Economy





why we need a global Debt restructuring Framework - Joseph Stiglitz: LINK ¤ the GUARDIAN

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  • "when Greece had been pushed to austerity - more than a decade ago !"

 

 

 

 

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  • "most seriously economists - and all Keynesian economists - predicted - this would fail !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "it would even fail to decrease - the debt-to-GDP ratio !"

 

 

 

 

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  • "we hardly needed - another test !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 


 

 

 

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  • "austerity had failed repeatedly - from its early use under US president Herbert Hoover !"

 

 

 

 

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  • "which turned the stock-market crash - into the Great Depression !"

 

 

 

 

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  • "to the IMF "programs" - imposed on some countries !"

 

 

 

 

 

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  • "Greece largely succeeded in following the "troika" - with the IMF !"

 

 

 

 

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  • "it converted a primary budget deficit - into a primary surplus !"

 

 

 

 

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  • "but to what - costs ?!"

 

 

 

 

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  • "government spending - unemployment - fall in GDP - and an increase in the debt-to-GDP ratio !"

 

 

 

 

 

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  • "now the Greek voters declare - that they have had enough !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "so, what should be - done ?!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

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  • "first, Greece was not the only country - where the IMF’s medicine had failed !"

 

 

 

 

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  • "Greece once again reminds us - of how badly the world needs !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "a debt-restructuring - framework !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "excessive debt - that was placed into risky speculation !"

 

 

 

 

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  • "caused the 2008 - financial crisis !"

 

 

 

 

 

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  • "it continues to cause untold suffering in the USA - where many homeowners have lost their homes !"

 

 

 

 

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  • "given the amount of distress - brought about by excessive debt !"

 

 

 

 

 

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  • "one might well ask why individuals and countries - had put themselves into this situation ?!"

 

 

 

 

 

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  • "after all, such debts - are contracts !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "that is, voluntary agreements - so creditors are just as responsible for them as debtors !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "in fact, creditors arguably - are more responsible !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "typically, they are financial institutions - and should more know, what they are doing !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "every advanced country has realised - that making capitalism work !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "requires giving individuals - a fresh start !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "at the international level, we have not yet created - an orderly process !"

 

 

 

 

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  • "for giving countries - a fresh start !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "since even before the 2008 financial crisis - the UN !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "with the support of almost all of the developing and emerging countries - has been seeking to create such a framework !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "but one country - the US - had opposed !"

 

 

 

 

 

 

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  • "if there is a moral hazard - it is on the part of the lenders !"

 

 

 

 

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  • "especially in the private sector - who had been bailed out !"

 

 

 

 

 

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  • "when companies - go bankrupt !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "a debt-equity swap - is a fair and efficient solution !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the analogous approach for Greece - is to convert !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "its current bonds - into GDP-linked bonds !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "if Greece does well - its creditors will receive more of their money !!!!!!!!!!!!"

 

 

 

 

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  • "if it does not - they will get less !!!!!!!!!!!!"

 

 

 

 

 

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  • "both sides would then have - a powerful incentive !!!!!!!!!!!!"

 

 

 

 

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  • "to pursue pro-growth policies - which are sustainable !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "one hopes that those who understand the economics - of debt and austerity !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "and who believe in democracy and humane values - will prevail !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

 

 

 

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Capital in the twenty-first Century - Thomas Piketty: LINK ¤ the GUARDIAN

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  • "Thomas Piketty's "Capital in the Twenty-First Century" - is a publishing sensation !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "its main message is - inequality must shrink !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "it is a big book in every sense of the word - using empirical evidence from 30 countries !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "describes the past 300 years and is reverting to what Piketty calls - the Downton Abbey world of a century ago !"

 

 

 

 

 

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  • "that said, it is still a book about economics - and many readers will find it hard !"

 

 

 

 

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  • "going when they get to the sections on the Cobb-Douglas production function - and the marginal productivity of capital !"

 

 

 

 

 

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  • "like Maynard Keynes's "General Theory" - it is a tome - that will be quoted !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "the gist of Piketty's book - is simple:  !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "returns to capital must not rise faster - than economies were growing !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "the wealthy must not get wealthier - while everybody else was struggling !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "inequality must not be widened - where it became unsustainable, both politically and economically !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "action has to be taken - to redistribute income and wealth !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "Piketty favours a - graduated wealth tax !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

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  • "Lord Adair Turner, the former Chairman of the Financial Services Authority: - "Capital is a remarkable piece of work"  !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "the offset has to be a degree of redistribution - I completely agree with him !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "Paul Krugman says Piketty's work will change - both the way we think about society - and the way we do economics !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "a rather shy man, the French economist Piketty seems bemused - by his rock star status !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "what is new about this book is that he has been able - to collate data on such a scale !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "Piketty draws a number of conclusions - from his meticulously compiled data !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the world has to move - in a better direction !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "something can - and must be done !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "in the US - Top 1% had had 19.34 % - whereas the poorest half of the population had had 3-4 % !"

