu v rámci Free Market Road Show 2012 na tému Európa na ceste do
nevoľníctva?, ktorá sa konala dňa 27. apríla 2012 v Bratislave. Pozrite si
prezentáciu Daneila Mitchella. Viac informácií na
www.konzervativizmus.sk.
The document discusses the formation of the eurozone and the causes of the eurozone financial crisis. It analyzes how countries like Greece, Portugal, Ireland, Italy and Spain accumulated too much sovereign debt when borrowing rates converged at Germany's lower level. When the global recession hit in 2008, it exposed weaknesses in some eurozone economies and led the ECB and governments to implement austerity measures with limited success. Recommended solutions for the future of the eurozone remain unclear.
What did the financial crisis taught us about the eurozoneMarkets Beyond
Europe is not yet ready to face the reality of the the harsh decisions to be implemented, still retrenched in dogma: in the end facts are always right...
The document discusses the ongoing Eurozone crisis and possible solutions. It provides background on how the crisis began in the US and spread globally. It outlines some of the challenges faced in containing the crisis and differing views on approaches. It then maps the crisis from 2011-2012 and considers worst and best case scenarios if a country defaults. It presents some ideas for solving the crisis, such as bank nationalization, new financial regulations, optimizing spending, and moving towards a more politically united Europe. It concludes that the only way to truly save the euro may be for Eurozone countries to sacrifice more of their own interests for the greater community.
This document summarizes Greece's financial crisis and its impact on the European Union. It discusses how Greece accumulated large debts and deficits after joining the EU. While the EU delayed assistance from the IMF, which could have helped sooner, Greece also failed to properly manage its finances. Now Greece's instability has strained other EU economies. The document examines Greece's history and current efforts to recover, but notes that without changes to its governance, Greece may not be able to sustain itself without bailouts.
From Crisis to Recovery The Causes, Course and Consequences of the Great Rece...Dr Lendy Spires
OECD Insights: From Crisis to Recovery 3 Foreword The current global economic crisis was triggered by a financial crisis caused by ever-increasing thirst for short-term profit. In addition, against a background of government support for the expansion of financial markets, many people turned a blind eye to basic issues of business ethics and regulation. We now need to rewrite the rules of finance and global business. To restore the trust that is fundamental to functioning markets, we need better regulation, better supervision, better corporate governance and better co-ordination. We also need fairer social policies and an end to the bottlenecks that block competition and innovation and hamper sustainable growth. We must also find the most productive ways for governments to exit from their massive emergency interventions once the world economy is firmly back on a growth path. Dealing with fiscal deficits and unemployment while encouraging new sources of growth will absorb policy makers’ attention in the near term, but lifting our collective sights to focus on wider issues, such as the environment and development, is a challenge we must also meet. How can we move from recession to recovery? The OECD’s strategic response involves strengthening corporate governance and doing more to combat the dark sides of globalisation, such as corruption and tax evasion. As well as correcting the mistakes of the past, we have to prepare the future. We are elaborating a “Green Growth Strategy” to guide national and international policies so that all countries can realise the potential of this new approach to growth. Our analysis shows a need for governments to take a stronger lead in fostering greener production, procurement and consumption patterns by devising clearer frameworks and ensuring that markets work properly. They should drop some costly habits too, notably subsidising fossil fuels, which would help fight climate change and save money as well.
The document summarizes an interview with two bankers from Banco di Brescia about the financial crisis in Europe. Some key points:
- The financial crisis began in the US in 2007-2008 but spread to Europe by 2010, requiring intervention from the European Central Bank to bail out countries like Ireland, Portugal, Greece, and Italy.
- The crisis was underestimated initially and was caused by a lack of balance due to globalized financial flows and too much private and public debt. It restricted liquidity and credit flows.
- Italian banks had to manage the crisis by reducing lending to families and businesses while evaluating worthy enterprises. Some banks were more solid than others.
- To overcome the crisis,
1) Rating agencies and financial markets have little confidence in Italy's ability to stabilize its public debt due to high debt levels, weak growth, and structural economic problems.
