20 years ago, Soviet President Mikhail Gorbachev resigned, the Soviet Union ended, and Russia began an imperfect transition to democratic capitalism – a transition that has proven to be far more difficult than expected.
[credit provider=”Ralph Orlowski / Getty”] Interest rates for public debt within the eurozone have spread once again, just as they did before the introduction of the euro.Balance-of-payment disparities are steadily increasing. The sovereign-debt crisis is eating its way from the periphery to the core, and the exodus of capital is […]
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[credit provider=”Johannes Simon / Getty”] The French government just doesn’t seem to understand the real implications of the euro, the single currency that France shares with 16 other European Union countries.French officials have now reacted to the prospect of a credit rating downgrade by lashing out at Britain. The head […]
NEW HAVEN – Today, fears are growing that China and India are about to be the next victims of the ongoing global economic carnage. This would have enormous consequences. Asia’s developing and newly industrialized economies grew at an 8.5% average annual rate over 2010-11 – nearly triple the 3% growth […]
Ever since the United Kingdom joined the European Economic Community in 1973, after the French withdrew Charles de Gaulle’s veto of its membership, Britain’s relationship with the European integration process has been strained. The British are reluctant Europeans, for historical and cultural reasons.
[credit provider=”Paul Downer / Flickr” url=”http://www.flickr.com/photos/psd/506494307/”] The outlook for the global economy in 2012 is clear, but it isn’t pretty: recession in Europe, anemic growth at best in the United States, and a sharp slowdown in China and in most emerging-market economies. Asian economies are exposed to China.Latin America is […]
[credit provider=”Daniel Goodman / Business Insider”] Early last month, a group of students staged a walkout in Harvard’s popular introductory economics course, Economics 10, taught by my colleague Greg Mankiw.Their complaint: the course propagates conservative ideology in the guise of economic science and helps perpetuate social inequality.
[credit provider=”Getty Images”] Panic is beginning to overwhelm the eurozone. Italy and Spain are caught in the maelstrom.Belgium is slipping into the danger zone.
[credit provider=”Dan Kitwood/Getty Images”] At the just-concluded European Union summit, British Prime Minister David Cameron vented decades of accumulated resentment stemming from his country’s relationship with Europe.Europeans were appalled at how the last-minute injection of finicky points about bank regulation could stymie what was supposed to be a breakthrough agreement […]
Nowadays there is no shortage of pundits, economic or otherwise, warning of impending disaster. If right, they are hailed as seers; if wrong, chances are that no one will remember. So here’s a forecast: there will be no shortage of predictions that 2012 is shaping up as a disastrous year.
It is increasingly evident that Europe’s political leaders, for all their commitment to the euro’s survival, do not have a good grasp of what is required to make the single currency work.
he winner of Sunday’s legislative election in Russia was a foregone conclusion: United Russia, organised by Vladimir Putin.
[credit provider=”Seti / Shutterstock” url=”http://www.shutterstock.com/cat.mhtml?lang=en&search_source=search_form&version=llv1&anyorall=all&safesearch=1&searchterm=china+drought&search_group=&orient=&search_cat=&searchtermx=&photographer_name=&people_gender=&people_age=&people_ethnicity=&people_number=&commercial_ok=&colour=&show_color_wheel=1#id=50387125&src=b2415b940e9fdfa17227efcb1fbe341c-1-7″] For the second time in three years, global economic recovery is at risk. In 2008, it was all about the subprime crisis made in America.Today, it is the sovereign-debt crisis made in Europe. The alarm bells should be ringing loud and clear across Asia – […]
A famous claim in economics is that the cost of services (such as health care and education) tends to increase relative to the cost of goods (such as food, oil, and machinery).
At the recent Commonwealth Heads of Government meeting in Australia, the United Kingdom’s Prime Minister David Cameron announced that future development aid to Africa would be contingent on recognition of gay rights.
[credit provider=”xoxoryan / Flickr” url=”http://www.flickr.com/photos/xoxoryan/375420583/”] On the surface, at least, the situation in the eurozone today and South Korea in the fall of 1997 look very different. Both are cases of severe economic crisis, to be sure.But the eurozone’s problems stem from high levels of government debt, while South Korea […]
[credit provider=”Mustafa Ozer / Getty”] When questioned recently about a constitutional law professor who was arrested for lecturing at an institute run by the country’s main pro-Kurdish political party, Turkey’s interior minister, Idris Naim Sahin, couldn’t hide his irritation: “I am having a hard time understanding those saying a professor […]
Politicians are masters at “passing the buck.” Everything good that happens reflects their exceptional talents and efforts; everything bad is caused by someone or something else.
