STANFORD – As America’s elections approach, with President Barack Obama slightly in front of his Republican challenger, former Massachusetts Governor Mitt Romney, pollsters still rate the races for control of the presidency and the United States Senate too close to call, with the House of Representatives likely to remain in Republican hands. The differences between the candidates are considerable, and highly consequential for American economic policy and the global economy, although enactment of their programs will depend on the makeup of Congress.
Economia e Finanza
BERKELEY – The first two components of the euro crisis – a banking crisis that resulted from excessive leverage in both the public and private sectors, followed by a sharp fall in confidence in eurozone governments – have been addressed successfully, or at least partly so. But that leaves the third, longest-term, and most dangerous factor underlying the crisis: the structural imbalance between the eurozone’s north and south.
SALIMA/BEIJING (Reuters) - Malawians bill their country as the "Warm Heart of Africa" and pride themselves on a reputation for friendliness. But Jaffa Shaibu, a burly 32-year-old merchant in a clothes market in Salima, a dusty town near the shores of Lake Malawi, feels less than welcoming to the Chinese traders who have moved in over the past four years.
The risks surrounding the economic outlook for the euro area are assessed to be on the downside. They relate, in particular, to the tensions in several euro area financial markets and their potential spillover to the euro area real economy. These risks should be contained by effective action by all euro area policy-makers.
BRUSSELS – The consequences of Europe’s debt crisis are all too present throughout much of the European Union, as distressed economies attempt to stabilize and grow at the same time. Notwithstanding the important decisions taken over the last couple of years, the reality is that we need to do more to tackle the challenges facing the eurozone.
Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 2 August to keep the key ECB interest rates unchanged, following the decrease of 25 basis points in July. As stated in July, infl ation should decline further in the course of 2012 and be below 2% again in 2013.
WASHINGTON, DC – Last year, the international community recognized one of the worst humanitarian tragedies of recent times unfolding in the Horn of Africa, and moved in to ameliorate the widespread famine there. Now, poor rains, crop shortages, and continuing conflict could cause millions to be plunged back into life-threatening levels of hunger and malnutrition.
China urgently needs to rebalance its economy, both to avoid the risk of a domestic banking crisis and to reduce its excessive claim on global demand. How it chooses to do so, however, should not be constrained by too much focus on the value of the renminbi. The exchange rate is only one of the mechanisms, and not even the most important, that will determine the price of Chinese goods abroad.
Were he still alive, Ronald Reagan would be 101 this year. I asked four experts—Reagan’s budget director, James Miller; Reagan’s chief economic adviser, Murray Weidenbaum; and Reagan biographers Lou Cannon and Craig Shirley—what the Gipper would say about taxes if he were again a young man of 69, accepting the Republican nomination for president.
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