The honeymoon for the European Central Bank is over. Because European interest rates no longer are clearly out of whack with the fundamentals of the euro-zone economy, monetary policy has become more complex.
At the same time, France has given a strong mandate to its new president, Nicolas Sarkozy, who is without question the most formidable political adversary the ECB has had to face in its brief history. Sarkozy stands ready to pounce on any mistakes the Bank may make in this more difficult policy environment.
With European interest rates up 200 basis points since late 2005 and the euro near a record high, Sarkozy wants the ECB to stop raising rates now. ECB president Jean-Claude Trichet and the Governing Council strongly disagree.
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Rather than reducing concentrated market power through “disruption” or “creative destruction,” technological innovation historically has only added to the problem, by awarding monopolies to just one or a few dominant firms. And market forces offer no remedy to the problem; only public policy can provide that.
shows that technological change leads not to disruption, but to deeper, more enduring forms of market power.
The passing of America’s preeminent foreign-policy thinker and practitioner marks the end of an era. Throughout his long and extraordinarily influential career, Henry Kissinger built a legacy that Americans would be wise to heed in this new era of great-power politics and global disarray.
reviews the life and career of America’s preeminent foreign-policy scholar-practitioner.
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The honeymoon for the European Central Bank is over. Because European interest rates no longer are clearly out of whack with the fundamentals of the euro-zone economy, monetary policy has become more complex.
At the same time, France has given a strong mandate to its new president, Nicolas Sarkozy, who is without question the most formidable political adversary the ECB has had to face in its brief history. Sarkozy stands ready to pounce on any mistakes the Bank may make in this more difficult policy environment.
With European interest rates up 200 basis points since late 2005 and the euro near a record high, Sarkozy wants the ECB to stop raising rates now. ECB president Jean-Claude Trichet and the Governing Council strongly disagree.
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
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