209 resultados para AUGUST-1994-D4
Resumo:
As an alternative to the present system of intermediation of the German savings surplus, this paper suggests that the risk-adjusted rate of return could be improved by creating a sovereign wealth fund for Germany (designated DESWF), which could invest excess German savings globally. Such a DESWF would offer German savers a secure vehicle paying a guaranteed positive minimum real interest rate, with a top-up when real investment returns allowed. The vehicle would invest the funds in a portfolio that is highly diversified by geography and asset classes. Positive real returns can be expected in the long run based on positive real global growth. Since, in this case, a significant amount of funds would flow outside the euro area, the euro would depreciate, which would help crisis countries presently struggling to revive growth through exports and to close their external deficits so as to recoup their international credit-worthiness. Target imbalances would gradually disappear and German claims abroad would move from nominal claims on the ECB to diversified real and nominal claims on various private and public foreign entities in a variety of asset classes.
Resumo:
Romania was on a good trajectory to meet the European standards in democracy. This process began before the country’s accession to the EU in 2007 and has continued since thanks to the Cooperation and Verification Mechanism (CVM). The recent political turmoil has put in danger this trajectory. 2012 will continue to remain a very difficult year for Romania, economically and politically, especially in light of the referendum’s result invalidating the suspension of the President and the upcoming parliamentary elections due to take place at the end of this year. Now is time to restore the process of strengthening Romania’s democratic institutions and rule of law. There are important roles to be played in this process both by the Romanian political class and the European institutions.
