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Winter/Frühjahr 2009Winter/Spring 2009
11/18/2018 : 7:39 am : +0100

International Cooperation and Crisis Management

EU approves new rating agencies rules

The European Union on Thursday approved new rules creating European oversight for credit rating agencies that have taken some of the blame for the financial crisis by rating bad debt as good.

business week

G 20: Appearance of a big number

What is the impact of the agreements made at the G20 summit of the world's 20 leading nations? Some of them are substantial, many of them just cosmetics.

(in German)

Die Presse

Needed: A global response to the global economic and financial crisis

The financial crisis is a global phenomenon. The downturn continues to be rapidly transmitted across borders through trade and financial channels. A global policy response to provide fiscal stimulus, avoid protectionism and help developing countries is imperative. The G20 summit in London provides a unique opportunity to mobilise the needed cooperation.

voxeu

The crisis in Eastern Europe: What is to be done?

Eastern European countries have high external imbalances that constrain their policy responses to the crisis. This column says the EU should provide support through both fiscal and financial measures.

(in Englisch)

voxeu

Don't let murky protectionism stall a global recovery: Things the G20 should do

This column introduces a new ebook presenting in-depth analysis of i) the collapse of global trade, and ii) the new, murkier protection emerging as governments around the world massively increase their role in the economy.

voxeu

Joint IFI Action Plan In Support of Banking Systems and Lending to the Real Economy in Central and Eastern Europe

COMMUNIQUE by EBRD, EIB and World Bank

European Investment Bank

EU leaders push sweeping regulations

European leaders on Sunday outlined sweeping proposals to regulate financial markets and hedge funds and clamp down on tax havens as they sought a common position to combat the global economic crisis.

(in Englisch)

Financial Times

Joint Fight against Financial Crisis

The G7 announce a tight co-operation and the use of all appropriate measures to overcome the crisis.

(in German)

Der Standard

Goldman chief calls for tighter controls

Lloyd Blankfein, Goldman Sachs’ chief executive, has called for banks to adopt more stringent accounting practices and accept tougher regulation.

Financial Times

Can the G20 reform the international economic system?

Rather than striving to coordinate fiscal policy responses, leaders should use the G20 platform to strike common ground on long-term reforms to global financial regulation and supervision, starting by recapitalising the IMF and reforming its governance structures.

voxeu

Austria designs rescue package for Eastern Europe

The governments intends to help Austrian banks that have extended credits to Eastern Europe. In cooperation with other countries and the IMF the economies of those countries should be stabilized.

(in German)

DiePresse

Balance of Payment and Foreign Debt

Still More Negotiating for Turkey, IMF Deal

Turkey and the International Monetary Fund have agreed on a "set of principles" to guide negotiations for a new three-year loan arrangement, but the two sides haven't reached a preliminary deal.

Wall Street Journal

Latin America could face scarce finance

The looming downturn in Latin America could renew the importance of the almost forgotten Inter-American Development Bank.

(in German)

NZZ

Japan's current account defizit at record high

The Japanese current account deficit has turned into a deficit for the first time in 13 years.

(in German)

NZZ

Bailouts: the next step up?

Some European governments are contemplating bailouts of other European governments. This column argues that violating the Eurozone’s no-bailout clause this soon would be a mistake.

(in Englisch)

vox eu

E Europeans battle to drive up currencies

Central European countries tried to bolster their faltering currencies on Wednesday after days of falls against the euro and dollar.

Financial Times

Russia's currency: Down in the dumps

The rouble, a symbol of the Kremlin’s power, is looking sickly.

The Economist

"Pioniers suffer more"

Economist Michael Landesmann (WIIW) about the effects of the economic crisis on Eastern Europe

(in German)

WienerZeitung