Economics is at the start of a revolution that is traceable to an unexpected source: medical schools and their research facilities. Neuroscience – the science of how the brain, that physical organ inside one’s head, really works – is beginning to change the way we think about how people make […]
[credit provider=”AP”] The recent Indian-Italian bilateral dialogue, held in Milan on November 7, at a time when Italy was reeling from the euro crisis and Silvio Berlusconi’s impending political demise, offered a fraught reminder of the potential, and the limits, of India’s relationship with the European Union.India has a long […]
Is the European Union’s supposed “democratic deficit” now spreading to individual European countries in the wake of the sovereign-debt crisis?
It is amazing how the “one per cent” epithet, a reference to the top 1% of earners, has caught on in the United States and elsewhere in the developed world.
The eurozone crisis seems to be reaching its climax, with Greece on the verge of default and an inglorious exit from the monetary union, and now Italy on the verge of losing market access.
Greece may be the fuse, but is Italy the bomb that will blow up the euro and perhaps the entire European Union?
[credit provider=”http://commons.wikimedia.org/wiki/File:Athens-night-view1.jpg” url=”Wikimedia%20Commons”] It may be hard to imagine that Europe’s crisis could worsen, but it just has.European Union leaders failed at their summit two weeks ago to produce anything of substance.
[credit provider=”Thanassis Stavrakis / AP Photo”] Greek Prime Minister George Papandreou’s call to hold a referendum on the rescue package agreed at the eurozone summit in late October has profound implications for European governance. It may also determine the future of the euro.Less than one week before Papandreou dropped his […]
[credit provider=”AP”] The protest movement that began in Tunisia in January, subsequently spreading to Egypt, and then to Spain, has now become global, with the protests engulfing Wall Street and cities across America.Globalization and modern technology now enables social movements to transcend borders as rapidly as ideas can.
The world is assailed by problems that defy easy answers. Economic shocks are destabilizing countries and regions, and inflicting great social and financial hardships on families and their communities.
Although I appreciate that exchange rates are never easy to explain or understand, I find today’s relatively robust value for the euro somewhat mysterious.
[credit provider=”AP”] When the European Central Bank announced its program of government-bond purchases, it let financial markets know that it thoroughly disliked the idea, was not fully committed to it, and would reverse the policy as soon as it could.Indeed, the ECB proclaimed its belief that the stabilisation of government-bond […]
[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:757landing-toncontin.jpg”] Judging from the skittishness of both markets and “consensus expectations,” the United States’ economic prospects are confusing.One day, the country is on the brink of a double-dip recession; the next, it is on the verge of a turbo-charged recovery, powered by resilient consumers and US multinationals […]
[credit provider=”inman news via flickr” url=”http://www.flickr.com/photos/inman_news/3462434611/sizes/z/in/photostream/”] Participants in the Occupy Wall Street movement are right to argue that the big banks have never properly been investigated for the mortgage origination, aggregation, and securitization behaviour that was central to the financial crisis – and to the loss of more than eight […]
[credit provider=”baine / Flickr” url=”http://www.flickr.com/photos/baine/695715896/#/”] Largely unnoticed, a silent drama has been unfolding over the past weeks in the Arctic.The long-term consequences will far outstrip those of the international debt crisis or the demise of the Libyan dictatorship, the news stories now commanding media attention.
[credit provider=”Florida New Majority via flickr” url=”http://www.flickr.com/photos/flnewmajority/5608672612/”] Over the past three decades, hundreds of millions of new workers have entered the global economy.They arrived with various levels of education and skill, and over time have generally gained in terms of “human capital” – and in terms of value added and […]
[credit provider=”Wikimedia Commons” url=”http://upload.wikimedia.org/wikipedia/commons/6/6f/Old_Greek_flag_waving.png”] After a year and half of delay and denial, Greece is about to restructure its debts.This, by itself, will not be enough to draw a line under the eurozone’s crisis.
[credit provider=”Flickr bazylek100″ url=”http://www.flickr.com/photos/bazylek/4180836651/”] Is the eurozone stepping back from the brink? This might just be possible, because the emerging outlines of a new framework to resolve the ongoing sovereign-debt crisis contain a key component that was missing so far.Indeed, that component’s absence was behind this summer’s spreading financial crisis, […]
The United States is going through difficult times. Its post-2008 recovery has slowed, and some observers fear that Europe’s financial problems could tip the American and world economy into a second recession.
