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Fokus spring/summer 2010
We present and discuss current research and economic policy related topics in In-ternational Economics. This quarter about:
- <link 580#c9256>Budget Crisis and Euro Area</link>
- <link 580#c9257>Changes in Foreign Trade</link>
Budget Crisis and Euro Area
European regulators painted a rosier-than-expected portrait of the continent's beleaguered banking sector on Friday, provoking criticism that the government's "stress tests" weren't tough enough on banks.
Government leaders assure in recent weeks that their countries’ banks will pass the tests. For the test to be a success some banks have to fail?
The central bank president soothes concerns over bank liquidity. He said that markets are showing increasing confidence in European officials' ability to manage the crisis. Further he declines to offer an exact end date of the programme.
A vox.eu column presents chances and risks associated to consolidation. The Authors agree on the need of consolidation but suggest that the appropriate strategy will not be the same everywhere.
The U.S. plans to press its economic partners at a summit to move cautiously with plans to tighten their fiscal policies while the global economic recovery remains uncertain.
Germany's government announced around €80 billion ($95.6 billion) in budget cuts in the next four years, while the U.K. government sought to prepare public opinion for similar austerity measures.
Jean Pisani Ferry analyses the current Euro-crisis and lists the lessons the should be learned. Furthermore he gives 3 choices for reforming governance.
Besides Portugal Spain could be the next Euro-Country getting into trouble. The spanish budget consolidation could not be enough says IMF. The Euro continues to struggle.
The Euro-crisis spills over: Fed-Gorvernor Tarullo senses danger for the american banking system. Minister of Finance Geithner travels to Berlin and London next week.
Right before the Asian Stock Exchange opening on Monday morning, the EU Finance Ministers agreed on the rescue Package. Europeans send an strong signal to the financial markets: We will rescue the Euro, no matter what. The ECB breaks new ground.
The Finance Ministers of the Euro Area and the IMF have agreed on helping Greece with a credit volume of 110 billion Euros in the next 3 years.
Europe´s Deficits in Pictures
A small multimedia presentation shows the deficits and debt situation of Europe.
Changes in Foreign Trade
Director-General Pascal Lamy said: “I believe not only that there is room for mutually beneficial negotiating trade-offs that encompass natural resources trade, but also that a failure to address these issues could be a recipe for growing tension in international trade relations”.
The ifo-Business-Clima-Index increased from 101,8 in the previous month to 106,2 says the Munich Institute for Economic Research on Friday.
Ifo-President Hans-Werner Sinn comments: "The german economy is in good spirits".
Economists of the Asian Development Bank present the Index of Opportunities – a ranking of countries by their capacity to undergo structural transformation and develop. It suggests countries at the bottom are in urgent need of implementing policies that lead to higher diversification and sophistication of exports.
Economists expect Turkey to grow at up to 8%. The demand and also the imports have increased strongly since beginning of 2010.
Financial Times Deutschland (german)
Chinese consumers might buy more as the rising yuan boosts their purchasing power, while their counterparts in the U.S. cut back on their spending as the cost of goods imported into America rises. The shift will add 0.1 percentage point to global growth this year and next, leaving the rate at about 4 percent, according to the median of 17 forecasts in a Bloomberg News survey of economists.
This column discusses new empirical research on what happens to economies when they exit exchange rate pegs that are resisting appreciation.
Lamy: "Trade opening has much to contribute to the protection of the environment" - "we simply cannot proceed with business as usual"
Published for the third year in a row and covering 125 economies worldwide, the report presents a resource for dialogue and provides a yardstick of the extent to which economies have in place the necessary attributes for enabling trade and where improvements are most needed.