Our modest movement of the European Central Punk is alive and growing. Its major representative, a group “the Westerwaves” had a successful gig few months ago. Their hit: Fries&Frogs soon will top the European charts, meanwhile it’s being downloaded as a ring tone to mobiles by many.
The flier from their concert below (both pictures thanks to the courtesy of the group member). Join us! Join the movement of the European Central Punk and become a fan of the Westerwaves!
‘CB more independent than the FED, Bank of England,’ Marcó del Pont says – BuenosAiresHerald.com.
Marcó del Pont then assured that one of the reasons to overturn the ruling was that the judges (of the New York Court of Appeals, my comment) “considered the Argentine Central Bank to be more independent than the Federal Reserve of the Bank of England.”
Sure it is more independent! I’m sure the former governor of the Argentine Central Bank, Redrado, would have a lot to comment on.
Somehow occupied with local Russian politics and the next presidential elections in this country I missed the news of the decade – the next CEO of the ECB comes from Italy and stays at this post until 2019.
Despite Draghi being the only candidate in the final stage of “elections” (unfortunately, his strong competitor, German CB governor Alex Webber withdrew his candidacy early this year) his candidacy was not accepted easily. France, as always, had something to say.
Financial Times (24 June 2011) reports:
In a stark illustration of the delicate balance of relationships within the eurozone and its impact on decision-making, Mr Draghi’s appointment was almost derailed when Nicolas Sarkozy, French president, threatened to block the nomination because it would allow two Italians to sit on the ECB’s six-person executive board.
According to people briefed on the events, Herman Van Rompuy, who chairs the summit as president of the European Council, was forced to pause the meeting around midday and telephone Lorenzo Bini Smaghi, the board’s Italian member, to plead with him to resolve the standoff.
Citing the ECB’s statutory independence from political pressure, Mr Bini Smaghi has refused for weeks to stand down, despite calls for his resignation by Silvio Berlusconi, the Italian prime minister who promised Mr Sarkozy in April that the Italian economist would step aside for a Frenchman.
Mr Bini Smaghi is said to have become concerned about the impact that a delay in Mr Draghi’s appointment would have on financial markets. According to people briefed on the phone call, Mr Van Rompuy informed Mr Bini Smaghi of the impasse and said Mr Sarkozy had angrily vowed to delay Mr Draghi’s appointment unless the standoff was resolved. The atmosphere at the summit had become bad tempered, with the French president questioning Mr Berlusconi’s assurances that Mr Bini Smaghi would resign. (…)
ECB officials have warned that putting pressure on Mr Bini Smaghi to leave his post would threaten the bank’s independence.
It seems like all the politics, even that at the monetary policy level, looks like TV telenovela: he said, she said, I support but at the same time I’m against. I personally support Smaghi to stay at his post until the end of his tenure (end of 2012). Although I’m afraid the pressure will be too large for him to handle and he decide to quit his ECB Board position. Meanwhile we have to deal with the Italian president of the ECB and I can’t wait to see how the situation resolves.
IMF board blocks Fischer candidacy
By Alan Beattie in Washington (Financial Times)
Published: June 14 2011 01:50 | Last updated: June 14 2011 01:50
The board of the International Monetary Fund has blocked the application of Stanley Fischer, governor of the Bank of Israel, to head the organisation, leaving only two candidates in contention.
The candidacy of Mr Fischer, 67, who announced his decision to run for the position of managing director on Saturday, would have required IMF members to waive a requirement that applicants be younger than 65.
The board decided not to accept that request, with some of the rich economies arguing that his candidature would confuse and delay the process. European countries have been strongly backing Christine Lagarde, the French finance minister, and are unlikely to want a candidate who might draw votes away.
Domenico Lombardi, a former IMF board member now at the Brookings Institution, said: “A significant group in the membership is already set on appointing Christine Lagarde, and permitting Stan Fischer as a candidate might have complicated that.”
Just as many of us thought, or simply followed media speculations that the next head of the IMF would also come from France, a new strong candidate emerged. Stanley Fischer, currently a governor of the Bank of Israel, is said to join the run for this important position.
Personally I would support this candidate much more than any other. For he is known for excellent expertise and had positive effect on many important minds in economics (like Greg Mankiw, for example). I just don’t understand why would Israel agree to lose its great central bank governor?
Fischer was sworn in for a second term as a governor in 2010. He has been rated a top gavernor with a grade “A” by Global Finance Magazine in 2010 and has been praised for his effective governorship.
Rennes became a centre of public choice researchers for 4 days past weekend (European Public Choice Society Annual Meeting). It is a very interesting place, a Brittany answer to the south of France. The weekend was full of seminars, presentations and special invited lectures. It was also full of food we weren’t sure the name of. Delicious, that’s true!
The annual conference is also a possibility to meet with friends, and the European Central Punk movement gathered again. Thank you all! As remembrances these two distinctive food examples from Rennes
And the drink – le cidre
I travel soon to St. Petersburg, where I spend half a year studying at the University. I have a feeling it would be a good opportunity to start a new blog devoted to my experience there. After all how often do we have a chance to be in such an interesting place! Maybe few pictures, some tips for future travellers. Above that, of course, information about Russian economy, for investors or simply just for the sake of knowing.
Anyone interesting can find it here http://bzik2russianstories.wordpress.com/
(…) I rozdmuchal wiatr posluszny trawy,
zerknal z gory w nie ksiezyc ciekawy,
a tam dziecko lezalo w sitowiu,krasnoludek zrodzony na nowiu.
Wiec przywolac rozkazal stworzenia
stary ksiezyc i tance, i pienia
ku czci czynic dzieciatka onego,
zlocistego, niewiadomego.
(K.I.G. ,1930)
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