The IMF sees the European debt crisis as the greatest risk for the global economy at the moment and called on Monday for a strengthening of the European Central Bank to prevent the crisis from escalating even further. New powers for the ECB could soothe the panic on the markets, the liberal-conservative business paper Il Sole 24 Ore writes: "According to the IMF's estimates the yields on the bonds of countries like Italy or Spain are at least 200 basis points [two percentage points] too high. … Merely giving the ECB the authority to step in as and when it sees fit would be enough to prevent this impact. The awareness of the possibility of ECB intervention in a debt crisis would make redundant any fears about the country in question exiting the Monetary Union. The panic effect would be pre-empted, and, consequently, so would any increase in interest rates on government bonds. Paradoxically, the mere possibility that the ECB can buy government bonds would suffice to make its intervention superfluous." (17/07/2012)

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Más de la revista de prensa sobre el tema » Política financiera, » Economía política, » Italia, » España, » Europa
Todos los textos disponible de » Luigi Guiso
Cobertura de debates » Salidas a la crisis de endeudamiento

According to the most recent estimates of the IMF, Spain's economy will also contract in the coming year. The left-liberal daily El País says the government's poor communication policy is to blame: "The IMF's prognosis is realistic. Credit won't start flowing until the end of 2013, and even then only if the bank bailout in the first quarter of next year is successful. Foreign investors are leaving Spain because of the low growth prospects and uncertainties about the financial reform. … There are also other factors that are lowering confidence. One of them is the government's abysmal information policy, which is translating into a loss of credibility. … Vague indications are not the way to win the markets' trust. And it will be more difficult to ask the ECB for something the Spanish and the IMF take for granted: that it puts an end to the fluctuations in borrowing costs while the bank bailout is realised and the details of the banking union are sorted out." (17/07/2012)

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Más de la revista de prensa sobre el tema » Política financiera, » Economía política, » Bancos, » España, » Europa
Cobertura de debates » Salidas a la crisis de endeudamiento, » Spain in the banking crisis

The International Monetary Fund came out on Monday in favour of a banking union and a European-wide deposit insurance programme as a key step in solving the euro crisis. But whether such measures can be justified constitutionally seems to be a matter of indifference for the IMF, the left-liberal daily Der Standard writes: "With Europe's export success Christine Lagarde at its helm, the International Monetary Fund wants to give wings not only to the ECB, but also to further integration of the Monetary Union. At the last summit Lagarde got worked up over European regionalism, saying in response to Germany's reservations that she could no longer stand to hear the words 'constitutional court'. That illustrates current attitudes regarding the principle of constitutionality. European treaties are first broken, then sloppily patched up. The risks of the ECB and the bailout funds with regard to the crisis states already far exceed one trillion euros. Such a community of liability was never agreed on. If it is now rushed through one should be thankful that at least one constitutional court [the German] addressed the question of its legality." (17/07/2012)

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Más de la revista de prensa sobre el tema » Política de la UE, » Política financiera, » Economía política, » Bancos, » Alemania, » Europa
Todos los textos disponible de » Andreas Schnauder
Cobertura de debates » Salidas a la crisis de endeudamiento

The German Constitutional Court in Karlsruhe announced on Monday the date on which it will deliver its ruling on the ESM euro bailout fund. The judgement on the corresponding urgent appeals can be expected for September 12. According to the left-liberal Frankfurter Rundschau it's good that the judges are taking their time to examine the case despite the euro crisis: "By setting a date, and above all by announcing it this early, the judges are making it clear that they are not indifferent to the consequences of their actions. They are availing themselves of the right to thoroughly scrutinise a serious issue. But they are not ignoring warnings that haste is called for. … Chancellor Merkel would have liked to have had more time. She is urging everyone in Europe to implement the promised reforms and cutbacks swiftly. But when it comes to the most crucial rescue operation, the construction of the permanent ESM euro stability fund, Germany is lagging behind. This is embarrassing for her. However the judges' approach has two advantages: firstly, everyone knows now when things will finally be clear. And secondly Karlsruhe will use the summary proceedings to establish its position on the main issue. ... On September 12 the world will know whether this euro bailout is compatible with Germany's Basic Law and can proceed." (17/07/2012)

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Más de la revista de prensa sobre el tema » Política de la UE, » Política financiera, » Justicia, » Alemania, » Europa
Todos los textos disponible de » Markus Sievers
Cobertura de debates » The row over debt mutualisation

At the bidding of the European Commission, the Romanian Prime Minister Victor Ponta submitted a written statement on impeachment proceedings against the Romanian President on Monday. The news portal Ziare writes that Europe wants to make an example of Romania: "The Greek crisis is not over yet, which was triggered to no small extent by poorly functioning state institutions. And under the lethargic eyes of the EU Commission it has only spread. In the same way, Europe's politicians initially made light of the political shock wave set off by Hungary. In the case of Romania the EU now feels it must set its standards straight. If it were to close its eyes once more, the affair in Romania could pave the way for other extremely dangerous precedents - above all in the new EU member countries. There are serious indications that the EU wants to make an example of Romania for all those who are tempted to disobey the rules. For that reason tolerance is practically at zero and the sanctions will be unprecedented. ... The fact that we're not in the euro makes things even easier. Because as opposed to the situation with Greece, this new European crisis will have no effect on the euro." (17/07/2012)

