Global Business & Economics Program

  • G20 Kicks the Cannes Down the Road

    As leaders of the world’s largest economic powers gather together at the G20 Summit this week on the French Riviera (complete with nude sunbathers turned antiglobalization protestors), the world’s attention has once again focused on Greece. 

    Little did I know back in June when I was decrying the futility of the latest Band Aid solution, that the ongoing Greek debt crisis would still be headlining newspapers the world almost six months later. Yet, that is exactly what’s happened as Europe’s leaders continue to deny, dither, and delay any implementing an ultimate solution to the problem.


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  • What Next for Greece After No-Confidence Vote?

    In a period of fiscal and social turmoil, the Greek government has decided to risk its survival and the economic stability of Europe on a public referendum over the details of the most recent offer by the leaders of the Eurozone to bail out of Greece from its fiscal destruction. As a result, is it not clear if the Greek government will survive the no confidence vote scheduled for Friday.

    On the one hand, the referendum is a long-desired opportunity for the Greek people to voice their views on the controversial details of the proposed bail out procedure. On the other, the prime minister’s decision to call for such a referendum has produced turmoil in the Greek stock market which has spread to other European and international markets.


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  • Greece's Coin Flip

    Many of us predicted that investor euphoria over Thursday's Eurozone deal would soon fade. But few thought it would explode this soon.
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  • Eurozone Crisis Solved . . . Again!

    The overnight deal to address the Eurozone debt crisis follows an eerily familiar pattern. Waiting until action was long overdue, Europe's leaders have come up with a solution they will sell as final and complete while leaving important -- and potentially deal killing -- details for later. The markets surged yesterday on the news of what appears to be a massive deal.
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  • European Banking at the Crossroads

    On October 21, the Atlantic Council hosted a conference call discussion with Michael Lafferty, a globally recognized expert on banking and finance, who provided an insider’s perspective on Europe’s banking crisis in advance of this weekend’s critical European Council summit.


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  • Europe's Imperative: Save Greece, Save Itself

    Effective crisis resolution tragically requires a dynamic and subtle management of seemingly disparate objectives: building character versus building confidence. And "tragically" is the right adverb, because the European actors--Germany on one side, and most of Europe on the other--are clashing to destructive effect in negotiating these tradeoffs.

    Germany is intent on building "character" among the so-called PIIGS: Portugal, Italy, Ireland, Greece, and Spain. To the Germans, building character is more important than building confidence. Ironically, when it comes to their own banks, the Germans have few qualms about building confidence in their banking institutions by helping restore liquidity and capital. As well they should, but that is not enough.


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  • Europe Under Stress: Ways Ahead

    On September 26th, the Global Business and Economics Program hosted Erkki Liikanen, Governor of the Bank of Finland and a key leader on the European Central Bank’s Governing Council for a discussion of possible solutions to Europe’s ongoing Euro crisis. 


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  • Another Swing, Another Missed Opportunity for Leadership

    Does anyone read G20 communiqué’s anymore?  In case you missed it, the G20 finance ministers yesterday released a statement saying they are “committed to a strong and coordinated international response to address the renewed challenges facing the global economy.” 
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  • Roundtable Discussion with Dr. Thomas Mirow, President of the European Bank for Reconstruction and Development

    On September 21st, the Global Business and Economics Program along with the Rafik Hariri Center for the Middle Easthosted a lunch conversation with Dr. Thomas Mirowto discuss ways for the European Bank for Reconstruction and Development (EBRD) to contribute positively to the democratic transformations taking hold across the Middle East and North Africa.


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  • Germany’s Choice: The Fate of the Euro

    On September 14, the Council hosted a global conference call with David Marsh, co-chairman of the Official Monetary and Financial Institutions Forum (OMFIF), to discuss the current state of the Euro, options for the European Central Bank, and the fate of the Eurozone.


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