2) Eurozone policymakers are increasing pressure on Berlusconi to deliver budget reforms and balance the budget sooner.
3) At a recent bond auction, Italy had to pay 6.06% interest for 10-year bonds, highlighting investors' rising concerns about the country's debt situation.
KI a INESS v spolupráci s ďalšími partnermi organizovali medzinárodnú
konferenciu v rámci Free Market Road Show 2012 na tému Európa na ceste do
nevoľníctva?, ktorá sa konala dňa 27. apríla 2012 v Bratislave. Pozrite si
prezentáciu Daneila Mitchella. Viac informácií na
www.konzervativizmus.sk.
The document discusses the Eurozone crisis, including:
1) It provides background on the European Union, Eurozone, and what led to the crisis, including countries exceeding borrowing limits.
2) The crisis resulted in Greece defaulting on debts and huge sovereign debt levels across Eurozone countries, recessionary conditions.
3) Proposed solutions include providing liquidity, closer fiscal cooperation, and forming a new Italian government to address issues. Experts argue the ECB could help by lending to banks. The G20 is urged to help manage the crisis.
This presentation considers the possibility of a second recession in the face of the ongoing European Debt Crisis, misguided attempts to address the crisis through austerity and struggling world economies. It also reflects on the impact of the probable break-up of EU’s currency union, measures to avert the scenario and vulnerable positions of the economies of the USA, China and India to more trouble in the Euro-zone.
The doomsday scenario has been summarized by Martin Wolf of Financial Times (May 17, 2012):
“The mechanisms at work would be powerful: bank runs; the imposition of (illegal) exchange controls; legal uncertainties; asset price collapses; unpredictable shifts in balance sheets; freezing of the financial system; disruption of central banking; collapse in spending and trade; and enormous shifts in the exchange rates of new currencies.
.
Vlerick Alumni: 5th Edition of the Vlerick Chief Economists DebateVlerick_Alumni
This document summarizes the key themes and discussions from the 5th Chief Economist Debate in 2014. It includes 4 themes: 1) International Environment, 2) Europe's Challenges, 3) Major Challenges of the Belgian Economy, and 4) Financial Markets Outlook. Each theme features a presentation from a different chief economist providing an analysis of the current economic environment and outlook. The event also includes a Q&A session and networking reception.
The document discusses the importance of political institutions and democratic processes in determining a nation's economic success and recovery from financial crisis. It argues that while financial market pressures have accelerated budget consolidation in Europe, political leaders need to set reform agendas democratically rather than being dictated by markets. Rebuilding key institutions like healthcare and banking regulations through open democratic means will best support long-term economic growth in both the US and Europe.
Europe continues to face long-term challenges from its debt crisis, including severe austerity measures that undermine growth and high youth unemployment. Central banks worldwide are ending quantitative easing programs. While money printing can cause inflation if the money is lent and spent in the real economy, much of the benefits of quantitative easing programs were absorbed rather than stimulating broader growth. Developed economies will need to focus on creating real wealth in today's difficult environment rather than relying on nominal growth.
A very balanced presentation covering each and every aspect of eurozone economic crisis. A thorough analysis from the start of European Union formation and the further development of the problem of crisis. Also, effect on Indian Economy is pondered upon to make it good piece of word.
I hope it will fulfil everyone's need.
The document discusses the efforts of the ECB and Fed to address inflation and deflation in the Eurozone. It notes that while the ECB has signaled a willingness to purchase Spanish and Italian bonds, there is uncertainty around whether this will actually occur due to German opposition. High debt levels across many Eurozone countries, including government, corporate, and household debt exceeding 180% of GDP in most cases, have increased the risk of deflation. Local measures may be needed to restructure public and private debt, as increased centralization and austerity alone will not solve the crisis.
The document summarizes a lecture on the economic challenges facing Greece. It discusses Greece's current account and budget deficits, the impact of the global financial crisis on Greece's key industries of tourism and shipping, challenges in reforming government spending and pensions, and concerns about contagion effects in other Eurozone countries with high debt levels.