 

 

 

 

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  • "it must be possible to do better - than that !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

 

 

 

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Archbishop of Canterbury criticises Bankers - the Guardian: LINK ¤ the GUARDIAN

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  • "the archbishop of Canterbury, Justin Welby - a member of the "banking standards commission"  !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "says in a scathing critique of the City's - ethical and professional standards !"

 

 

 

 

 

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  • "in banking and in the City of London - a culture of entitlement had affected a number of areas !"

 

 

 

 

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  • "disconnected from what people saw as reasonable - in the rest of the world !"

 

 


 

 

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  • "serious consideration should be given to forming - a professional regulatory body !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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Bank Reforms - US cable - 2009: LINK ¤ 09LONDON2121

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  • "members of the US Congress - and members of the British Parliament - cite !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "the lack of oversight from boards of directors - as one of the root causes of the financial crisis !"

 

 

 

 

 

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  • "Todd and Sally Keeble, Labour Party - note the need to have international coordination !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "especially when dealing - with larger firms !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "Lord Adair Turner, Chair of the Financial Services Authority - identifies several causes to the financial crisis:  !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "too much leverage - too low reserves !"

 

 

 

 

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  • "too much focus on - mark-to-market accounting rules !"

 

 

 

 

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  • "too much risk-taking - and too little oversight !"

 

 

 

 

 

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  • "a multi-tiered approach is needed - to prevent such financial crises in the future !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the bankers speak out - help us help ourselves:  !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "a single systemic risk regulator is needed - the bankers unanimously agree !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 
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  • "the banking industry can not regulate itself sufficiently - to prevent any future financial crisis !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "the regulator must be able to check - the industry's worst impulses !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 


 

 

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  • "says Gary Lynch, executive vice president and chief legal officer - Morgan Stanley !"

 

 

 

 

 

 

 

 

 

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Mea Culpa - US cable - 2009: LINK ¤ 09LONDON1069

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  • "apologizing for the bank's past excesses - senior Royal Bank of Scotland, RBS, executives - acknowledge !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "that ambition had driven the company to overreach - and pursued investments with quick returns !"

 

 

 

 

 

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  • "which lands the bank in the deep trouble - it is now !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "the former RBS executives had rigorously pursued - a vision of becoming a leading bank !"

 

 

 

 

 

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  • "the lesson learned is that RBS - now concentrates on its core businesses !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 


 

 

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  • "to recover strength - and repay the British taxpayer !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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Financial Regulations - US cable - 2009: LINK ¤ 09LONDON1044

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  • "the bankers are positive about the results - of the G20 London Summit !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "and the recommendations of the de LaRosiere Report - of EU Financial Regulation !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the firms hope for additional - practical details !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "and greater cooperation between EU - UK - and US regulatory authorities !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "most firms support de LaRosiere's support - for a single EU supervisory body !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "this would make implementation more pragmatic - for greater firms !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the bank representatives understand there is justifiably - a great deal of public distrust !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "in banks - and in financial markets !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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Bank Regulation - US cable - 2009: LINK ¤ 09LONDON2478

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  • "the UK government is getting tough on compensation - for bankers !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "UK government officials also are debating whether there should be a return - to "narrow banking"  ?!"

 

 

 

 

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  • "with Bank of England Governor Mervyn King advocating - a break-up of larger banks !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "so that taxpayers - do not have to bail-out banks !"

 

 

 

 

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  • "involved in risky - trading activities !"

 

 

 

 
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  • "anger has deepened since some banks - had seen profits in their investment banking activities !"

 

 

 

 

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  • "while credit to household and business consumers - had remained weak !"

 

 

 

 

 

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  • "Bank of England Governor Mervyn King calls for - a new Glass-Steagall !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "for a "serious review" of how the banking industry - is structured - and regulated !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "regulators will need to confront the "too-big-to-fail" - question !"

 

 

 

 

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  • "and separating the utility functions - of banks !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "namely deposit taking - and payment systems !!!!!!!!!!!!!!!!!!!!!!!!"