[credit provider=”flickr/Pink Sherbet Photography” url=”http://www.flickr.com/photos/pinksherbet/5008270549/”] So-called “impact investors” – providers of capital to businesses that solve social challenges while generating a profit – are the current rage in economic development.US President Barack Obama’s Office for Social Innovation and Civic Participation recently convened more than 100 practitioners to discuss how impact […]
[credit provider=”QuinnDombroski/Flickr” url=”http://www.flickr.com/photos/quinndombrowski/4511122024/sizes/m/in/photostream/”] Today, the world is threatened with a repeat of the 2008 financial meltdown – but on an even more cataclysmic scale.This time, the epicentre is in Europe, rather than the United States.
[credit provider=”AP ” url=”http://www.apimages.com/OneUp.aspx?st=k&kw=london%20stock%20exchange&showact=results&sort=relevance&intv=1y&sh=10&kwstyle=and&adte=1295629992&pagez=60&cfasstyle=AND&rids=2dcf88a8800f4d43acf4d6b88afaa7db&dbm=PY2010&page=1&xslt=1″] Europe is already in pickle, so why not add more vinegar?That seems to be the thinking behind the European Commission’s proposed financial transactions tax (FTT) – the Commission’s latest response to Europe’s festering growth and financing problems.
Financial markets are driving the world towards another Great Depression with incalculable political consequences.
The latest economic data suggests that recession is returning to most advanced economies, with financial markets now reaching levels of stress unseen since the collapse of Lehman Brothers in 2008.
[credit provider=”World Economic Forum via Flickr” url=”http://www.flickr.com/photos/[email protected]
/4309799402″] To resolve a crisis in which the impossible has become possible, it is necessary to think the unthinkable.So, to resolve Europe’s sovereign-debt crisis, it is now imperative to prepare for the possibility of default and defection from the eurozone by Greece, Portugal, and […]
[credit provider=”AP”] Greedy banks, bad economic ideas, incompetent politicians: there is no shortage of culprits for the economic crisis in which rich countries are engulfed.But there is also something more fundamental at play, a flaw that lies deeper than the responsibility of individual decision-makers.
[credit provider=”AP”] Central bankers and regulators tend to worry that too much competition in the financial sector increases instability and the risk of systemic failure.Competition authorities, on the other hand, tend to believe that the more competition, the better. Both can’t be right.
Europe is again on the precipice. The most recent Greek rescue, put in place barely six weeks ago, is on the brink of collapse.
[credit provider=”Wikimedia Commons” url=”http://en.wikipedia.org/wiki/File:Inflaci%C3%B3_utan_1946.jpg”] Recently, a number of commentators have proposed a sharp, contained bout of inflation as a way to reduce debt and reenergize growth in the United States and the rest of the industrial world.Are they right?
For months, an increasingly frenetic, even apocalyptic, debate about the fate of the euro has been the major driver of global instability.
With Col. Muammar el-Qaddafi’s regime in ruins and Qaddafi himself on the run, it is time to ponder just how he survived in power for so long.
For the American economy – and for many other developed economies – the elephant in the room is the amount of money paid to bankers over the last five years. In the United States, the sum stands at an astounding $2.2 trillion.
[credit provider=”AP”] The September 11, 2001, terror attacks by Al Qaeda were meant to harm the United States, and they did, but in ways that Osama bin Laden probably never imagined.President George W. Bush’s response to the attacks compromised America’s basic principles, undermined its economy, and weakened its security.
[credit provider=”AP”] The scale of the earthquake and tsunami that struck Japan in March was far greater than even the authorities’ worst scenarios foresaw.Nearly six months later, the total damage remains difficult to estimate. Social unrest and confusion, as well as radiation leaks from the Fukushima nuclear power plant, continue.
[credit provider=”Alex / Flickr” url=”http://www.flickr.com/photos/alex_e14/70159576/”] Since the election of President Viktor Yanukovych in 2010, Ukraine has experienced a significant and alarming deterioration in its democratic framework.Fundamental tenets of a democratic society, such as freedom of expression, freedom of assembly, and freedom of the press are increasingly coming under pressure.