The document provides an overview of the Eurozone crisis, including important dates, statistics on the crisis' impact, details on Greece's debt crisis, the theory behind the Eurozone, and factors that contributed to the crisis. It discusses how Greece did not meet the criteria to join the Eurozone, its growing debt levels, credit downgrades, austerity measures, and the €110 billion bailout package provided. The structure of the Eurozone is identified as a cause due to issues like excessive borrowing, conflicting responsibilities for bank bailouts, and differences in macroeconomic policies across countries.
Presentación de Stiglitz en Colombia. 2009Aurelio Suárez
This document discusses challenges facing Colombia related to employment, security, and development. It notes that unemployment has long been higher in Colombia than other Latin American countries and rose to its highest rate in the region during the recent global recession. Despite GDP growth, job growth has been weak with many new jobs being low-quality, informal positions. The document examines potential explanations for Colombia's unemployment and weak job growth, and proposes solutions like tax reforms, exchange rate interventions, industrial policies, and ensuring a balanced role for markets and the government in promoting growth, employment, and stability.
Eurozone debt and impact on Indian economyManpreet Singh
This document discusses the European debt crisis, its causes, and impact on the Indian economy. It notes that the crisis began when some European countries like Greece accumulated large debts through overspending that they could not repay, leading to higher interest rates. This was caused by violations of rules limiting deficit spending and debt levels. The crisis affected weaker economies in the Eurozone and led to austerity measures, bailouts, and lower economic growth and confidence, negatively impacting India through reduced trade, foreign investment, and global market sentiment.
This document summarizes a research paper that investigates the antecedents and consequences of Greece's debt crisis as well as reforms to address it. 1) Weak fiscal management, misreported statistics, corruption, and inflexible policies made Greece vulnerable to the crisis. 2) The crisis had twin constraints - large budget and current account deficits - and its consequences included high unemployment and loss of investor confidence. 3) Greece undertook austerity measures to meet deficit targets under the Stability and Growth Pact but faced challenges due to its large external debt.
This presentation explores the causes of the European debt crisis, timeline of the crisis, its extent, how it is being addressed, who is to blamed for the crisis and how it affects us.
Poul Nyrup Rasmussenin alustus SDP:n EU-seminaarissaSDP
Euroopan sosialidemokraattisen puolueen puheenjohtaja, Tanskan entinen pääministeri Poul Nyrup Rasmussen alusti SDP:n Ihmisten Eurooppa -seminaarissa lauantaina 16. toukokuuta 2009 aiheesta EU ja kestävä talous.
The Global Debt Crisis discussed on the Baby Boomer investing ShowRon Surz
The world is deep in debt and the pandemic is making it worse. Central banks are poking the bear, printing money like never before not knowing when too much will turn cash into trash.
Cyprus Bailout: A big risk for Europe (and the World)Julio Jose Prado
On Saturday the 16th of March, in an economic bailout plan supported by the EU and the IMF, the deposits in Cypriots banks were frozen. Additionally, in an unprecedented move, a percentage of those private deposits (held both by common people and business) will be seized to “help” repay some of the amount of the bailout. If you have followed the recent story of the crises in Latin America or have suffered from its consequences, this episode of the European crisis may seem terribly familiar. In this brief analysis if the Cyprus bailout I review some of the possible implications for the European Union and the world. I will argue that the conditions of the bailout create an extremely dangerous precedent for the rest of the countries in Europe, especially for Spain, Greece, Italy and Portugal. Three days after the announcement, as the protests in Cyprus and concern in the rest of Europe were increasing, it seemed that some aspects of the bailout plan could change, but even if that happens the negative effects could spillover beyond Cyprus
The document provides an analysis of the eurozone financial crisis, covering the formation of the eurozone, the causes of the crisis including high borrowing levels in Greece, Ireland, Portugal, Italy and Spain, and the response of the European Central Bank and governments. It examines the multi-faceted problems, including sovereign and private debt issues as well as unproductive investment, and considers options for addressing the crisis but finds no clear solution.
