Episode 21: The Fate of the Economy Post-Corona
Dr. Holger Schmieding is Chief Economist at Berenberg in London. Before joining Germany’s oldest private bank in October 2010, he worked as chief Economist Europe at Merrill Lynch, Bank of America, and at Bank of America-Merrill Lynch in London. Having studied economics in Munich, London, and Kiel, Schmieding holds a doctorate from the University of Kiel. Before taking up his first role as financial market economist in 1993, he also worked as a journalist at “Westfälische Nachrichten” in Germany, as head of a research group on east-central Europe at the Kiel Institute of World Economics, and as a desk economist at the International Monetary Fund in Washington, DC.
President of AICGS
Jeffrey Rathke is the President of the American Institute for Contemporary German Studies at the Johns Hopkins University in Washington, DC.
Prior to joining AICGS, Jeff was a senior fellow and deputy director of the Europe Program at CSIS, where his work focused on transatlantic relations and U.S. security and defense policy. Jeff joined CSIS in 2015 from the State Department, after a 24-year career as a Foreign Service Officer, dedicated primarily to U.S. relations with Europe. He was director of the State Department Press Office from 2014 to 2015, briefing the State Department press corps and managing the Department's engagement with U.S. print and electronic media. Jeff led the political section of the U.S. Embassy in Kuala Lumpur from 2011 to 2014. Prior to that, he was deputy chief of staff to the NATO Secretary General in Brussels. He also served in Berlin as minister-counselor for political affairs (2006–2009), his second tour of duty in Germany. His Washington assignments have included deputy director of the Office of European Security and Political Affairs and duty officer in the White House Situation Room and State Department Operations Center.
Mr. Rathke was a Weinberg Fellow at Princeton University (2003–2004), winning the Master’s in Public Policy Prize. He also served at U.S. Embassies in Dublin, Moscow, and Riga, which he helped open after the collapse of the Soviet Union. Mr. Rathke has been awarded national honors by Estonia, Latvia, and Lithuania, as well as several State Department awards. He holds an M.P.P. degree from Princeton University and B.A. and B.S. degrees from Cornell University. He speaks German, Russian, and Latvian.
Senior Fellow; Director, Geoeconomics Program
Peter S. Rashish, who counts over 25 years of experience counseling corporations, think tanks, foundations, and international organizations on transatlantic trade and economic strategy, is a Senior Fellow and Director of the Geoeconomics Program at AICGS. He also writes The Wider Atlantic blog.
Mr. Rashish has served as Vice President for Europe and Eurasia at the U.S. Chamber of Commerce, where he spearheaded the Chamber’s advocacy for a strategic trade agreement between the United States and the European Union—later officially launched as the Transatlantic Trade and Investment Partnership—and developed new engagements in the continent’s emerging markets.
Previously, Mr. Rashish was a Senior Advisor for Europe at McLarty Associates, and has held positions as Executive Vice President of the European Institute, on the Paris-based staff of the International Energy Agency, and as a consultant to the World Bank, the German Marshall Fund of the United States, the Atlantic Council, the Bertelsmann Foundation, and the United Nations Conference on Trade and Development.
Mr. Rashish has testified on the euro zone and U.S.-European economic relations before the House Financial Services Subcommittee on International Monetary Policy and Trade and the House Foreign Affairs Subcommittee on Europe and Eurasia and has advised three U.S. presidential campaigns. He has been a member of the faculty at the Salzburg Global Seminar and a speaker at the Aspen Ideas Festival and the G20 Japan Think Tank Summit. His commentaries have been published in The New York Times, the Financial Times, The Wall Street Journal, Foreign Policy, and The National Interest, and he has appeared on PBS, CNBC, CNN, and NPR.
He earned a BA from Harvard College and an M.Phil. in international relations from Oxford University. He speaks French, German, Italian, and Spanish.
As governments shape their responses to the coronavirus pandemic, the economic impact of the crisis is growing. In the U.S., the surge in unemployment claims is four times greater than the previous peak. Germany, where the effects of the virus started earlier than in the U.S. thanks to its proximity and partnership with Italy, probably fell into a recession in March. Indeed, April is poised to be the worst month for the German economy in peacetime. How effective will government economic responses to the crisis be for workers, for small businesses, and for large corporations, and what will it mean for the global economy more broadly?
On this episode of The Zeitgeist, Jeff Rathke and Peter Rashish are joined by Holger Schmieding, Chief Economist for Berenberg Bank, to discuss the coronavirus crisis. They discuss the impact on globalization, whether European cooperation is effective, and how the crisis could affect perceptions of the German economic model. Should the U.S. be doing more to shape the international response to the crisis? And will the coronavirus spur innovation and technological advances?
Jeff Rathke, President, AICGS