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News
  • Gurria urges green growth - 23 Feb 2015

    A strong call for long-term investment to drive 'green growth' was made by Angel Gurria, OECD Secretary General, at an OMFIF lecture.

  • Greek debt crisis risks geopolitical fallout - 20 Feb 2015

    A standoff is developing between Greece and its creditors over the right mix of austerity, write-offs and reforms in the Greek bail-out programme.

  • Jörg Asmussen outlines euro area prospects - 17 Feb 2015

    German State Secretary of the Federal Ministry of Labour and Social Affairs Jörg Asmussen discussed the outlook for the euro area.

Angel Gurria

OECD Secretary General Angel Gurria (pictured here with Bronwyn Curtis, chief economic adviser, OMFIF) told an audience in London he was more optimistic about the European and world economy on account of low interest rates, quantitative easing and the weak oil price. He urged governments to carry out mutually-reinforcing reforms and put emphasis on 'productivity, productivity, productivity'.

Geopolitical risks of Greek debt crisis

The standoff over Greece's multibillion-dollar bail-out programme is becoming agonizingly protracted. Berlin is alive to the risk that one country's retreat from the euro could trigger more defections. Greek banks and companies are making contingency plans for capital controls and a parallel currency regime in the event that the talks break down. Click here for the full article by David Marsh.

Jörg Asmussen discusses prospects for euro area

Jörg Asmussen, former member of European Central Bank executive board, examined the outlook for the euro area at an OMFIF City Lecture at Armourers' Hall. The discussion, under the Chatham House rule, referred to present members of the common currency facing economic difficulties and future membership prospects.

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Commentary

  • Court ruling proves Britain has power in EU

    by Peter Wilding | Thu 5 Mar 2015

    The European Court of Justice has ruled that the UK can continue handling euro-denominated transactions – welcome news for the City. The verdict gravely weakens eurosceptics’ defeatist narrative that the UK is isolated, without influence and better off outside the EU.

    MARKET: Europe

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  • Greek Target-2 liabilities rise again

    by By Frank Westermann | Mon 2 Mar 2015

    Euro area stress, as measured by Target-2 balances showing assets and liabilities of individual central banks vis-a-vis the European Central Bank, has declined over the past two years. Not surprisingly in view of renewed tension over Greece, the Target-2 figures are again starting to indicate greater divergence.

    MARKET: Europe

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  • Greek lessons for the IMF

    by By Desmond Lachman | Thu 26 Feb 2015

    Never before has a significant IMF programme produced such disappointing results as in Greece. Public debt has skyrocketed while austerity sowed seeds for euro exit – the opposite of IMF aims. IMF lending policy must be reformed if it is to be the catalytic and conditional lender it once was.

    MARKET: Europe

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  • Euro area risk-sharing is a reality

    by Marcello Minenna and Edoardo Reviglio | Wed 25 Feb 2015

    European Union risk-sharing is a reality - even though it was opposed by major euro member states. If Greece defaults, Germany and Italy would see €25bn and €20bn added to their public debt burdens. European governments are therefore anxious that Greece remains in monetary union.

    MARKET: Europe

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CHART OF THE WEEK

In defence of the Swiss National Bank

by David Marsh and William Baunton

The Swiss National Bank’s peg of SFr1.20 to the euro shuddered to an abrupt halt last month, causing financial market waves. In fact, the bank’s decision was correct, if not overdue.

In defence of the Swiss National Bank

Net foreign assets and liabilities 1970-2013

by William Baunton

Winners and losers in debtor-creditor stakes

Net foreign assets and liabilities 1970-2013

Accessing the Chinese domestic growth story

by William Baunton

Shanghai-Hong Kong Stock Connect to open 17 November

Accessing the Chinese domestic growth story

Performance of public pension funds 2004-13

by William Baunton

Comparing the performance of GPIF with three public pension fund peers from around the world.

Performance of public pension funds 2004-13
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Advisory Board Poll

Bright spots amid the setbacks for Africa

OMFIF surveyed the Advisory Board's views on Africa's economic prospects over the next two-three years. 36% held positive views while 11% were negative and 53% neutral. Among countries, South Africa fared well with only 3% of respondents holding negative views, compared to 55% for Nigeria.

Africa's four largest economies
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