Italien Hat Eine Neue Regierung
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Italy and Possible Implications for Eurozone Stability
ITALY IMPLICATIONS Italy and possible implications for eurozone stability After Italy’s unsuccessful push for reform at the EU Summit last month, many of its European partners may be tempted to write-off the country’s concerns. However, this somewhat complacent stance may be dangerous in that it underestimates the recent shift in Italian political dynamics that culminated in the formation of an unexpected coalition government and the extent to which this may impact financial markets and potentially EU stability. Erik Jones Abstract: Italy’s recent election surprised many are not natural political allies. While there are observers who expected a hung parliament areas of policy overlap, the diverse nature of and who were subsequently caught off guard the M5S’s political movement, its relatively by the success of the right-wing Lega and the more expensive policy agenda, and Lega’s populist Five Star Movement (M5S). This growing strength all suggest maintaining a outcome can be attributed to an increasingly united front may prove difficult. Nevertheless, volatile Italian electorate and a shift in political this unexpected political partnership ought dynamics brought about by the economic and not to be written-off by European partners. financial crisis. As the protracted coalition Finding ways to interact with Italy’s new negotiations demonstrated, the Lega and M5S government poses a considerable challenge 81 to EU leaders and, subsequently, the outlook Conte’s success with this complex agenda for EU macroeconomic governance reforms was not obvious. Moreover, there is nothing and financial markets’ stability. However, surprising in this lack of accomplishment. such efforts will be necessary to stabilize the Few heads of state or government achieve all eurozone and contain anti-EU sentiment. -
Derivatives, Money and Real Growth
Review of Financial Risk Management 105 Ꮙࢲᐍგந؞Ώܛ ĂௐαഇĂ 105-120סˬϔ 96 Ăௐ DERIVATIVES, MONEY AND REAL GROWTH Submitted Date:96.02.01 Accepted Date:96.06.04 Paolo Savona Ban ca di Roma and Luiss Guido Carli Abstract This paper analyzes the derivatives market from the point of view of the effects it exerts on the definition of money and the efficacy of monetary policy. An hypothesis is also put forward on the role played in the capital accumulation. Empirical evidence is provided which does not reject the hypothesis that derivatives function as the speculative demand for money, contributing to determine interest rates and, in this way, influencing real and financial investment decisions according to the paradigm proposed by Tobin. Key Words: derivatives market, monetary policy, capital accumulation. JEL Classification: G11 * The author appreciates three anonymous referees' suggestions. **Contact Information : Paolo. [email protected] ௐαഇסˬᏉࢲᐍგநĖ؞ΏĖ 96 ѐ 12 ͡ ௐܛ 106 1.Premiss hangover of derivatives, which are the results of the attempt to hedge risks linked to open In his recent address at Jackson Hole, markets but still not integrated. This financial Alan Greenspan (2003) stated that derivatives products should not be used to speculate to have blurred the definition of money and made obtain profits from expected different values. it hard to conduct monetary policy. His exact Also doctors prescribe products to fight the words were: In the past two decades, what pain, but not to transform the patient into a constitutes money has been obscured -
EURODOLLARS and INTERNATIONAL BANKING This
EURODOLLARS AND INTERNATIONAL BANKING This volume is concerned with the nature of the Eurodollar market. It examines the historical evolution of Eurobanks and Eurodollars and offers an economic analysis of the Eurodollar market, a policy analysis of issues surrounding the Eurodollar and finally discusses the impact of international banking facilities. The broader Eurocurrency market represents the most astonishing phenomenon in the modern world of finance because Eurocurrencies consist of bank deposits located in jurisdictions outside that of the currency of denomination. The Eurodollar market emerged in 1957 with transactions dominated mainly in