[credit provider=”daveoratox via flickr” url=”http://www.flickr.com/photos/atoxinsocks/4966403134/sizes/m/in/photostream/”] As I listen to the news coming out of England after the recent wave of urban riots – and as I read Robert Douglas-Fairhurst’s compelling new biography of Charles Dickens, Becoming Dickens– life and art seem to be echoing each other.In the wake of the […]
[credit provider=”vier via Flickr” url=”http://www.flickr.com/photos/vier/192493917/”] German Chancellor Angela Merkel has withstood the pressure from southern Europe: there will be no Eurobonds.For the markets, this is a disappointment, but there is no other way for these countries to rebuild themselves than to insist patiently on a phase of debt discipline and […]
At the height of the financial crisis in 2008-2009, it seemed as if Western banks would pull up their foreign stakes and go home, leaving financial markets much more fragmented along national lines.
[credit provider=”AP”] US Federal Reserve Board Chairman Ben Bernanke is not regarded as an oracle in the way that his predecessor, Alan Greenspan, was before the financial crisis.But financial markets were glued to the speech he gave in Jackson Hole, Wyoming on August 26. What they heard was a bit […]
[credit provider=”AP” url=”http://www.apimages.com/OneUp.aspx?st=k&kw=merkel%20sarkozy&showact=results&sort=relevance&intv=None&sh=10&kwstyle=and&adte=1314102663&pagez=60&cfasstyle=AND&rids=8ab2c82af3f746c7800886a403c06ffe&dbm=PThirtyDay&page=1&xslt=1&mediatype=Photo”] Slowly, word is getting round – even in Germany – that the financial crisis could destroy the European unification project in its entirety, because it demonstrates, quite relentlessly, the weaknesses of the eurozone and its construction.Those weaknesses are less financial or economic than political.
As China gets closer to overtaking the United States as the world’s largest economic power, and its disinclination to accept US military dominance of the Western Pacific grows more obvious, America’s Asia/Pacific allies and friends are becoming increasingly anxious about their longer-term strategic environment.
[credit provider=”Gelay Jamtsho / Flickr” url=”http://www.flickr.com/photos/bhutan-360/3861224520/”] We live in a time of high anxiety. Despite the world’s unprecedented total wealth, there is vast insecurity, unrest, and dissatisfaction.In the United States, a large majority of Americans believe that the country is “on the wrong track.” Pessimism has soared. The same is […]
China’s government may be about to let the renminbi-dollar exchange rate rise more rapidly in the coming months than it did during the past year.
Outsourcing of services has been a persistent cause of panic and protectionism in recent years, especially in the United States since the 2004 presidential election.
[credit provider=”YouTube / EconStories” url=”http://www.youtube.com/watch?v=GTQnarzmTOc”] The Austrian economist Friedrich von Hayek, who died in 1992 at the age of 93, once remarked that to have the last word requires only outliving your opponents.His great good fortune was to outlive Keynes by almost 50 years, and thus to claim a posthumous […]
[credit provider=”araquebelagua via Flickr” url=”http://www.flickr.com/photos/araque/”] After less than a year and a half in which so much energy news seemed troubling – nuclear meltdowns, oil spills, rising gas prices – it might be startling to find out that worldwide installed capacity of renewable energy has now surpassed that of nuclear […]
[credit provider=”flickr / Nikonmania” url=”http://www.flickr.com/photos/[email protected]
/4941059057/”] Central bank purists are confused. How can the European Central Bank, a Germanic institution, now be in the business of buying government bonds issued by five of its 17 members?Why is this monetary authority acting like a fiscal agency? Isn’t the ECB supposed to be […]
[credit provider=”vier via Flickr” url=”http://www.flickr.com/photos/vier/192493917/”] A comprehensive solution of the euro crisis must have three major components: reform and recapitalization of the banking system, a eurobond regime, and an exit mechanism.First, the banking system. The European Union’s Maastricht Treaty was designed to deal only with imbalances in the public sector; […]
[credit provider=”AP”] America’s Tea Party has a simple fiscal message: the United States is broke. This is factually incorrect – US government securities remain one of the safest investments in the world – but the claim serves the purpose of dramatizing the federal budget and creating a great deal of […]
[credit provider=”mi2g”] 50 years ago today, on August 13, under the cover of darkness, East Germany broke ground on the construction of the Berlin Wall, which became one of the most iconic symbols of violence and exclusion the world has ever known.When the Wall fell in 1989, the images broadcast […]
[credit provider=”AP”] As the violence in Syria mounts, the international community’s paralysis has become increasingly jarring.But the role of external regional forces is almost as important in fueling the domestic bloodshed as what is happening internally.
