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pro-EU conversion
O.J.D.:
on reducing joblessness of
cent, boosting growth and
alleged cronyismTarifa: and corin
the previous coalition.
els was, however, right to
congratulations to Mr
with warnings that it
roof of his commitment to
, and to co-operation and
iation with Serbia’s neighfter
Belgrade won EU canstatus
in March, the next
o secure a date for starting
ship talks. The EU wants a
and sustainable improvef
relations” with Kosovo
hat can happen. This is a
for Mr Nikolic, whose rhet-
Kosovo is tougher than Mr
but who may be better able
Kosovo Serbs with him.
ore immediate challenge is
ge the formation of a new
government – whether
by his own party, or Mr
second-placed Democrats –
id damaging instability.
badly needs, too, to get a
ed precautionary IMF
ne back on track. That will
commitments to further
lar austerity measures by
fering Serbs. If he can hanse
two tasks successfully,
olic will at least have
o demonstrate he is capathe
statesmanship the EU
ed upon him to show.
aign
oderate their tone
virtually any restraint on
g by outside entities. The
was instant. So far in this
n, so-called super-Pacs –
groups nominally indeof
the candidates they
– have doubled the
of private spending over
cycle.
iggest such group, Cross-
PS, which is run by Karl
r Bush’s former “boy wonon
target to raise up to
This is three times
h’s total spending in 2000.
counting for inflation, such
e without precedent. Let us
at the super-Pacs do not
he entire campaign. Only
inees can prevent that.
illegal for candidates to
icate directly with superies.
Yet in practice, it is
o set the tone. Mr Obama
Romney would do each
d America a service if they
n their wealthy supporters
to the issues. Since the
tes cannot do so privately,
ould reach for the nearest
one. They should also set
ple in how they manage
n campaigns. Mr Booker
ht to attack Mr Obama.
re more than enough policy
ces to fill a campaign withpugning
your opponent’s
er.
land
l bank accountability
tem. Ideally, any review
cover the BoE’s performroughout
the whole period
risis. It would also involve
all judgment on how its
onal framework has funcsince
it won its independ-
1997, and why it was unarevent
the crisis.
d souls have suggested the
as ordered the investigademonstrate
its independm
Sir Mervyn and hence
anyway. Perhaps it is better the
devil you know than the unregulated
devil abroad you don’t? It is also
worth mentioning that banks are
required to have both their value-atrisk
models and risk-management
systems approved by regulators. If
there was a slip up at JPM, then
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E.G.M.: No hay datos
8553 €
EU should learn
from Sweden’s
FTT catastrophe
From Ms Elisabeth Thand Ringqvist.
Sir, The European parliament is
expected to vote in favour of a
European Union financial transaction
tax on Wednesday (May 23), although
the result is not binding as the
parliament only has consultation
rights on the issue.
The issue of an EU FTT is much
too important to be regarded as some
kind of political macro experiment. It
is of major importance for the
day-to-day business of the EU’s
small- and medium-size enterprises.
SMEs do not have the option to
turn to more liquid markets outside
the EU to finance growth and
expansion, like multinationals. The
FTT would drive up costs for small
business financing.
The impact of a Tobin tax on
European competitiveness and
growth is clear – it will decrease
growth. All the proofs are there.
And this in a situation when the
only way out of the European debt
crisis is higher – not lower – growth
in gross domestic product. As we
well know, growth must, to a major
extent, come from SMEs.
Thus, we need more business and
more growth in companies creating
new jobs.
The European parliament should
learn from the negative
experiences of the catastrophic
Swedish transaction tax in the
1990s. Even the Social Democratic
Party in Sweden is today against an
FTT.
In the present very fragile
macro-economic situation, what we
need is not costly experimenting,
but structural reforms aiming at
removing SME obstacles to
growth.