dollars. By 1981 the volume of deposits had reached an estimated $1.6 trillion. The Eurodollar market will undoubtedly continue to play a major part in the equilibrium and disequilibrium of the financial world in years to come. This collection draws on the practical knowledge of international bankers, the experience of prominent central bank officials and the analytical tools of academic observers of the market. Economists, as well as public policy-makers, share the view that banking systems, due to potential bank failures and the monetary role that banks play, deserve special regulation and the intervention of the monetary authorities. This book will be an important step towards understanding where the Euromarket came from, how it really operates now and where it will all end. EURODOLLARS AND INTERNATIONAL BANKING Edited by Paolo Savona and George Sutija in association with M Palgrave Macmillan MACMILLAN © International Banking Center, Florida International University 1985 Softcover reprint of the hardcover 1st edition 1985 978-0-333-36553-3 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. -
Doers Dreamers Ors Disrupt &
POLITICO.EU DECEMBER 2018 Doers Dreamers THE PEOPLE WHO WILL SHAPE & Disrupt EUROPE IN THE ors COMING YEAR In the waves of change, we find our true drive Q8 is an evolving future proof company in this rapidly changing age. Q8 is growing to become a broad mobility player, by building on its current business to provide sustainable ‘fuel’ and services for all costumers. SOMEONE'S GOT TO TAKE THE LEAD Develop emission-free eTrucks for the future of freight transport. Who else but MAN. Anzeige_230x277_eTrucks_EN_181030.indd 1 31.10.18 10:29 11 CONTENTS No. 1: Matteo Salvini 8 + Where are Christian Lindner didn’t they now? live up to the hype — or did he? 17 The doers 42 In Germany, Has the left finally found its a new divide answer to right-wing nationalism? 49 The dreamers Artwork 74 85 Cover illustration by Simón Prades for POLITICO All illustrated An Italian The portraits African refugees face growing by Paul Ryding for unwelcome resentment in the country’s south disruptors POLITICO 4 POLITICO 28 SPONSORED CONTENT PRESENTED BY WILFRIED MARTENS CENTRE FOR EUROPEAN STUDIES THE EAST-WEST EU MARRIAGE: IT’S NOT TOO LATE TO TALK 2019 EUROPEAN ELECTIONS ARE A CHANCE TO LEARN FROM LESSONS OF THE PAST AND BRING NATIONS CLOSER TOGETHER BY MIKULÁŠ DZURINDA, PRESIDENT, WILFRIED MARTENS CENTRE FOR EUROPEAN STUDIES The East-West relationship is like the cliché between an Eastern bride and a Western man. She is beautiful but poor and with a slightly troubled past. He is rich and comfortable. The West which feels underappreciated and the East, which has the impression of not being heard. -
Ecco L'identikit Del Governo Conte: Dai 3 Ministri Under 40 Agli Incarichi In
Data 08-06-2018 Pagina Foglio 1 / 3 NAVIGA HOME RICERCA ABBONATI ACCEDI italia ATTUALITÀ PARLAMENTO POLITICA POLITICA ECONOMICA DOSSIER BLOG Il debutto di Conte al Moda e lifestyle per il Imu e Tasi, come Governo Conte: ecco G7 nuovo Sole 24 Ore del prepararsi al le ipotesi in campo per sabato e della pagamento le nuove pensioni domenica dell’acconto DENTRO LA POLITICA Ecco l’identikit del governo Conte: dai 3 ministri under 40 agli incarichi in società e think tank –di Nicoletta Cottone | @NikiCottone | 08 giugno 2018 VIDEO 08 giugno 2018 Da Napoli parte tour itinerante della salute di Fondazione Ania I PIÙ LETTI DI ITALIA Palazzo Chigi ultime novità Dal catalogo del Sole 24 Ore ai nella storia repubblicana un esecutivo aveva avuto SCOPRI ALTRI PRODOTTI così tante matricole. Nel governo targato Giuseppe Conte l’89,5% dei ministri è al primo incarico. Solo 2 dei M 19 membri (dunque il 10,5%) hanno avuto un precedente incarico: sono il ministro Paolo Savona (oggi agli Affari europei, ma LE GALLERY PIÙ VISTE all’Industria nel governo Ciampi) e il ministro degli Esteri Enzo MONDO | 7 giugno 2018 Moavero Milanesi (agli Affari europei nei governi Monti e Letta). Un Hawaii, l’eruzione del vulcano Kilauea ripresa dal satellite 104061 risultato notevole se si considera che nella prima Repubblica il tasso Codice abbonamento: Data 08-06-2018 Pagina Foglio 2 / 3 di ricambio era del 22,7% e che dal 1994 in poi il tasso, pur screscendo, MODA | 5 giugno 2018 La moda americana premia si era fermato al 56,7%. -
