U.S. companies with European business will most likely mark 6 October 2015 as a dark day on their calendars. The highest EU court, the European Court of Justice (ECJ) in Luxembourg, declared a fifteen-year-old longstanding EU decision authorizing a EU/US Safe Harbor “invalid.” The judgment is not appealable. This is a serious issue for the …Read More
In a recently published interview, John Kornblum, former U.S. Ambassador to Germany and an AICGS Trustee, shares his views on the challenges Europe faces in a complex and continuously changing world, from issues such as globalization and the role of the United States in international governance to the Transatlantic Trade and Investment Partnership (TTIP). To …Read More
This week’s successful conclusion of the Trans-Pacific Partnership (TPP) negotiations is a major historical milestone. It is the first part – along with the Transatlantic Trade and Investment Partnership (TTIP) – of the U.S. Administration’s strategy to create updated rules for the global economy that take account of important new phenomena like global value chains, …Read More
Eight months after the Berlin Wall came down, Deutsche Bank returned to Eastern Germany. Our bank was founded in Berlin in 1870, but Soviet forces had closed all our branches in their zone of occupation following World War II.
When the reunification of Germany became a reality in 1990, it was also time for the forecasters to take center stage. How long would it take until the East German economy had shaken off the consequences of 40 years of communism? And how long would it take until living standards in eastern Germany matched those in western Germany? Views on such issues differed greatly. The optimists’ camp was led by the German chancellor, Helmut Kohl, who held out the imminent prospect of “blossoming landscapes” in economic terms for the five new federal states. The “Aufbau Ost” development program was expected to last around half a decade. It was not only politicians, but also some economists who believed that it might be possible to catch up that fast.
Reunification was not only a seminal event for Germany. While inspiring and giving hope to people across Europe and around the world, it closed a chapter of history that began with the rise of national socialism and World War II. Today, nations across Central and Eastern Europe stand tall as proud democracies. The vision of a “Europe, whole, free, and at peace” may not yet have been fully realized; but the “partnership in leadership” with a reunited Germany that President George H.W. Bush foresaw is indeed very real.
In this study, Jörg Bibow, Professor of Economics at Skidmore College, assesses the ECB’s crisis management performance and potential for crisis resolution. Part of AICGS’ focus on analysis of the euro crisis, the study investigates the institutional and functional constraints that delineate the ECB’s scope for policy action under crisis conditions and how the ECB has actually used …Read More
Following the recent and ongoing turmoil in financial markets, largely triggered by the growing uncertainty about the health of the Chinese economy, financial investors have started to expect and demand more actions from the European Central Bank (ECB). In a research note, the British bank Barclays went as far as predicting “more easing before year-end.” …Read More
It is peak tourist season in China for European leaders. Shortly after the first bailout package to Greece in 2010, German Chancellor Angela Merkel celebrated her 56th birthday with Xi’an’s famous terra cotta warriors. She was accompanied by the usual coterie of German industry leaders who inked contracts in the tens of billions and has …Read More
Days after the announcement of the historic nuclear deal with Iran, German Vice Chancellor and Minister of Economic Affairs and Energy Sigmar Gabriel found himself in Tehran, with a delegation of German business leaders. Like many other European countries, Germany sees tremendous growth potential in Iran in the post-sanction era. That means more business for …Read More