[credit provider=”AP”] Financial markets abhor uncertainty; that is why they are now in crisis mode.The governments of the eurozone have taken some significant steps in the right direction to resolve the euro crisis but, obviously, they did not go far enough to reassure the markets.
[credit provider=”www.flickr.com” url=”http://www.flickr.com/photos/[email protected]
/5857375238/”] For more than a half-century, the US dollar has been not only America’s currency, but the world’s as well.It has been the dominant unit used in cross-border transactions and the principal asset held as reserves by central banks and governments.
[credit provider=”iStockPhoto”] Why is everyone still referring to the recent financial crisis as the “Great Recession”? The term, after all, is predicated on a dangerous misdiagnosis of the problems that confront the United States and other countries, leading to bad forecasts and bad policy.The phrase “Great Recession” creates the impression […]
[credit provider=”Wisconsin Historical Images via flickr” url=”http://www.flickr.com/photos/whsimages/4187716035/sizes/m/in/photostream/”] We may live in a post-industrial age, in which information technologies, biotech, and high-value services have become drivers of economic growth. But countries ignore the health of their manufacturing industries at their peril.High-tech services demand specialised skills and create few jobs, so their […]
[credit provider=”Flickr/Kirsty Andrews” url=”http://www.flickr.com/photos/kirstea/4884298267/”] NEW YORK – The Greek debt crisis has prompted questions about whether the euro can survive without a nearly unimaginable centralization of fiscal policy. There is a simpler way. Irresponsible borrowing by governments in international credit markets requires irresponsible lending. Bank regulators should just say no […]
BRUSSELS – The first act of the eurozone debt drama was about whether any European Union member country could ever become insolvent. It ended when the highest EU authority, the European Council, officially recognised in late July that Greece does need a reduction in its debt obligations.
Let us assume, for the sake of argument, that Geert Wilders, the Dutch politician who is convinced that Europe is “in the final stages of Islamization,” is right: Anders Breivik, the Norwegian mass murderer, is mad. Wilders tweeted: “That a psychopath has abused the battle against Islamization is disgusting and […]
CHICAGO – These days, the United States media are full of ordinary Americans venting their rage at the incompetence and immaturity of their politicians. Even though the US government’s debt limit was raised in the nick of time, the process was – and remains – fraught with risk. Why, the […]
[credit provider=”Flickr ReSurge International” url=”http://www.flickr.com/photos/interplast/5761973/”] Cancer is sometimes thought of as a disease of wealthier countries, but it is a major cause of morbidity and mortality in poorer ones as well.Indeed, by the end of this decade, about 150 million people worldwide will have cancer, with approximately 60% of them […]
[credit provider=”AP”] Early in the financial crisis, a major emerging-market investor told me: “This is not a global, but a semi-global financial crisis.” He was right: it really was a crisis of the United States, Europe, and Japan. Among emerging markets, only Eastern Europe was badly hit. Indeed, the crisis […]
[credit provider=”AP” url=”http://www.apimages.com/OneUp.aspx?st=det&ids=Pakistan%20Bin%20Laden&showact=details&sort=date&prds=10135&intv=3d&sh=10&kwstyle=and&adte=1304597757&pagez=60&cfasstyle=AND&rids=80900a22ea8b4437b938a71d9a22562d&dbm=PThirtyDay&page=1&xslt=1&mediatype=Photo”] ISLAMABAD – Relations between the United States and Pakistan have continued to fray since a US Special Forces team killed Osama bin Laden in a comfortable villa near a major Pakistani military academy. But the tit-for-tat retaliation that has followed the raid reflects deeper sources of mistrust […]
[credit provider=”Flickr madmolecule” url=”http://www.flickr.com/photos/zeke_/3010019068/”] Why is everyone still referring to the recent financial crisis as the “Great Recession”?The term, after all, is predicated on a dangerous misdiagnosis of the problems that confront the United States and other countries, leading to bad forecasts and bad policy.
LONDON – Some political problems can be solved overnight; others take years to tackle. But, in the distant future, when the financial crisis and the euro’s troubles are long forgotten, we will still be facing the consequences of climate change.