Elisabeth Thand Ringqvist,
Chief Executive,
Företagarna, Swedish Federation of
Business Owners,
Stockholm, Sweden
they are known at different banks,
are designed to invest excess
deposits (and capital, which is rarely
mentioned) but the need to do this is
actually a reflection of the need to
make money in a climate where
conventional client loan demand is
muted. Currently (and similar to
Six impossible things before breakfast Kobal
FT sinking into an ocean of analogies
From Mr Todd Fitzgerald.
Sir, I think it’s time the FT editors
consider employing “analogy police”,
what with Ken Rogoff’s marriage
made in Europe (“A euro parable,
the young couple with a joint
account”, April 24) and Bill Gross’s
trip to Sea World (“Watch out for
the whale in waters of negative real
yields”, May 14).
We shouldn’t have to remember
whether Germany signed a pre-nup
or if China is the whale or the
this as a lucrative tax well (in
normal years) and as an instrument Fecha:
of monetary policy – a shrinking
balance sheet is symptomatic of a
shrinking economy.
If a bank CEO said in 2006 that he
would shrink the bank’s balance
sheet and make no money for two
Weakening Britain’s nuclear deterrent could come at a cost
From Mr Gerald E. Marsh.
Sir, Your editorial (“Nuclear
question”, May 19) lays the
appropriate ground rules for the
debate on the future of Britain’s
deterrent: “first, Britain must not
scrap its nuclear arsenal”, and most
importantly, it “should only do so in
multilateral negotiation with other
powers. Second, it must stick to a
sea-launched deterrent.” But the
issue of the “Moscow criterion” is a
bit of a red herring.
During the cold war, Soviet
“sophisticated air defences” had no
capability against warheads delivered
by ballistic missile and were not a
factor in US targeting. I doubt that
this has changed. The defence-offence
balance would, however, dramatically
shift if Britain eliminated its ballistic
missile deterrent and relied instead
on cruise missiles carried on
conventional attack submarines to
replace the Trident system.
A deterrent based on cruise
missiles could well require higher
force levels to compensate for their
vulnerability.
Using cruise missiles, because of
their range limitations, could also
require the attack submarines
carrying them to operate in areas
where they would be more
vulnerable. And last, but not least –
and this alone should rule out their
use – there is the confusion that
would be introduced by any cruise
missile launch: is the missile
carrying a nuclear or conventional
warhead? Bad idea.
While four Trident submarines
would still be required for
operational reasons (yes, one should
always be at sea), the real issue is
how many missiles must each
submarine carry and how many
warheads need be on each missile.
In the end, maintaining the Trident
missile system may well be Britain’s
most cost-effective deterrent for the
future.
Gerald E. Marsh,
Chicago, IL, US
Electorates have little truck with logic
From Mr Duncan Cameron.
Sir, Martin Wolf in “A permanent
precedent” (Analysis, May 18) states
that creditors are being driven
“crazy” by the fact that Greeks are
80 per cent in favour of staying in
the euro, “yet have elected
politicians that are not prepared to
implement the agreed programme”.
What world do these creditors live
in? Do they not know that human
beings (and electorates) only
sporadically act rationally and are
perfectly comfortable holding
contradictory opinions. As Alice’s
Red Queen put it 140 years ago:
“Why, sometimes I’ve believed as
many as six impossible things before
breakfast.”
Can your newspaper please let
these “creditors” know that
electorates are not motivated by
logic, but by self-interest. In a crisis
they will punish leaders who seem to
be powerless and favour those who
promise active responses – even
painful, extreme and dangerous
responses. Any euro plan that
ignores the electoral consequences of
loss of economic power by crisisridden
euro governments is doomed.
Expect fireworks!
Duncan Cameron,
Brighton, UK
plankton (this also marks a first in
human history, using plankton to
embellish). We already pay to read
what normal people consider boring,
so if you want to talk about
monetary unions or negative real
interest rates, just do that.
A little credit, please, because
we’re all just squirrels, trying to
get...some plankton, and married
life remains complicated.
