Even if the Americans and Europeans were often at odds during the euro crisis, Europe firmly backs the US position now. Schäuble, in particular, can be relied on; he considers the complaints coming from Asia and South America to be unjustified and believes that the dangers to the global economy are no longer to be found in the euro zone or in the US.
He has some pretty powerful supporters too. The International Monetary Fund (IMF) now sees the US as an engine of growth and has stated that the collective euro-zone economy has emerged from recession. It is time, Berlin feels, to move away from crisis policies and return to normality -- just as the US has been doing in recent months.
The Finance Ministry in Berlin believes that the shift shouldn't come as a surprise to the emerging economies. After all, they were forewarned at the G-20 meeting in Cannes back in November of 2011 that industrialized countries would abandon crisis policies as soon as the situation allowed. That time, Berlin says, has now come.
In any case, Schäuble argues, complaints shouldn't be directed at himself and his Western counterparts. He points out that central banks make their decisions independently, free of political meddling. And that, too, is an argument he plans to pull out in Sydney if necessary.
Schäuble and his Western counterparts also have the impression that they are being abused as scapegoats. Many of the problems currently being faced by emerging countries, they say, are homemade. Turkey's economy, for example, is not the victim of global problems. Rather, many of the difficulties it is facing stem from the domestic policies of Prime Minister Recep Tayyip Erdogan. Argentina, which has also distinguished itself in America bashing of late, is suffering from the consequences of decades of misguided economic policy. In Thailand, the government and opposition have been locked in a stalemate for months, which has left its mark on the economy. And Indian Prime Minister Manmohan Singh has proven unable to get corruption and excessive regulation under control.
16 comments:
...as the budget deficit is forecast to hit 6.5% of GDP in 2015.
The commission, which monitors and enforces the EU's budget rules, has in recent years relied more on the "structural" balance—the actual budget balance adjusted for the strength of the economy—to evaluate national budget programs. That approach has allowed it to give national governments such as Spain and France more time to cut their deficits, since Europe's weak economy is depressing tax revenues and increasing social spending.
The commission raised its growth forecast for Spain in 2014 to 1% from 0.5%. New laws that have freed employers from having to follow collective-bargaining agreements are making Spanish firms more competitive, EU officials say. "Export growth is set to remain robust, backed by ongoing improvements in price and cost-competitiveness and healthy foreign markets growth."
Italy's growth prospects, however, remain dim, with the commission projecting growth of 0.6% this year. Exports will be the main growth driver, as "persistently tight credit conditions" continue to weigh on the domestic economy.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Confidential papers shown to the Guardian by a whistleblower detail how, in 2012, one of the world's biggest gold refineries ignored guidelines designed to stop the trade in so-called "conflict gold". It paid out more than $5bn in cash for the metal and accepted gold from more than 1,000 customers walking in off the street with no paperwork.
While there is no evidence that the refinery accepted conflict gold, major breaches in new guidelines were uncovered, raising concern about the history of huge volumes of shipments.
Details of the damning findings have not been spelled out in full in public documents, but have been uncovered in a Guardian investigation. The leaked papers are also being reported by BBC2's Newsnight, Al Jazeera and campaign group Global Witness.
Allegations that the full scandal has not been laid bare are a huge setback to new international efforts — championed by Barack Obama, the United Nations, the European Union and many campaign groups — designed to stamp out the illicit trade in conflict gold by requiring the world's largest refineries to undergo independent audits to check they are sourcing gold responsibly and publishing the findings.
Post a Comment