1) The author upgrades European equities to Overweight due to improved political and economic conditions in Europe. Political risk has receded following centrist election victories in France and improving economic data across major European countries.
2) Earnings growth in Europe has surprised to the upside, with revenues and earnings growing around 9% and 20% respectively in the recent reporting season, well above comparable US growth. However, European stock valuations remain attractive relative to US stocks.
3) Key factors that could further improve the European investment case include ongoing economic improvements, ECB maintaining accommodative monetary policy, and stability in bond markets and inflation. Political risks remain from the Italian elections.
The document discusses the Eurozone crisis, including:
1) It provides background on the European Union, Eurozone, and what led to the crisis, including countries exceeding borrowing limits.
2) The crisis resulted in Greece defaulting on debts and huge sovereign debt levels across Eurozone countries, recessionary conditions.
3) Proposed solutions include providing liquidity, closer fiscal cooperation, and forming a new Italian government to address issues. Experts argue the ECB could help by lending to banks. The G20 is urged to help manage the crisis.
This presentation considers the possibility of a second recession in the face of the ongoing European Debt Crisis, misguided attempts to address the crisis through austerity and struggling world economies. It also reflects on the impact of the probable break-up of EU’s currency union, measures to avert the scenario and vulnerable positions of the economies of the USA, China and India to more trouble in the Euro-zone.
The doomsday scenario has been summarized by Martin Wolf of Financial Times (May 17, 2012):
“The mechanisms at work would be powerful: bank runs; the imposition of (illegal) exchange controls; legal uncertainties; asset price collapses; unpredictable shifts in balance sheets; freezing of the financial system; disruption of central banking; collapse in spending and trade; and enormous shifts in the exchange rates of new currencies.
.
Vlerick Alumni: 5th Edition of the Vlerick Chief Economists DebateVlerick_Alumni
This document summarizes the key themes and discussions from the 5th Chief Economist Debate in 2014. It includes 4 themes: 1) International Environment, 2) Europe's Challenges, 3) Major Challenges of the Belgian Economy, and 4) Financial Markets Outlook. Each theme features a presentation from a different chief economist providing an analysis of the current economic environment and outlook. The event also includes a Q&A session and networking reception.
The document discusses the importance of political institutions and democratic processes in determining a nation's economic success and recovery from financial crisis. It argues that while financial market pressures have accelerated budget consolidation in Europe, political leaders need to set reform agendas democratically rather than being dictated by markets. Rebuilding key institutions like healthcare and banking regulations through open democratic means will best support long-term economic growth in both the US and Europe.
Europe continues to face long-term challenges from its debt crisis, including severe austerity measures that undermine growth and high youth unemployment. Central banks worldwide are ending quantitative easing programs. While money printing can cause inflation if the money is lent and spent in the real economy, much of the benefits of quantitative easing programs were absorbed rather than stimulating broader growth. Developed economies will need to focus on creating real wealth in today's difficult environment rather than relying on nominal growth.
A very balanced presentation covering each and every aspect of eurozone economic crisis. A thorough analysis from the start of European Union formation and the further development of the problem of crisis. Also, effect on Indian Economy is pondered upon to make it good piece of word.
I hope it will fulfil everyone's need.
The document discusses the efforts of the ECB and Fed to address inflation and deflation in the Eurozone. It notes that while the ECB has signaled a willingness to purchase Spanish and Italian bonds, there is uncertainty around whether this will actually occur due to German opposition. High debt levels across many Eurozone countries, including government, corporate, and household debt exceeding 180% of GDP in most cases, have increased the risk of deflation. Local measures may be needed to restructure public and private debt, as increased centralization and austerity alone will not solve the crisis.
The document summarizes a lecture on the economic challenges facing Greece. It discusses Greece's current account and budget deficits, the impact of the global financial crisis on Greece's key industries of tourism and shipping, challenges in reforming government spending and pensions, and concerns about contagion effects in other Eurozone countries with high debt levels.