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Más de la revista de prensa sobre el tema » Política de la UE, » Política interior, » Elecciones, » Grecia, » Hungría, » Europa, » Rumania
Todos los textos disponible de » Constantin Racaru
Cobertura de debates » Power struggle in Romania

The International Criminal Court handed down its first verdict last week, sentencing the former Congolese militia leader Thomas Lubanga to 14 years in prison. For the leftist alternative website bakchich.info, the judgement is nothing but a sham because the Western industrial nations never have to account for their crimes: "Le Monde was so delighted that its (anonymous) editorialist wrote on the front page: 'International justice works!' Unfortunately that takes no account whatsoever of reality. Because in real life the ICC, which has until now put only Africans on trial, embodies a two-tier form of 'justice': one for the West and its allies, the other for the rest of the world. It is perfectly clear that the carnage committed by the United States, which carried out terrible war crimes in Iraq, will never be judged in The Hague. ... Nor will those committed by the Israelis, who have killed almost 2,500 civilians - including several hundred children - in Lebanon (in 2006), and in Gaza (in 2008). These atrocities will remain unpunished. The essential thing for the West is to clear its conscience at little cost by putting a few criminals and other exotic 'dictators' on trial." (16/07/2012)

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Más de la revista de prensa sobre el tema » Justicia, » Francia, » Global
Todos los textos disponible de » Sébastien Fontenelle

British journalists have tracked down László Csatáry, the alleged Nazi war criminal said to be responsible for the deportation of 15,700 Jews in Budapest. Even though 70 years have now passed the Hungarian judiciary must take action, the leftist daily Pravda urges: "In comparison to those who decided on the liquidation of entire peoples in Berlin, Csatáry is 'small fry'. But thousands of people whose only 'crime' was to belong to a different race or hold different beliefs passed through the hands of those small fry. As a police commander Csatáry, now 97, cruelly tortured Jews in the ghetto in Košice before deporting them to Auschwitz. … The fact that after fleeing to the West he had the courage to return to Hungary is a reminder that among our neighbours to the south there is still tolerance towards former fascists. … All war criminals, even those who will soon die, must be condemned, and at least spend a symbolic hour behind bars. Otherwise all the speeches about historical justice don't make sense." (17/07/2012)

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Más de la revista de prensa sobre el tema » Historia, » Cultura conmemorativa, » Justicia, » Hungría
Todos los textos disponible de » Martin Krno

A public debate is raging between economists in Germany. At the instigation of the daily Frankfurter Allgemeine Zeitung, roughly 180 academics associated with Hans-Werner Sinn, the chairmain of the Ifo Institute in Munich, are voicing strong criticism of the resolutions taken by the EU summit at the end of June. Commentator Wolfgang Münchau compares in the liberal daily Financial Times the "euro debates in the UK in the late 1990s and in the northern Eurozone today. Back then, the anti-euro campaigners in the UK highlighted the shortcomings in the construction of the Eurozone - an analysis that turned out to be correct - and also correctly predicted the euro would require a political union to succeed in the long run. There was also emotional stuff about the Queen on banknotes. But it was an internally consistent position. I did not share that view but I recall admitting back then that if you do not accept political union, logically you should not accept the euro either. There was never a purely economic case for the currency." (16/07/2012)

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Más de la revista de prensa sobre el tema » Mercado de finanzas, » Europa
Todos los textos disponible de » Wolfgang Münchau
Cobertura de debates » Salidas a la crisis de endeudamiento

Exactly 20 years ago, on 17 July 1992, the parliament of the Slovakian part of Czechoslovakia passed a declaration of sovereignty which constituted an important step in the process of dividing the state. The commentator Ivan Hoffman looks back with some anger in the liberal daily Pražský deník: "What must be said about this development is that it took place counter to the popular will. The politicians that divided the state simply didn't consult the people on whose behalf they were acting. All opinion polls at the time showed that a clear majority of Slovakians and Czechs were firmly against the separation. The Slovakians had no alternative but to get used to the new situation, which was no easy matter. Czech politicians [like Václav Klaus] who were supposedly generously giving the Slovakians their independence were in actual fact behaving cynically. ... The friendly relations that exist to this day between Czechs and Slovaks is not to the credit of those who divided the state. ... It's clear that Czechoslovakia cannot be revived. But it's just as clear that that's a pity." (17/07/2012)

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Más de la revista de prensa sobre el tema » Historia, » La República Checa, » Eslovaquia
Todos los textos disponible de » Ivan Hoffman