Todd Fitzgerald,
Massanutten, VA, US
and regulator ineffectiveness (no
lack 22/05/2012
of regulation) all played crit
roles here – identical to the start
the CARTAS crisis. Governments, central
banks, regulators and shareholde
do 8
not want to recognise this.
Chris Mersey,
Santa Barbara, CA, US
Outgoing leader
exemplary record
From Mr Robert B. Zoellick.
Sir, Thomas Mirow deserves fu
recognition of his excellent and
thoughtful leadership of the
European Bank for Reconstructio
and Development during a period
danger for Europe. As a close
colleague, I saw time and again
he anticipated problems and
possibilities. He was also excelle
crafting co-operative solutions. W
the financial crisis hit, Mr Mirow
was ahead of others in Europe in
recognising the need for what
became the “Vienna initiative” t
help keep banks active, and cred
flowing, in central and eastern
Europe. When the European Ban
Authority took steps last year th
again risked a sharp credit
contraction in the region, Mr Mi
was quick to work with the Wor
Bank Group and others to ease t
crisis.
Mr Mirow is also respected by
peers for strong and knowledgea
management of the EBRD. This
record and capability led the Wo
Bank Group to welcome his and
EBRD’s co-operation with the
difficult challenges of North Afri
and the Middle East.
I have also benefited personall
from Mr Mirow’s insights about
private sector development, polit
economy and leadership issues in
central Asia and Europe. He is w
as well as good.
I have had an opportunity to w
with Mr Mirow’s successor, Sir S
Chakrabarti, who is an accompli
executive with a record of result
well as a leader in development
(“New chief heralds change at
EBRD”, May 19). Yet as Mr Miro
steps down, Europeans and the o
shareholders and beneficiaries of
EBRD should recognise Mr Mirow
exemplary performance.
Robert B Zoellick,
President,
The World Bank Group,
Washington, DC, US
Spainbook?
From Mr Allan Kelly.
Sir, Examining the FT’s front
(May 18), I am struck by the con
between the predicament in Spai
and success at Facebook. Would
not be sensible for Spain to simp
redefine itself as a social networ
Forty-six million members might
a little short of Facebook’s 900m
it’s a good start. Or perhaps
Facebook could simply take over
Spain? Adding a physical dimens
to the online, Facebook credits w
replace the euro. Google could fo
suit and buy Italy; Microsoft, Ire
Yahoo, Greece – erh, perhaps no
Allan Kelly,
London W3, UK
● To contribute please email: letters.editor@ft.com or fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address ● For corrections email: corrections@ft.
Comment
India and China must go their own ways
Eswar Prasad
In the aftermath of the financial
crisis, emerging market economies,
led by China and India, kept world
growth from collapsing. As Europe
again teeters on the brink of disaster
and the tepid US recovery lurches
along, the growth slowdowns in
China and India augur rough times
ahead for the world economy.
heavy cost – a retreat from the goal
of a consumption-driven economy,
more wasteful investment spending
and additional bad loans in the
banking system.
By contrast, a healthy dose of
fiscal stimulus would not only
bolster short-term growth but also
make long-term growth more
sustainable and equitable. Welltargeted
increases in social
expenditures, including on health
Sección:
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This makes the economy vulnerable
to external shocks such as oil price
increases and capital flow reversals.
The government’s inability to push
through fiscal and other reforms
has further spooked domestic and
foreign investors. The Indian rupee
yesterday fell to a record low against
the US dollar and growth in
industrial production has stalled.
The central bank has been forced to
lower interest rates to support
support from fiscal policy. These
countries need to straighten out
their policy mix so monetary pol
does not fight a lonely battle on
multiple fronts to restore growth
keep inflation under control and
compensate for the failings of fis
policy. In both countries, fiscal
policy intervention is one way to
resolve potential tensions betwee
short-term and long-term objectiv
In China, well-designed fiscal