Economic Policy
The global economy has still not overcome effects of the financial and economic crises in 2008 and 2009. Despite improvements in the American and European financial markets in 2010, the fiscal crisis in Greece and the rising U.S. deficit have caused a decline of trust in the capital markets and have overshadowed any growth in the real economy. Overcoming the recession and returning to a sustainable growth pattern is of paramount importance for the wealth and security of all nations and has an impact on almost all other policy areas. A cornerstone of the important transatlantic business partnership, German and American economic policies go beyond domestic issues and influence global markets, businesses, and governments.
Bernanke’s Slide
The global financial markets’ slide on Thursday was a stark reminder of the fact that investors remain addicted to cheap money from central banks. It only took U.S. Federal Reserve Chairman Ben Bernanke informing Congress that the purchases of Treasuries and mortgage backed securities could be reduced in the “next few meetings”… Read more >
The Trust Trifecta
Engraved on the U.S. dollar bill are the words “in God we trust.” The sarcastic extension of that phrase says “all others pay cash.” It seems that forces rampant in the U.S. and in Europe are trending toward a decline in trust in leaders, currency, and in governments overall. Public opinion polls… Read more >
Schaeuble’s Interim Banking Union
In a recent article for the Financial Times, Germany’s Finance Minister Wolfgang Schaeuble finally explained to an international audience why he thinks treaty changes are necessary in order to provide “a safe legal base for a European resolution authority,” arguably the most controversial part of the banking union that euro area countries… Read more >
Selling the German Model
In my recent piece from the Financial Times (paid content), I argue that the German economic model being sold so aggressively throughout the euro zone may not be the most effective policy for Europe’s lagging economies. The mere fact that some Germans still debate its benefits should raise a red flag for those… Read more >
Abenomics
‘Abenomics’ has taken Europe by storm. Don’t get me wrong, policymakers on the old continent expected the new Bank of Japan’s governor Haruhiko Kuroda to act, but they certainly did not think he would unleash a tsunami on financial markets. As we have argued here last week, the new unprecedented bond-buying program… Read more >
Lessons from Cyprus for the ECB
Days after agreeing to a punitive bailout, the citizens of Cyprus are getting ready to witness the end of a flawed business model. Successfully preventing a sovereign default and euro exit was just phase one of the controversial rescue operation. Cyprus is now bracing itself for phase two: reinventing its economy. It… Read more >
After the Bank of Japan’s Move
Global central banks were back in the spotlight on Thursday, as the Bank of Japan (BOJ) finally decided to emulate the U.S. approach to the economic crisis. By engaging in unprecedented aggressive monetary easing, Tokyo is throwing the kitchen sink at deflation. This time, neither the Federal Reserve (FED) nor the European… Read more >
Finding the Elevator Door
The debates over the concept of a just society bring differing approaches to freedom, liberty, fairness, and the role of the state and the responsibilities of the individual. The argument is also about the content of the collective good. While the battle ground in the United States over these challenging issues looks… Read more >
At Issue Interview: Dr. Klaus Scharioth
In this latest installment of the AICGS At Issue Interview Series, AICGS President Jack Janes sat down with Dr. Klaus Scharioth, former German Ambassador to the United States and current Director of the Stiftung Mercator Fellowship on International Affairs, to discuss the need for the proposed Transatlantic Free Trade and Investment Agreement… Read more >
Learning Lessons from a Decade
Sitting in the great hall of the Bayerische Hof during the recent Munich Security Conference, I found myself drifting back a decade to February of 2003 and the time I witnessed the confrontation between Donald Rumsfeld and Joschka Fischer play out. “I am sorry but I am not convinced” became a legendary… Read more >
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