The document provides an overview of the Eurozone crisis, including important dates, statistics on the crisis' impact, details on Greece's debt crisis, the theory behind the Eurozone, and factors that contributed to the crisis. It discusses how Greece did not meet the criteria to join the Eurozone, its growing debt levels, credit downgrades, austerity measures, and the €110 billion bailout package provided. The structure of the Eurozone is identified as a cause due to issues like excessive borrowing, conflicting responsibilities for bank bailouts, and differences in macroeconomic policies across countries.
Presentación de Stiglitz en Colombia. 2009Aurelio Suárez
This document discusses challenges facing Colombia related to employment, security, and development. It notes that unemployment has long been higher in Colombia than other Latin American countries and rose to its highest rate in the region during the recent global recession. Despite GDP growth, job growth has been weak with many new jobs being low-quality, informal positions. The document examines potential explanations for Colombia's unemployment and weak job growth, and proposes solutions like tax reforms, exchange rate interventions, industrial policies, and ensuring a balanced role for markets and the government in promoting growth, employment, and stability.
Eurozone debt and impact on Indian economyManpreet Singh
This document discusses the European debt crisis, its causes, and impact on the Indian economy. It notes that the crisis began when some European countries like Greece accumulated large debts through overspending that they could not repay, leading to higher interest rates. This was caused by violations of rules limiting deficit spending and debt levels. The crisis affected weaker economies in the Eurozone and led to austerity measures, bailouts, and lower economic growth and confidence, negatively impacting India through reduced trade, foreign investment, and global market sentiment.
This document summarizes a research paper that investigates the antecedents and consequences of Greece's debt crisis as well as reforms to address it. 1) Weak fiscal management, misreported statistics, corruption, and inflexible policies made Greece vulnerable to the crisis. 2) The crisis had twin constraints - large budget and current account deficits - and its consequences included high unemployment and loss of investor confidence. 3) Greece undertook austerity measures to meet deficit targets under the Stability and Growth Pact but faced challenges due to its large external debt.
This presentation explores the causes of the European debt crisis, timeline of the crisis, its extent, how it is being addressed, who is to blamed for the crisis and how it affects us.
Poul Nyrup Rasmussenin alustus SDP:n EU-seminaarissaSDP
Euroopan sosialidemokraattisen puolueen puheenjohtaja, Tanskan entinen pääministeri Poul Nyrup Rasmussen alusti SDP:n Ihmisten Eurooppa -seminaarissa lauantaina 16. toukokuuta 2009 aiheesta EU ja kestävä talous.
The Global Debt Crisis discussed on the Baby Boomer investing ShowRon Surz
The world is deep in debt and the pandemic is making it worse. Central banks are poking the bear, printing money like never before not knowing when too much will turn cash into trash.
Cyprus Bailout: A big risk for Europe (and the World)Julio Jose Prado
On Saturday the 16th of March, in an economic bailout plan supported by the EU and the IMF, the deposits in Cypriots banks were frozen. Additionally, in an unprecedented move, a percentage of those private deposits (held both by common people and business) will be seized to “help” repay some of the amount of the bailout. If you have followed the recent story of the crises in Latin America or have suffered from its consequences, this episode of the European crisis may seem terribly familiar. In this brief analysis if the Cyprus bailout I review some of the possible implications for the European Union and the world. I will argue that the conditions of the bailout create an extremely dangerous precedent for the rest of the countries in Europe, especially for Spain, Greece, Italy and Portugal. Three days after the announcement, as the protests in Cyprus and concern in the rest of Europe were increasing, it seemed that some aspects of the bailout plan could change, but even if that happens the negative effects could spillover beyond Cyprus
The document provides an analysis of the eurozone financial crisis, covering the formation of the eurozone, the causes of the crisis including high borrowing levels in Greece, Ireland, Portugal, Italy and Spain, and the response of the European Central Bank and governments. It examines the multi-faceted problems, including sovereign and private debt issues as well as unproductive investment, and considers options for addressing the crisis but finds no clear solution.
