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 

There is a broad consensus over the fact that the crisis is far from over even if – courtesy the electoral propaganda of the outgoing President– some wish to believe that the worst is over. Similarly, recognition of the need for “growth” is also widely shared even if – courtesy the electoral propaganda of the incoming President– one deliberately overlooks the underlying significant divergences in its interpretation.

Growth is a concept that can be as readily agreed upon as “Motherhood and apple pie” as the saying goes; it is therefore (...)

All the European leaders congratulated François Hollande for his victory in the presidential election. All wait henceforth for the next European terms to be able to evoke with him the future of the Union. Jean-Thomas LESUEUR, CEO of the Thomas More Institute, wonders about the means which the new president of the Republic has to impose his views to his partners | Broadcast Allô Bruxelles, RFI, on Monday, May 7th, 2012 | In French

Listen to the podcast here | in French

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

When everything else seems to be failing, seeking salvation from the ECB appears a convenient way for politicians to escape responsibility for their dismal handling of the financial crisis.

The message conveyed to the uninformed citizen is that the limitations of the ECB’s interventions are primarily the consequence of its independence, enshrined in the Maastricht Treaty, and therefore “self imposed” by a Board of Governors lacking any political legitimacy. 

By simply calling for the ECB to change its mandate to include “promoting growth” in (...)

By Paul GOLDSCHMIDT, former Director at Goldman Sachs International, former Director at the European Commission (1993-2002), member of the Advisory Board of the Thomas More Institute

In his speech, meant to demonstrate his European commitment in front of the EU’s socialist elite, François Hollande demonstrated his rather superficial knowledge of financial markets and of the European institutional mechanisms that regulate them.

On the face of it, his appeal to renegotiate the Treaty on budgetary discipline, to add new measures aimed at fostering growth, does not appear outlandish and his opponents are wrong to aim their main criticisms at the fact that it has been already “signed” since March 1st.

This is all the more (...)

By Paul GOLDSCHMIDT, former Director at Goldman Sachs International, former Director at the European Commission (1993-2002), member of the Advisory Board of the Thomas More Institute

If there was only one reason for the citizen to be grateful to Nicolas Sarkosy, it would be his initiative to put the European question at the centre of the political debate. It was indeed quite shocking that most candidates had, so far, largely ignored the aspects of the financial and economic crisis of which EMU and the Single Market – two pillars of the EU – frame the operational landscape.

That the President chooses to initiate the debate by putting forward the key role he played in dealing with the crisis seems fair enough, all the more (...)