NEW YORK – It is obvious that the left and the media establishment in the United States cannot fully understand the popular appeal of the two Republican tigresses in the news – first Sarah Palin, and now, as she consolidates her status as a Republican presidential front-runner, Michele Bachmann. What […]
Some political problems can be solved overnight; others take years to tackle. But, in the distant future, when the financial crisis and the euro’s troubles are long forgotten, we will still be facing the consequences of climate change.
[credit provider=”AP”] Finally, German Chancellor Angela Merkel has accepted a new form of European Union. More than ever, the EU must combine greater stability, financial transfers, and mutual solidarity if the entire European project is to be prevented from collapsing under the weight of the ongoing sovereign-debt crisis.For a long […]
[credit provider=”AP”] Japan in March 2011 and Norway in July 2011: any comparison between the madness of nature and the pure madness of man in Norway may sound artificial. Yet, confronted with their respective tragedies, Japan and Norway displayed a very similar combination of qualities and flaws.In both countries, civil […]
Could the financial crisis of 2007-2008 happen again? Since the crisis erupted, there has been no shortage of opportunities – in the form of inadequate conclusions and decisions by officials – to nurture one’s anxiety about that prospect.
[credit provider=”Flickr CS Muncy” url=”http://www.flickr.com/photos/csmuncy/2359150151/”] Patience might be a virtue, but not necessarily when it comes to American foreign policy.Consider “the long war,” a bold concept embraced a few years ago to describe the continuing struggle against terrorism, the grudging progress that could realistically be achieved, and the enormous financial […]
The old saying “lonely is the head that wears the crown” has literally taken on new meaning for Saudi Arabia’s King Abdullah.
[credit provider=”Flickr bazylek100″ url=”http://www.flickr.com/photos/bazylek/4180836651/”] Economic crisis has now reached both shores of the Mediterranean, and the risk of a lasting depression has become very real.Austerity policies in Europe threaten to backfire, causing enduring harm to growth prospects and thus stoking unemployment and budget deficits.
[credit provider=”AdrianDennis/AFP/Getty Images/NYMag.com”] Big economic crises often cause iconic companies to falter.Rupert Murdoch’s media empire is a model of the modern global enterprise.
[credit provider=”ap”] European leaders, faced with the reality of an insolvent Greece, are reportedly now considering a “Plan B” that would involve reducing the burden of its future debt payments.This is a welcome contrast to the options considered so far, all of which involved – under different guises – foisting […]
[credit provider=”Twitpic” url=”http://twitpic.com/5i0v4d”] There are two ways to look at Greece’s majestically unsustainable sovereign-debt mountain. There is, first, a pragmatic and short-term perspective, which focuses on ensuring some form of orderly restructuring (possibly for other vulnerable European states as well) without bringing down the eurozone. And there is a “moral” […]
[credit provider=”LeStudio1.com via Flikr”] Middle Eastern autocrats routinely warn their people of rivers of blood, Western occupation, poverty, chaos, and Al Qaeda if their regimes are toppled.Those threats were heard in Tunisia, Egypt, Yemen, Bahrain, Syria, and—rendered in black-comedy style—in Libya.
MILAN – In rapidly growing emerging markets, a combination of internal economic forces, supportive policies, and the shifting nature of the global economy drive high-speed and far-reaching change. The transformation of economic structures occurs so quickly that it is virtually impossible not to notice – though the complexity of the change […]
[credit provider=”World Economic Forum via Flickr” url=”http://www.flickr.com/photos/[email protected]
/4309799402″] The European Union was brought into existence by what Karl Popper called piecemeal social engineering. A group of farsighted statesmen, inspired by the vision of a United States of Europe, recognised that this ideal could be approached only gradually, by setting limited objectives, […]
[credit provider=”ezioman via Flickr” url=”http://www.flickr.com/photos/ezioman/3034706336/”] When OPEC members met in Vienna recently, the Saudis failed to control the meeting, OPEC’s production ceiling remained unchanged, and member countries are setting their own output levels.But talk of an OPEC breakup is premature.
The American economy has recently slowed dramatically, and the probability of another economic downturn increases with each new round of data.
[credit provider=”Wikimedia Commons” url=”http://upload.wikimedia.org/wikipedia/commons/0/0a/Europ%C3%A4ischer_Rechnungshof.jpg”] The European Commission is now in the process of formulating the next Multiannual Financial Framework (MFF), a medium-term budget framework that fixes the European Union’s revenues and expenditures, including how much should be allocated annually to each objective and each country.The next one starts in 2014—and […]