Governo Conte: Ecco Le Partecipazioni E Gli Incarichi Aziendali Di Premier E Ministri Di Nicoletta Cottone 8 GIU 2018
Data 08-06-2018 Pagina Foglio 1 / 2 00:00 / 00:00 ITALIA Governo Conte: ecco le partecipazioni e gli incarichi aziendali di premier e ministri di Nicoletta Cottone 8 GIU 2018 Otto dei 18 ministri e il presidente del consiglio Giuseppe Conte, hanno incarichi o partecipazioni. Lo segnala il report di OpenPolis “Governo Conte e maggioranza giall- verde”. Ecco chi sono: Alberto Bonisoli, ministro dei Beni 104061 culturali: è presidente del Cda e proprietario al 75% di Most Consult Srl, socio accomodante di Most Sas di Lucia Veleva e C e consigliere nel Cda di Nuova Accademia Srl. Giulia Codice abbonamento: Data 08-06-2018 Pagina Foglio 2 / 2 Bongiorno, ministra della Pubblica amministrazione è consigliere nel Cda di Cerved Spa e di Juventus Fc Spa. Il premier Giuseppe Conte è consigliere nel Cda di Ghms Venezia Spa e consigliere di sorveglianza di La peninsulare compagnia generale di assicurazione Spa. Il vicepremier e ministro del Lavoro e dello Sviluppo economico Luigi Di Maio è socio al 50% di Ardima srl. Il ministro della famiglia e disabilità Lorenzo Fontana è consigliere nel Cda di Cancro primo aiuto. Il ministro degli Affari esteri Enzo Moavero Milanesi è socio al 50% di Gerundo Societa ̀ a responsabilita ̀ limitata. Il vicepremier e ministro dell'Interno Matteo Salvini è vicepresidente del cda di Cancro primo aiuto. La ministra della Difesa Elisabetta Trenta è nel comitato direttivo di ConsorHum for research on intelligence and security services. Il ministro dell'Economia Giovanni Tria è consigliere nel cda della Fondazione universitaria -
Working Meeting
Arab Geopolitics 2020 Working Meeting Rome, the 12th of November 2020 Scan the QR Code to visit our website page 1. Open the Camera app (iPhone) or go to Google’s Play Store, download the QR & Barcode app (Android) and then launch the app on your smartphone. // Apri l’app della fotocamera (iPhone), oppure l’app QR & Barcode (Android) scaricabile dal Play Store. 2. Hold your device steady for 2-3 seconds towards the QR Code you want to scan // Punta il dispositivo per 2-3 secondi sul codice QR che vuoi scansionare. 3. A window with a link to our webpage will appear // Si aprirà una finestra con un link con il nostro website ARAB GEOPOLITICS 2020 Working Meeting Organised by the NATO Defense College Foundation In co-operation with the NATO Political Affairs and Security Policy Division and the Euro-Gulf Information Centre Rome, the 12th of November 2020 Venue: The Westin Excelsior, Via Vittorio Veneto, 125, Rome AGENDA 13,15 – 14,15 Arrival of Participants and Light Lunch 14,30 – 15,30 Working Meeting Introductory remarks, round of interventions (3 minutes each) & first part of the discussion 15,30 – 16,00 Coffee Break 16,00 - 17,15 Working Meeting Second part of the discussion 3 MODERATOR: § Alessandro Minuto-Rizzo, President, NATO Defense College Foundation, Rome PANELLISTS: § Francesca Astorri, Policy and media advisor, Embassy of the State of Qatar, Rome § Chloe Berger, Faculty Adviser and Researcher, NATO Defense College, Rome § Vincenzo Camporini, Scientific Advisor, International Affairs Institute, Rome § Marco Carnelos, President, -
Italy: an Aspiring Mediterranean Middle Power Wavering Between Bilateralism and Multilateralism
Anna Molnár e Lili Takács Italy: an aspiring mediterranean middle power wavering between bilateralism and multilateralism Italy: an aspiring mediterranean middle power wavering between bilateralism and multilateralism Itália: uma potente potência média mediterrânea oscilando entre bilateralismo e multilateralismo Italia: una aspirante a potencia media mediterránea 1. Anna Molnár is an Associate oscilante entre bilateralismo y multilateralismo Professor at the National University of Public Service (Budapest) and Head of the Department of International Security Anna Molnár1 Studies. She is the Head of International 2 Public Management bachelor’s program. Lili Takács She was the Head of Programme of MA in international studies at the University of Pannonia at the University of Pannonia (Institute of Social