By Paul GOLDSCHMIDT, former director at Goldman Sachs International, former director at the European Commission, member of the Advisory Board of the Thomas More Institute.
It is hardly a surprise that the question of dollar supremacy re-emerges within the context of the debate surrounding the financial crisis. Indeed, numbers of authorities – mainly political – find in the designation of the United States as responsible for the crisis, a convenient scapegoat absolving them from their own shortcomings.
The arguments put forward are many: the trigger of the crisis was the collapse of the “subprime” market; the United States continued to tolerate structural balance of payments deficits that were unsustainable over the (...)
By Paul GOLDSCHMIDT, former director at Goldman Sachs International, former director at the European Commission, member of the Advisory Board of the Thomas More Institute.
The Report issued on the 16th of June by the Committee (“HLC”) sets the question of the new architecture for financial supervision in Belgium in its appropriate global and European context (1). This is all the more welcome that quasi simultaneously, the Commission has issued its own Communication on the subject, President Obama has unveiled the most significant overhaul of US regulatory framework since the 1930’s (June 17th), in the United Kingdom, the Governor of the Bank of England and the Chancellor of the Exchequer have both made public statements (...)
By Paul GOLDSCHMIDT, former director at Goldman Sachs International, former director at the European Commission, member of the Advisory Board of the Thomas More Institute.
The Commission has requested comments to their Communication on “European Financial Supervision” (COM (2009) 252 final) dated May 27th 2009 (1).
In the “impact assessment”, document which forms an integral part of the Communication, the Commission makes a strong case for recommending an approach that is largely inspired by the de Larosière Report. Having discarded the alternatives of a “Dynamic status quo”, the “Host country model” and the “Lead supervisor model” as inadequate, the discussion centres around two proposals: the “de (...)
By Paul GOLDSCHMIDT, former director at Goldman Sachs International, former director at the European Commission, member of the Advisory Board of the Thomas More Institute.
The need for such an approach was unanimously recognised and was being translated into an ambitious action plan by the European Commission who will publish already on the 27th of May the main orientations it intends to submit in “legislative form” this coming autumn. These proposals are largely based on the recommendations formulated in the de Larosière Report and will constitute an important milestone in improving the regulatory architecture and oversight of financial markets.The European Economic Forum held recently in Brussels underscored several (...)
Thomas More Institute France Meeting, on Monday, May 11th, 2009, 8h30-10h, Paris. Speakers : Jean-Hervé LORENZI, Advisor to the Executive Board of the Compagnie Financière Edmond de Rothschild Bank, Chairman of “Le Cercle des Economistes”, author of Fin de monde ou sortie de crise? (Perrin, 2009) and François LENGLET, Editor in chief in La Tribune, author of La crise des années 30 est devant nous (Publisher Perrin, 2007, new edition, collection Tempus, 2008). Debate in French.
A deep crisis has established itself for now several months and everyone is wondering when and how we will get out of it. Some of the indicators show positive outcomes but bad news are numerous. Where are we heading? To answer this question, we (...)
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