The growth patterns of the global economy after the crisis begin to differ substantially from those we envisaged back in 2009 and which continued during the Great Recession. At that time, we witnessed a decoupling between the damaged developed economies and the thriving emerging economies led by the BRICs, as well as the asymmetric effects caused by a crisis of balance between providers and recipients of capital. At the core of the financial crisis lay an accumulation of unprecedented monetary reserves in the emerging countries as a result of rocketing exports triggered by three decades of continuous gains in productivity and increased exports of raw materials.
Before the performance of apparent productivity of labour, which in some countries, including Spain, is enhanced by a simple economic downturn, one could also wonder about Total Factor Productivity (TFP), also called Multifactor Productivity, which measures the technological efficiency of the economy. A positive development would send signals that the improvement of competitiveness could be sustainable in the long term.
On 4 December, Russian President Vladimir Putin addressed the citizens of his country in his traditional speech on the state of the nation. This annual address, which can be divided into three parts – Economy, Foreign and Defence Policy – is intended primarily for the Russian people and describes the medium-term strategy of the Kremlin. According to the Russian President, the next four or five years are going to be very difficult and critical for Russia. Given the popular belief that the Russians are a nation of survivors who thrive in difficult situations and never give up, Putin proclaimed that they must face the challenges and win and, presenting himself as the only man capable of ensuring the stability of country, proposed 'not waste a good crisis like this one.'
As already mentioned, the external sector of the Spanish economy has recovered during the crisis, but unlike what happened in previous crises, in this case it has not been the result of competitive devaluations undertaken by the Government. The competitiveness gains observed are due other factors, including the positive behaviour of labour productivity.
The good news is that the publication of the comprehensive assessment results conducted by the European Central Bank and the European Banking Authority over the last year certifies the successful completion of the restructuring process of the Spanish banking system. An ambitious and complex exercise that has lasted for a year involving more than 6,000 professionals to audit the value of assets (Asset Quality Review, AQR) and measure the resilience of balances (stress tests) of 130 European entities before hypothetical adverse scenarios up to 2016.
Europe is in the throes of two simultaneous crises: on the one hand, it is suffering from a political crisis, a crisis of leadership, one that has led to constitutional failure; on the other, it is suffering from a loss of identity, a phenomenon that results in cultural relativism. Marcello Pera, Speaker of the Italian Senate and Professor of Philosophy of Science at the University of Pisa, delivered a conference entitled “Strength of Identity” during the course of the FAES Campus 2005, a paper which the FAES Foundation is now publishing. Also known as the co-author of the book Senza Radici (“Without Roots”) alongside Cardinal Ratzinger (Pope Benedict XVI), Professor Pera urges European culture to proudly recall and reaffirm its origins and its universal democratic principles: freedom, equality and tolerance. In this respect, Europe must recognise the intrinsic value of a civilisation, Western civilisation, that has given the world so many universal ideas. “Europe must be aware of the moral superiority of a series of values that have prevailed over centuries and that have produced beneficial results wherever they have become established”.
España, Estados Unidos y la crisis de 1898 (reflexiones para un centenario)
01.13.2015. The growth patterns of the global economy after the crisis begin to differ substantially from those we envisaged back in 2009 and which continued during the Great Recession. At that time, we witnessed a decoupling between the damaged developed economies and the thriving emerging economies led by the BRICs, as well as the asymmetric effects caused by a crisis of balance between providers and recipients of capital. At the core of the financial crisis lay an accumulation of unprecedented monetary reserves in the emerging countries as a result of rocketing exports triggered by three decades of continuous gains in productivity and increased exports of raw materials.
12.17.2014. Before the performance of apparent productivity of labour, which in some countries, including Spain, is enhanced by a simple economic downturn, one could also wonder about Total Factor Productivity (TFP), also called Multifactor Productivity, which measures the technological efficiency of the economy. A positive development would send signals that the improvement of competitiveness could be sustainable in the long term.
12.11.2014. On 4 December, Russian President Vladimir Putin addressed the citizens of his country in his traditional speech on the state of the nation. This annual address, which can be divided into three parts – Economy, Foreign and Defence Policy – is intended primarily for the Russian people and describes the medium-term strategy of the Kremlin. According to the Russian President, the next four or five years are going to be very difficult and critical for Russia. Given the popular belief that the Russians are a nation of survivors who thrive in difficult situations and never give up, Putin proclaimed that they must face the challenges and win and, presenting himself as the only man capable of ensuring the stability of country, proposed 'not waste a good crisis like this one.'
11.17.2014. As already mentioned, the external sector of the Spanish economy has recovered during the crisis, but unlike what happened in previous crises, in this case it has not been the result of competitive devaluations undertaken by the Government. The competitiveness gains observed are due other factors, including the positive behaviour of labour productivity.
11.13.2014. The good news is that the publication of the comprehensive assessment results conducted by the European Central Bank and the European Banking Authority over the last year certifies the successful completion of the restructuring process of the Spanish banking system. An ambitious and complex exercise that has lasted for a year involving more than 6,000 professionals to audit the value of assets (Asset Quality Review, AQR) and measure the resilience of balances (stress tests) of 130 European entities before hypothetical adverse scenarios up to 2016.
01.01.2005. Europe is in the throes of two simultaneous crises: on the one hand, it is suffering from a political crisis, a crisis of leadership, one that has led to constitutional failure; on the other, it is suffering from a loss of identity, a phenomenon that results in cultural relativism. Marcello Pera, Speaker of the Italian Senate and Professor of Philosophy of Science at the University of Pisa, delivered a conference entitled “Strength of Identity” during the course of the FAES Campus 2005, a paper which the FAES Foundation is now publishing. Also known as the co-author of the book Senza Radici (“Without Roots”) alongside Cardinal Ratzinger (Pope Benedict XVI), Professor Pera urges European culture to proudly recall and reaffirm its origins and its universal democratic principles: freedom...
01.01.1999. España, Estados Unidos y la crisis de 1898 (reflexiones para un centenario)