Sciences DOI: 10.5752/P.2317-773X.2020v8.n2.p47 and International Studies, Veszprém) be- tween 2010 and 2013. She received her Ph.D. in international relations from the Received in September 01, 2019 Corvinus University of Budapest (2003). Accepted in December 16, 2019 Her published papers cover a wide range of topics whose central theme is focusing on security studies, EU CFSP/ CSDP, europeanization of Hungary, the European Union’s Mediterranean policy Abstract and on the Italian history and politics. Italy managed to be an important actor in European affairs, its status as middle She gives courses at Hungarian and foreign universities on European inte- power was several times called into question. Italy’s domestic political instability, gration, international studies and Italian the frequent government crises, severe economic and financial problems hinder politics. She had a Bolyai Research the country’s goal to become a recognized middle power, especially in the Fellowship of the Hungarian Academy Mediterranean region. -
Alla Difesa C'è Trenta Lady Di Ferro Dell'esercito Passata Da Iraq E Libano
PRIMO PIANO VENERDÌ 1 GIUGNO 2018 LA STAMPA 9 LA CRISI POLITICA A CURA DI NICOLA LILLO Giovanni Tria Enzo Moavero Milanesi Elisabetta Trenta Alfonso Bonafede Gian Marco Centinaio Giulia Grillo Economia Esteri Difesa Giustizia Politiche agricole Salute Preside della facoltà di eco- Giurista e avvocato, romano 51 anni, indicata dal M5S, ha Siciliano di 42 anni, è tra i big In passato direttore commer- Capogruppo del M5S alla Ca- nomia dell’università romana di 63 anni, è stato ministro lavorato per il ministero degli dei Cinque Stelle. Avvocato ci- ciale di un tour operator, 46 mera, 42 anni di Catania, me- Tor Vergata, 69 anni. Sarà lui per gli Affari europei nei go- Esteri. Insegna alla Link Uni- vilista con studi a Firenze, dove anni, ex vicesindaco di Pavia. dico. Sui vaccini ha proposte il nuovo inquilino del Mef verni Monti e Letta versity di Roma ha conosciuto Giuseppe Conte Vicino al leader Salvini alternative all’attuale regime LAPRESSE LAPRESSE LAPRESSE ANSA Marco Bussetti Alberto Bonisoli Giulia Bongiorno Erika Stefani Barbara Lezzi Lorenzo Fontana Istruzione Beni culturali e turismo Pubblica amministrazione Affari regionali Sud Famiglia e disabilità Provveditore degli studi a Mi- Esperto nei settori innovativi, Avvocato di fama e senatrice Senatrice e avvocato, di 47 Senatrice del Movimento 5 Veronese, 38 anni, laurea in lano, 56 anni, in quota Lega. 57 anni, è direttore del Napa, della Lega, 52 anni, è stata anni, con una carriera politi- Stelle, 46 anni di Lecce. Nel Scienze politiche, è vicepresi- Laureato in scienze e tecniche l’Accademia di Belle Arti priva- presidente della Commissione ca molto lunga nelle file del- suo collegio ha battuto i big dente della Camera e numero delle attività motorie ta di Milano. -
Il Presidente Mattarella Ha Presieduto Il Consiglio Supremo Di Difesa
Il Presidente Mattarella ha presieduto il Consiglio Supremo di Difesa C o m u n i c a t o Il Presidente della Repubblica, Sergio Mattarella, ha presieduto oggi, al Palazzo del Quirinale, la riunione del Consiglio Supremo di Difesa. Alla riunione hanno partecipato: il Presidente del Consiglio dei Ministri, Prof. Giuseppe Conte; il Ministro dell'Interno, Sen. Matteo Salvini; il Ministro dello Sviluppo Economico e del Lavoro e delle Politiche Sociali, On. Luigi Di Maio; il Ministro degli Affari Esteri e della Cooperazione Internazionale, Prof. Enzo Moavero Milanesi; il Ministro della Difesa, Dott.ssa Elisabetta Trenta; il Ministro dell'Economia e delle Finanze, Prof. Giovanni Tria; il Capo di Stato Maggiore della Difesa, Gen. Enzo Vecciarelli. Hanno altresì presenziato il Sottosegretario di Stato alla Presidenza del Consiglio dei Ministri, On. Dott. Giancarlo Giorgetti; il Segretario Generale della Presidenza della Repubblica, Dott. Ugo Zampetti; il Segretario del Consiglio Supremo di Difesa, Gen. Rolando Mosca Moschini. Il Consiglio ha fatto un punto di situazione sulle principali aree di crisi, sullo stato del terrorismo internazionale e sull’impegno delle Forze Armate nei diversi Teatri Operativi, con particolare riguardo all’area del Mediterraneo. Il terrorismo transnazionale continua a costituire una minaccia preoccupante e l’Italia deve contribuire con decisione alle iniziative della Comunità Internazionale tese a contrastare le molteplici forme in cui esso si manifesta. La Libia resta una priorità per il nostro Paese. Soltanto il ripristino del dialogo tra tutte le parti potrà creare le condizioni per un reale processo di pace e di conseguente stabilità e controllo del territorio. In Afghanistan, l’Italia segue con attenzione gli sviluppi politico-diplomatici in atto e confida su un percorso elettorale pacifico e democratico. -
