“We should not forget the historic nature of what is at stake. “Its about whether a country can leave the euro zone and what that means for the future of an incomplete and flawed European Monetary Union. “Its about whether there may soon be a failed state in southeastern Europe with all the geopolitical consequences […]
Tag Archives | Angela Merkel
This morning, Greece introduced capital controls. People can only withdraw €60/day ($65) from their bank accounts. The government has also called a referendum on Sunday, after Eurozone talks on a new bailout package collapsed. The key issue is that Greece will never be able to repay its debts. These are currently estimated at €322bn ($365bn) […]
Markets have been remarkably calm ahead of Crimea’s planned Sunday referendum to leave Ukraine and join Russia. Yet as Associated Press has reported: “The Group of 7 world leaders say they won’t recognize results of a referendum for the Crimea region to split from Ukraine and join Russia. A statement from the seven nations released from […]
Last week saw the 20th EU ‘Crisis Summit’. Like the previous 19, it achieved little. Yet everyone at the meeting knew what had to be agreed: • A banking union which operates across national borders • The issuing of joint Eurozone bonds, guaranteed by all euro members • Adoption of a Federal budget and economic […]
This week’s news provided more evidence to support the blog’s fear that the global economy is close to recession: • The German economy, Europe’s motor, saw negative growth in Q4 • US retail sales grew just 0.1% in December, despite good auto sales • China’s auto sales fell in Q4, and house prices fell in […]
During the growth years, it became fashionable for politicians to claim that central banks were “independent”. But as the current crisis has grown, this has been increasingly exposed as a myth. As the blog noted back in September 2007, Alan Greenspan (former US Federal Reserve Chairman), revealed that ‘the presumption that we were fully independent […]
Germany is the powerhouse economy of Europe. Its also a late-cycle economy, relying more on engineering and equipment sales than consumer spending. So until recently, its growth has seemingly not been affected by the global slowdown. But Germany’s Chancellor, Angela Merkel, indicated yesterday that a ‘significant fall’ was likely in economic growth next year. Industrial […]
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Paul Hodges is Chairman of International eChem, trusted commercial advisers to the global chemical industry.
The aim of this blog is to share ideas about the influences that may shape the chemical industry over the next 12 – 18 months. It will try to look behind today’s headlines, to understand what may happen next in important issues such oil prices, economic growth and the environment. We may also have some fun, investigating a few of the more offbeat events that take place from time to time. Please do join me and share your thoughts.
Between us, we will hopefully develop useful insights into the key factors that will drive the industry's future performance.