1) The author upgrades European equities to Overweight due to improved political and economic conditions in Europe. Political risk has receded following centrist election victories in France and improving economic data across major European countries.
2) Earnings growth in Europe has surprised to the upside, with revenues and earnings growing around 9% and 20% respectively in the recent reporting season, well above comparable US growth. However, European stock valuations remain attractive relative to US stocks.
3) Key factors that could further improve the European investment case include ongoing economic improvements, ECB maintaining accommodative monetary policy, and stability in bond markets and inflation. Political risks remain from the Italian elections.
Five Misconceptions That Don't Make For Good Investment DecisionsEdward Hugh
This document discusses five common misconceptions about investment decisions and macroeconomic policies:
1. Printing money does not always lead to inflation, as demonstrated by Japan's experience with deflation despite monetary expansion. Other factors like demographics can impact inflation.
2. Money printing through quantitative easing may not be able to stop deflation in Europe due to structural issues like population aging reducing demand.
3. Devaluing currency does not guarantee getting out of economic trouble, as Japan struggled to control the yen's value for years despite intervention.
4. The euro is a political project, so its challenges may require political not just technical solutions. Money printing alone can't address issues like demographic changes.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
- The document discusses the outlook for 2012 following a volatile 2011 marked by events like the Japanese earthquake, Arab Spring, US credit downgrade, and ongoing European debt crisis.
- It summarizes the views of Horacio Valeiras, CIO of Allianz Global Investors Capital, on risks and opportunities in 2012, including expectations for slow growth in Europe, political gridlock in the US, and stronger growth in emerging markets compared to developed nations.
- Valeiras expects global monetary policy alignment to continue in 2012, with risks of higher long-term inflation, and sees China avoiding a hard landing despite property market risks.
FutureChallenges » Austerity for growth_ Greater European integration could b...Angelo Boccato
This document summarizes an article discussing austerity measures in Italy. It makes three key points:
1) Austerity has been a divisive issue in Italy, with some supporting the fiscal discipline promoted by Mario Monti's government as necessary for growth, while others see the tax hikes and lack of spending cuts as excessive.
2) While fiscal discipline is important for long-term growth, austerity measures in Italy and other European countries do not seem to have boosted growth as intended, and have possibly increased inequality and public debt levels.
3) For austerity policies to be accepted and economic integration to advance further, European institutions may need to pursue a "social Europe" strategy with more focus on employment, welfare,
The document summarizes a lecture given by Professor Vivien A. Schmidt from Boston University titled "Can the EU survive the EUROzone Crisis?". The lecture discusses whether the crisis stems more from economic or political failures and analyzes different perspectives on the problems and solutions. It examines issues like private versus public debt, austerity policies, lack of investment, and political leadership. The lecture concludes that the crisis involves problems with EU structures, policies, institutions and politics and that the EU needs better leadership, new ideas, reforms, and more democracy to survive.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Europe’s focus is shifting from austerity to growthQNB Group
1) Austerity policies implemented in response to Europe's sovereign debt crisis are facing increasing backlash as they are seen as preventing economic recovery and growth.
2) Recent poor economic data and rising unemployment are exacerbating opposition to austerity, as seen in recent governments falling in Netherlands and Romania.
3) Upcoming elections in Greece and France will impact austerity policies, with socialist candidate Francois Hollande in France calling for more growth-focused policies.
The document discusses the student loan debt crisis in the United States. It notes that student loan debt has reached over $1.3 trillion, more than three times the amount from a decade ago. This large amount of debt makes it difficult for borrowers to purchase homes, cars or spend money which hinders economic growth. The document proposes several solutions to alleviate student loan debt such as forgiving loans for those unable to repay, decreasing the cost of college attendance, and increasing scholarship opportunities to reduce the burden of student loan debt.
A broken social elevator? How to promote social mobility.
Presentation by Stefano Scarpetta, Director for Employment, Labour and Social Affairs, OECD
Webinar 15 June 2018.