The Impact of Technological Innovations on Money and Financial Markets
Levy Economics Institute of Bard College Public Policy Brief No. 150, 2020 THE IMPACT OF TECHNOLOGICAL INNOVATIONS ON MONEY AND FINANCIAL MARKETS JAN KREGEL and PAOLO SAVONA Contents 3 Preface Dimitri B. Papadimitriou 4 The Impact of Technological Innovations on Money and Financial Markets Jan A. Kregel and Paolo Savona 10 About the Authors The Levy Economics Institute of Bard College, founded in 1986, is an autonomous research organization. It is nonpartisan, open to the examina- tion of diverse points of view, and dedicated to public service. The Institute is publishing this research with the conviction that it is a constructive and positive contribution to discussions and debates on relevant policy issues. Neither the Institute’s Board of Governors nor its advisers necessarily endorse any proposal made by the authors. The Institute believes in the potential for the study of economics to improve the human condition. Through scholarship and research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. The present research agenda includes such issues as financial instability, poverty, employment, gender, problems associated with the distribution of income and wealth, and international trade and competitiveness. In all its endeavors, the Institute places heavy emphasis on the values of personal freedom and justice. Editor: Michael Stephens Text Editor: Elizabeth Dunn The Public Policy Brief Series is a publication of the Levy Economics Institute of Bard College, Blithewood, PO Box 5000, Annandale-on-Hudson, NY 12504-5000. For information about the Levy Institute, call 845-758-7700, e-mail [email protected], or visit the Levy Institute website at www.levyinstitute.org. -
Italian Election Monitor Five Star-League Government Steering Towards a Clash with the EU
Investment Research — General Market Conditions 28 May 2018 Italian Election Monitor Five Star-League government steering towards a clash with the EU Markets are set to focus on any indications by the new Five Star-League New Italian government team government on its policy agenda and priorities in coming days and weeks. Prime Minister: Giuseppe Conte (technocrat, We expect to see clashes between the Italian government and the EU on the law professor) economic ruleset over coming months. Economy/Finance Minister: Giovanni Tria (technocrat, economics professor) Abandonment of fiscal prudence could trigger more rating action in coming weeks. European Affairs Minister: Paolo Savona We recommend clients take a cautious stance on BTP and focus on other markets (technocrat and controversial original choice such as Spain or France, both of which have widened to Germany/swaps. We for Finance Minister) expect EUR/USD to retest the 2018 low at 1.1510 over coming weeks. Interior and Deputy Prime Minister: Matteo Salvini (League) Following days of uncertainty, the Five Star Movement and League yesterday renewed Labour/Economic Development and Deputy their coalition deal and received approval for their cabinet from President Sergio Prime Minister: Luigi Di Maio (Five Star) Mattarella. Although the initial market reaction was positive, as political uncertainty subsided Foreign Minister: Enzo Moavero Milanesi along with the risk of a new election, we think there will be more struggles ahead and believe (technocrat, ex-European Affairs minister that markets will continue to be very headline driven over the next few weeks and months. under Mario Monti) Defence Minister: Elisabetta Trenta (Five EU relations—confrontations likely Star) The new government will be a combination of technocrats and politicians (see box Source: Bloomberg above right).