Michael Berendt's blog

Archives for Finance

Let’s accentuate the positive! The G-20 meeting in London did achieve a much wider consensus and more far-reaching decisions than most people thought possible. Merkel, Sarkozy, Barroso and Obama all said so. The summit was also remarkable for its recognition of the realities of a changing world economy and the ability of its disparate players […]

Posted by Michael Berendt

The European Competitiveness summit should look very different this year. The March 19-20 meeting will be struggling to finalise an EU position for the April 2 crisis meeting of the G20 in London on the basis of the Commission’s Communication.
Negotiations will take place against a profoundly uncertain economic backdrop where there are major potential risks […]

Posted by Michael Berendt

In the next few days the European Commission will tell us how Europe’s regulatory regime for financial services should be reformed in the aftermath of the credit crisis. As a starting point the Commission has the report from Jacques de Larosière’s taskforce, which was commissioned by President Barroso last October and published earlier this week.
No […]

Posted by Michael Berendt

On January 16 the euro replaced the koruna as the official currency of Slovakia, bringing to sixteen the number of countries of the eurozone. It was the first country in the former Soviet bloc to adopt the single currency – and just 20 years after the Fall of the Wall. What a great way to […]

Posted by Michael Berendt

It seems that France has had a good presidency. It could hardly have been a more challenging one, but despite the occasional sniff of folie de grandeur, President Nicolas Sarkozy has proved to be the man of the hour, with the élan needed to make things happen.
Foreign minister Bernard Kouchner and finance minister Christine Lagarde […]

Posted by Michael Berendt

“The way forward is beginning to emerge”. So said Dick Roche, Ireland’s minister for European affairs, on the eve of the Brussels December summit. It looks like a second Irish referendum for the autumn of 2009.
The Irish Taoiseach Brian Cowen is expected to tell EU colleagues that he will seek a second referendum in the […]

Posted by Michael Berendt

After all the excitement of an amazing US presidential election, here we stand in the cold light of dawn, wondering what happens next. What can we Europeans expect of President Barack Obama? As others have pointed out, his first duty will be to serve the interests of those who elected him and not the political […]

Posted by Michael Berendt

There are tentative signs that the dust is beginning to settle after the last few hyperactive weeks, with signs that world leaders have mounted an effective response to the credit crisis. Inter-bank lending seems to be recovering, stock markets appear more stable and the outline of a global approach is beginning to show, following three […]

Posted by Michael Berendt

Just a week ago I suggested that continental Europe seemed rather detached from the global credit crisis. Whoops! What terrible timing!
In the last seven days Europe has been hit by the storm force winds of this crisis. Liquidity has dried up, governments have been forced to rescue one institution after another, Iceland’s banking system seems […]

Posted by Michael Berendt

While the United States and Britain reel from one catastrophe to another in the storm of the sub-prime crisis, the eurozone has seemed remarkably detached, until recently anyway. For the Americans and the Brits the news is totally dominated by stories of collapsing banks, bail-outs, vast lines of credit insurance which turn out to be […]

Posted by Michael Berendt