February 2013
Italy needs to improve its international competitiveness
February 28, 2013
Despite the political chaos which has resulted from the deadlocked vote, Italy needs more efforts to ensure its international competitiveness. Cuts in government spending and tax increases are necessary for fiscal consolidation. The resulting negative demand effect can be offset by labor market reforms and a strengthening of government efficiency.
Read more about "Solution for Redesigning Fiscal Consolidation and Debt Management"
SNS Reaal case illustrates necessity of solvency-convertible debt
February 27, 2013
SNS Reaal bondholders are shocked by the Dutch government’s decision to expropriate all of the bank’s subordinated debt. To avoid such situations, the debt issued by systemically relevant financial institutions should be “solvency-convertible”, so that if such an institution becomes insolvent, the debt would automatically be converted into equity.
Read more about "Solvency-Convertible Bonds and Financial Vigilance Agency
GES Blog: The minimum wage is a job killer
February 26, 2013
Opposition parties in Germany are preparing to introduce a draft law on a minimum wage to the Bundesrat upper house. Do we need a law for that?
Shaping our Future: Projects of the GES Ideas Fair
February 22, 2013
This GES Brief summarizes thought-provoking projects presented at the Ideas Fair 2012.
The Ideas Fair is an opportunity for GES participants to communicate potentially important ideas in the service of global problem-solving. Each idea focuses on a novel, unconventional way of dealing with a well-defined global challenge. It represents out-of-the-box thinking with a large potential global payoff. Characteristically, the ideas are newly conceived, perhaps not yet fully developed and articulated, controversial, but feasible.
Read the GES Brief: Ideas 1/2013
Our next pathbreaking publication:
The Global Economic Solutions, compiling the results of the GES 2012, will be published on March 4th, 2013!
GES Speaker 2013: We welcome Nobel Laureate Richard Ernst
February 22, 2013
Richard R. Ernst, Emeritus Professor of Physical Chemistry Swiss Federal Institute of Technology, will speak at the Global Economic Symposium 2013.
In 1991 Richard Ernst was awarded the Nobel Prize for Chemistry.
A world powered by renewable energy
February 21, 2013
Saudi-Arabia has announced to support the Desertec Foundation, which plans to ensure reliable energy supply and to support regional development through building solar power plants in desert areas. For GES-experts, this is a step in the right direction. Oil revenues are a good source to finance the transition to a world powered by renewable energy.
Read more about the GES Solution for"Reassessing Renewable Energies"
Dual Citizenship can foster integration
February 21, 2013
The German minister of justice has proposed to foster dual citizenship. According to GES-experts, this might lead to better integration of immigrants and strengthen their democratic participation. Better integrated immigrants has a positive impact on immigrants’ labor market outcomes.
Read more about the GES Solution for "Migration, Integration and Identity"
Cyprus needs a credible fiscal rule
February 18, 2013
The threat of state bankruptcy has been the main campaign theme at the Presidential elections in Cyprus. A credible fiscal rule could help the country to overcome its debt crisis, GES experts say. The rule should define a long-term target for the debt-to-GDP ratio and a limit for the annual budget deficit. It should be a prerequisite in order to receive ESM-aid.
Read more about "Fiscal Consolidation through Fiscal Rules"
GES Speaker 2013: Josef Ackermann
February 15, 2013
Josef Ackermann, Chairman of the Board of Directors of Zurich Insurance Group Ltd and Zurich Insurance Company Ltd, will speak at the Global Economic Symposium 2013.
Prior to his position at Zurich Insurance Group he served as Chairman of the Management Board of Deutsche Bank AG.
Keeping the electricity prices from rising
February 14, 2013
Keeping the electricity prices from rising The German environment ministers have started talks on keeping the electricity prices from rising. For GES-experts, price incentives in combination with short-term monitoring of households’ electricity consumption can promote a more balanced use of electricity as well as energy efficiency.
Read more about "Pioneering Smart Electricity Systems"
Achieving a global nuclear zero
February 14, 2013
North Korea claims to have detonated a third nuclear bomb. Even China will now almost certainly support tougher sanctions at the United Nations. GES-experts propose to revive arms control negotiations. The aim should be to achieve a global nuclear zero.
Read more about "Achieving a global nuclear zero
Coalitions against corruption
February 11, 2013
The Spanish government is hit by a corruption scandal of epic dimension. Prime minister Mariano Rajoy has been accused to have received illegal gratification from the construction industry. For GES-experts, a holistic approach to fighting corruption requires not only criminal sanctions but other elements of an “integrity system”: The civil society needs to be empowered to build coalitions against corruption.
Read more about Fighting Corruption in Developing Countries
See how GES solutions can be implemented:
Adapting farming to a changing climate
February 11, 2013
Adapting farming to a changing climate
“Managing Adaptatio to Climate Change in the Developing World” has been discussed at the Global Economic Symposium. "Adopt an integrated approach to promoting water and food security." is one result of the GES. This solution has been implemented:
The Implementation: Adapting farming to a changing climate
The Pacific island of Vanuatu is modifying its farming practices to cope with climate extremes.
Read more about "Adapting farming to a changing climate”
GES Speaker 2013: Nobel Laureate Edmund S. Phelps
February 08, 2013
Edmund S. Phelps, Nobel Laureate and Professor of Political Economy at Columbia University, will speak at the Global Economic Symposium 2013.
He is the winner of the 2006 Nobel Prize in Economics.
Less power for credit rating agencies
February 07, 2013
The US-government takes the credit rating agency Standard & Poor’s to court for compensation for wrong evaluations that led to the financial crisis. For GES-experts, one consequence from the crisis should be to deprive credit rating agencies of their regulatory influence.
Read more about "Strengthening the Global Financial System"
Lower border barriers needed
February 05, 2013
A free trade zone between the US and Europe is gaining traction and could become reality. For GES-experts, lower border barriers are the right way to focus the international trading system on the core task of facilitating market access in industrial goods, services and agriculture.
Reconsidering the International Trading System
Solvency-convertible debt instead of the FTT
February 04, 2013
The European Commission has backed plans from 10 countries to launch a financial transactions tax (FTT). GES-experts have come to a better solution: The debt issued by systemically relevant financial institutions should be “solvency-convertible” – that way the taxpayers wouldn’t have to come up for the costs of excessive risk-taking. Read here why...
No ESM-aid for Cyprus without a fiscal rule
February 04, 2013
The debate about a bailout for Cyprus is still ongoing. According to GES-experts, Cyprus should apply a credible fiscal rule in order to receive financial aid from the European Stability Mechanism (ESM). The rule should define a long-term target for the debt-to-GDP ratio and an upper limit for the annual budget deficit, depending on the business cycle.
No ESM-aid for Cyprus without a fiscal rule
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