In Hungary, the right-wing conservative government led by Viktor Orbán is due to begin negotiations with the International Monetary Fund and the EU on a multi-billion loan aimed at stabilising the Hungarian economy this Tuesday. Economist Péter Felcsúti explains in the online edition of the left-liberal weekly Magyar Narancs that the government's economic policy obviously is not working: "The stubborn clinging to the high level of state redistribution [which amounted to 48.7 percent in 2011], the massive decline in investments in Hungary and the continuing low rate of economic growth all point to the economic policy pursued by the Orbán government being on the wrong track. … The government naturally has the right to describe its economic policy as innovative and unorthodox, but the experts are of a different opinion. There is pretty much a consensus among them that Hungary's economic policy is amateurish and voluntarist. This is why we are lagging behind in the regional competition. And for this reason the country is sliding ever closer to the periphery and permanent stagnation." (17/07/2012)

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Más de la revista de prensa sobre el tema » Política interior, » Economía política, » Hungría
Todos los textos disponible de » Péter Felcsuti

Several representatives of the political Right in Poland, including Artur Górski, an MP for the Law and Justice Party (PiS), are currently protesting against a planned Madonna concert in Warsaw because it is scheduled for August 1, the day the Poles commemorate the Warsaw Uprising. The conservative daily Rzeczpospolita sees the protests as ridiculous and comments ironically: "In Warsaw Madonna wants to make a mockery of the commemoration of the rebels - just another step on her long and shameful journey. After all, she began the European part of her tour on June 7 in Turkey. And there everyone who knows anything about Islam mourns this day as the anniversary of the siege of Jerusalem during the First Crusade in 1099. On June 14 Madonna sang in Milan. But on this day the Italians were mourning Napoleon's victory in Marengo in 1800, after which the French emperor began his conquest of Italy. This means that of course every resident of Milan sinks into profound reflection on this day and wouldn't even think of going to hear [Madonna's song] 'Vogue'." (17/07/2012)

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Más de la revista de prensa sobre el tema » Música, » Polonia
Todos los textos disponible de » Bartosz Węglarczyk

On July 16 and 17, 1942, the largest mass arrest of Jews in occupied France was organised at the Parisian indoor bicycle racing cycle track Vélodrome d'Hiver. Roughly 13,000 Jews were  deported from there to concentration camps. In the coming week President François Hollande is expected to take part in an official commemorative ceremony. It's about time France faced up to this drama, according to the regional daily Les Dernières Nouvelles d'Alsace: "One of the darkest episodes in our history was written in this former cycling temple. ... For over half a century this history was concealed in the name of reasons of state, always ready to justify what can't be justified. The number of eye-witnesses is dwindling almost to nothing, making what they have to say all the more precious. For a long time the nation has been unable to step across the limits transcribed by memory. But now that the step has been taken it is our duty to look our past in the face. Seventy years later, it's high time we did." (16/07/2012)

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Más de la revista de prensa sobre el tema » Historia, » Cultura conmemorativa, » Francia
Todos los textos disponible de » Pascal Coquis

In Belgium, an immigration law that made it possible for immigrants to obtain Belgian citizenship within a comparatively short period is to be abolished after 13 years, the parliamentary committee responsible for the matter agreed on Monday. The so-called "Belgian, quick" law was a historical mistake from the start, writes the liberal daily De Standaard: "It was based on the honourable but misguided view that immigrants will be quickly and well integrated simply by granting them the citizenship of the country they settle in. … But that's not the way the world works. And hardly any other country adopts this approach. Pretty much everywhere else, the opposite is the case: first integration, then citizenship. Before a person is granted citizenship, conditions can be stipulated: language skills, economic integration, acceptance of the laws of the land. In the end 550,000 foreigners will have 'quickly' been granted Belgian citizenship during these 13 years. … This hasn't been good either for the country or the immigrants." (17/07/2012)

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Más de la revista de prensa sobre el tema » Política interior, » Migración, » Bélgica
Todos los textos disponible de » Guy Tegenbos

A large part of Portugal's population is suffering under the stringent budget discipline measures being implemented in the crisis-stricken country. The tabloid Correio da Manhã criticises the long list of politicians who are receiving pensions while still active in their careers: "These payments are being justified with the fact that these politicians have served the state for more than 12 years (some, however, only more than eight). But this argument is not convincing. A large number of pensioners belonging to this group have not only never done the country any service worth mentioning, but have simply used their official position to build up a clientele network for their own purposes. It's unacceptable that such privileges are being maintained - particularly in times of crisis. … The holders of public office must be recompensed after ending their functions according to the same conditions as any other employee, and only retire when their career situation or their age allows this. … These luxury pensioners are certainly in no position to push through the structural reforms Portugal so urgently needs." (17/07/2012)

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Más de la revista de prensa sobre el tema » Política interior, » Sociedad, » Portugal
Todos los textos disponible de » Paulo Morais