The document discusses opportunities in the Italian non-performing loan (NPL) market. Key points:
1) Prime Minister Renzi's reforms aim to improve the Italian economy by rewriting labor laws and improving bureaucracy, which should support the real estate market.
2) Italian banks have a large inventory of non-performing loans (NPLs) and little capacity to manage them, so banks are motivated to sell their NPLs.
3) Certain parts of the Italian real estate market remain distressed even after recovery in other European markets like Spain and Portugal, presenting opportunities for investors.
Global Manufacturing Downturn Gathers Pace In JulyEdward Hugh
Global manufacturing activity is slowing across many regions due to multiple factors such as the Eurozone debt crisis, slowing growth in China, and quantitative easing measures running out of steam in developed economies. Japan continues to struggle with weak domestic demand and exports hindered by a strong yen. China is experiencing a slowdown driven by adjustments in its real estate sector and declining external demand. The recession in Europe is worsening and spreading from the periphery to core countries like Germany. Italy is also seeing its recession deepen.
Wendy McGuinness shared her insights from the McGuinness Institute CEO research trip to the 2018 OECD Forum at a discussion even on 26 June 2018. This year’s OECD Forum focused on three interconnected issues: international co-operation, inclusive growth and digitalisation. Wendy also touched on the content of two Executive Education Courses, ‘Global Macroeconomic Challenges’ and ‘Behavioural Economics and the Modern Economy’, at the London School of Economics and Political Science.
The document summarizes the key stages of the Eurozone crisis from 2007 to 2011. It began with the seizure of the banking system in 2007 due to subprime mortgage debt. It discusses the stages including the bankruptcy of Lehman Brothers in 2008, the $5 trillion fiscal expansion committed by G20 leaders in 2009, the shift to concerns over government solvency in 2010, and the downgrade of US debt to AA+ in 2011. The crisis spread from the periphery to the core of the Eurozone, with bailouts of Ireland, Portugal, and multiple bailouts of Greece. Key factors fueling the crisis were slowing growth, rising debt levels, vulnerable banks, and lack of political leadership. The document also analyzes Europe's
Martin Wolf: Has the financial crisis changed the world?janzemanek
The document discusses the effects of the global financial crisis. It covers 4 main topics:
1) Where we are - describing the ongoing economic slump and policies of weak growth, aggressive monetary/fiscal stimulus, and low inflation. Crisis-hit eurozone countries faced deep recessions.
2) How we got here - The crisis resulted from a global savings glut interacting with a fragile financial system. When the "Minsky moment" occurred in 2007-08, it led to a huge crisis, government bank bailouts, and hyper-stimulus.
3) Where we go - The crisis may have permanently slowed growth in rich nations. To manage high debts, economies rely on growth, inflation, low rates,
17. Future of the EMU Design error in the Monetary Union « No Bail-out » becomes « No Default » First Political Union, followed by Monetary Union Germany Italy United States Monetary Union without Political Union Scandinavian Union (1873 – 1914) Latin Union (1865 – 1927) Bretton Woods (1944 - 1971)
27. Belgium Belgium Hungary Hungary France Germany Germany France Italy Austria Greece Italy Austria Sweden Sweden Finland Turkey Czech Republic Finland Greece Denmark Denmark Spain Spain Czech Republic Netherlands Norway Slovakia Portugal Turkey Netherlands Norway OECD Portugal Slovakia OECD Poland Poland United Kingdom Luxemburg Canada United Kingdom Japan Canada United States United States Switzerland Switzerland Iceland Japan Australia Ireland Luxemburg Iceland Ireland Australia Korea Korea New Zealand New Zealand Mexico Mexico 0 5 10 15 20 25 30 35 40 45 50 0 10 20 30 40 50 60 Work is heavily taxed Tax wedge (income tax + social security contributions,OECD) Single, no children, AW Married, 2 children, AW + 67% AW
30. Average age at labour force exit (Men) 68 66 64 62 60 58 56 54 52 ITA FIN IRL PRT BEL FRA AUT LUX NLD USA GBR DEU ESP GRC More workers needed, older workers needed