Europe has been through a very rough patch since the financial crisis of 2007-2009, but the real danger for the European Union and the eurozone is still very present. In order to save the EU, Europeans will have to get even closer.
I see that even one of the most fervent supporters of the Leave campaign, its biggest donor, agrees with an idea I expressed a couple of months after the Brexit vote: Britain should unilaterally guarantee the rights of European Union citizens already residing here.
One of the main complaints of some of the “Leave” voters was that Britain is a “small island” and it is “full up.” Immigration “puts pressure” on local services such as hospitals and schools, but, most importantly, on local housing.
Even Prime Minister Theresa May, when she was Home Secretary, said immigration was putting pressure on the housing sector.
Intriguingly, however, it seems the kind of foreigner whom the UK government welcomes is the foreigner who buys homes but never lives in them – the foreign investor.
Well, wasn’t last week a bit of a cold shower for investors. European stock markets closed lower and US ones were flat last Friday, after nonfarm payrolls badly missed expectations in March.
In fact, it’s a surprise the markets declined so little. Investors had other things to worry about, too: President Trump’s surprise airstrike on Syria was a big one. The president, who until not long ago was making positive noises about his Syrian and Russian counterparts, changed his mind after a chemical weapons attack that killed many children.
Some people wonder why the Federal Reserve is in such a hurry to raise interest rates, pointing out that growth in the world’s first economy is hesitant at best. Inflation, of course, is an issue — even the stripped-down official version of inflation, “core” as they like to call it, is rising.
There is a widespread view that the Federal Reserve will have to raise interest rates at a steady pace this year, because it cannot afford to fall behind the curve.
I would argue that it has already fallen behind the curve and has no choice but to remain there. And it is not the only one in this situation. All major central banks are playing the same game; they have no choice.
Brexit looks set to be triggered soon. Once the UK government sends the Article 50 notification to the European Union, the final countdown towards the UK’s departure begins.
Among the analysts and politicians criticising the single European currency, perhaps the most numerous (and vocal) come from Britain.
This should be no surprise: the UK itself is a currency union, and those working within it should know a thing or two about why such a regime does not really work.
— This article was originally posted in Youth Ki Awaaz, India
By Sourajit Aiyer
One advantage of being an Indian is that one gets to see multiple faiths and religions in close proximity. But the world of our religions often looks very distant from the world of our business.
Many perceive business to be pragmatic and religions to be emotional and that the two do not really intersect. But the texts of various religions actually have a lot of pragmatism, which has a lot to teach modern business management. Here are some of these teachings: