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Herrmann, Ulrike
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5 articles of this author have been cited in the European Press Review so far.
Bickering economists expose their own weakness
Almost 300 German economists are currently squabbling over the question of whether the Eurozone should rescue ailing banks. This has the effect of demystifying the expertocraty and freeing its slaves, including the German politicians, writes the leftist daily tageszeitung: "Because it shatters the self-image cherished by the economists that they are engaged in a science that pronounces 'truths'. … This exposes what all the mathematical formulas and pseudo-objectivity of the laws of nature were supposed to conceal: economic theories are always driven by interests. They are part of a struggle over power - and the distribution of wealth. … It also does the politicians good to see the economists totally embattled. Because up to now they have put too much faith in the expertocracy. But if it's so obvious that no 'truths' can be expected from those quarters, the primacy of politics applies once more."
» full article (external link, German)
More from the press review on the subject » Fiscal Policy, » Economic Policy, » Germany, » Europe
Portuguese fight together against crisis
Roughly 300,000 people demonstrated in Lisbon against the conservative Portuguese government's austerity drive on the weekend. Although the Portuguese are in a similar position to the Greeks they will overcome the crisis because they act and demonstrate in unison, writes the left-leaning daily taz: "How different things are in Greece. A real mass demonstration has never taken place there because the employees' camp is too divided. Private sector employees envy the public servants, who earn so much more. And each sector is mainly concerned with its own interests. The ferry workers went on strike - and paralysed the tourist branch - without consulting other trade unions. It's every man for himself in Greece. … The Portuguese, on the other hand, are not only demonstrating collectively, they are tackling the reforms collectively. Government and opposition are working together to get the country back on its feet. What would be unthinkable in Greece works without a glitch in Portugal: when taxes are raised, they're collected too, and that's that."
» full article (external link, German)
More from the press review on the subject » EU Policy, » Greece, » Portugal, » Europe
Absurd wrangling over ECB chief economist
The Belgian Peter Praet will be the new chief economist at the European Central Bank, the bank announced on Tuesday. This is the first time that a German won't occupy the post. Prior to Praet's appointment there had been talk in German government circles that only a German could prevent the money press from being switched on to save the euro. The left-leaning daily taz mocks this nationalism regarding the ECB: "Because it doesn't matter and never did whether the ECB's chief economist is German or not. Consequently it makes no difference that no one wanted to entrust Jörg Asmussen with the task and that he will now have to make do with the post of ECB 'foreign minister'. Because whatever the title may be it's the majority at the ECB that has the final say. And Germany falls far short of a majority. ... All the Eurozone central banks have a vote on the ECB Executive Board - little Malta as well as big Germany. Germany's Bundesbank would therefore have had to form alliances with other central banks to push through its candidate. But in the meantime it seems to have lost all its potential allies."
» full article (external link, German)
More from the press review on the subject » EU Policy, » Economic Policy, » Germany, » Europe
It can't go any lower
The German daily die tageszeitung comments: "In Germany, too, the base interest rate will sink deeper than ever. The European Central Bank has no option but to follow the lead of the US Federal Reserve, which has now cut interest to almost zero percent. Because even if the central bank in Frankfurt likes to cast itself as the powerful guardian of a strong euro, there is no autonomy in financial policy. ... It is becoming increasingly clear that the world is headed towards an unusually difficult economic crisis that demands equally unusual measures. The central bank will therefore let the money flow. But will this really help? Pessism is not out of place, for so far no interest cut has managed to revive the economy. And what's more, an absolute limit is in view: lower than 0.0 percent the interest rate can't go. The apparently so powerful central banks are thus to a large extent helpless. This vacuum can only be filled by the government with targeted stimulus packages that boost demand. But Chancellor [Angela] Merkel is just wasting time."
» full article (external link, German)
More from the press review on the subject » Fiscal Policy, » Europe, » U.S.
The European Justice Court condemns social dumping
Ulrike Herrmann has mixed feelings about the - temporary - victory of the European trade unions: "In practice there are many ways to circumvent the new directive. Employees need only register themselves as self-employed persons working under contract to be able to charge whatever they want for their services. Many Eastern European tilers working as one-man-companies in Germany have already realised this... It's a schizophrenic situation: cheap labourers are allowed to produce goods for Germany in their home countries but God help them if they come to Germany and offer their cheap labour there. This schizophrenic attitude is a thinly-veiled battle against the weak. You can't blame low-paid Western Europeans for defending their jobs against their poorer competitors from abroad. Without the tariff agreements they wouldn't stand a chance. But it's a shame this victory means the losers lose yet again."
» full article (external link, German)
More from the press review on the subject » International Relations, » EU Policy, » Corporations, » Sweden, » Europe
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