 

 


 

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  • "from riskier ventures - dubbed "casino" banking !"

 

 

 

 

 

 

 

 

 

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International Cooperation - US cable - 2009: LINK ¤ 09LONDON251

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  • Prime Minister Gordon Brown says: - "the results of domestic action - can be multiplied !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""

 

 

 

 

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  • "by coordinated - international action !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "an early warning system - is a priority !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "so that international financial flows - are monitored !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "as a first step, the international community must use the - "Financial Stability Forum"  !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "to create a framework for - international governance !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "second, the international regulation - must be strengthened !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "the G20 should discuss a - "Charter of Principles"  !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 


 

 

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  • "that guides financial regulation - and supervision !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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Supervision - US cable - 2009: LINK ¤ 09LONDON723

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  • "Lord Turner, chairman of the Financial Services Authority, FSA - recommends !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "an overhaul of the - UK's regulatory regime !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "there must not be a "light touch" approach - to supervision !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "reforms are needed to remuneration structures - credit rating agencies !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "off-balance sheet vehicles - and product regulation !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "a system-wide macro-prudential perspective is vitally important - to prevent a repeat of the current financial crisis !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "remuneration policies should be designed - to avoid incentives for undue risk taking !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "off-balance sheet vehicles - must be treated like on-balance sheet - for regulatory purposes !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 


 

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  • "regulators should be given the power to apply prudential regulation - to hedge funds !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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one-Way Bet - US cable - 2009: LINK ¤ 09LONDON478

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  • "the Royal Bank of Scotland, RBS - causes a media outcry !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "when it announced it planned to pay - GBP 1 billion in bonuses !"

 

 

 

 

 

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  • "despite share prices falling 90 percent - having to write-off GBP 20 billion of assets !"

 

 

 

 

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  • "predicting a - GBP 8 billion loss !"

 

 

 

 

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  • "laying off 2,300 staff - and being 70 percent owned by the taxpayer !"

 

 

 

 

 

 

 

 

 

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International Coordination - US cable - 2009: LINK ¤ 09LONDON23

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  • "Prime Minister Gordon Brown says the length - of the financial crisis !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "will depend on the degree of - international coordination !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "there is a need to reform the World Bank - and the IMF !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "and to increase global supervision - through a college of regulators !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the IMF and World Bank had been built at that time - for a particular set of challenges !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "and need to be changed - for the future !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the World Bank to be a bank for environment - as well as development !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "investing billions in alternative energy sources - for the poorest countries !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the IMF should offer an early warning system - for the world economy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "so that countries are being alerted in advance - of financial problems !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "and there should be a supervision across borders - namely a college of regulators !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 


 

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  • "to supervise - multinational companies !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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Bankers - US cable - 2009: LINK ¤ 09LONDON2208

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  • "Lord Adair Turner, Financial Services Authority - expresses concern !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "that many bankers had not learned - a lesson from the financial crisis !"

 

 

 

 

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  • "had tried to do - "business as usual"  !"

 

 

 

 


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  • "there had been too much lobbying - and too close of a relationship !"

 

 

 

 

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  • "between financial companies - the regulators - and the legislators !"

 

 

 

 

 

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  • "unless bankers' get the message - that profits should not go into their pockets - in the form of bonuses !"

 

 

 

 

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  • "but rather be re-invested - for the long-term health of the economy !!!!!!!!!!!!!!!!!!!!!!!!"

 

 



 

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  • "there will be another round of public - and political backlash !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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Global Financial Stability - US cable - 2008: LINK ¤ 08LONDON116

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  • "Prime Minister Gordon Brown notes: - "to build not just security - but environmental stewardship !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""

 

 

 

 

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  • "and sustainable prosperity - free of global poverty !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "we need a G8 - for the 21st century !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "a UN - United Nations - for the 21st century !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "and an IMF and World Bank - fit for the 21st century !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "I will work with others for a comprehensive agenda - for a "Global Europe"  !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "a Europe that is outward looking - open - internationalist !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "and able to effectively respond both through internal reform - and external action !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "to the economic - security - and environmental parts - of globalisation !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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ECONOMY - Wikipedia EN: LINK ¤ ECONOMY

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  • "the word "economics" can be traced back to Greek words: - "one who manages the household"  !!!!!!!!!!!!"

 

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  • "in most of the countries the economic system is called - "social market economy"  !!!!!!!!!!!!!!!!!!!!!!!!"

 

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