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Plickert, Philip


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3 articles of this author have been cited in the European Press Review so far.


Frankfurter Allgemeine Zeitung - Germany | 06/03/2015

State financing by central bank absurd

The example of Greece shows just how dangerous and absurd the ECB's strategy is, the conservative daily Frankfurter Allgemeine Zeitung warns: "The ECB won't buy any more government bonds from Greece - but only for the time being. It shouldn't buy any bonds from a country whose own finance minister Giannis Varoufakis says is a 'bankrupt state'. The next major hurdle comes in July when Varoufakis has to repay loans with a nominal value of over four billion euros held by the ECB. Only once these loans have been repaid will the ECB's percentage sink below the 33 percent limit fixed by the central bank. But then the bank is free to start buying bonds again according to its own decision. It's absurd: Varoufakis has to come up with billions of euros to pay the ECB so it can start buying bonds again. But no, the ECB is not financing a state."

Frankfurter Allgemeine Zeitung - Germany | 27/07/2012

ECB steps into risky grey zone

The signals coming from the ECB about buying up government bonds of crisis-stricken countries are a source of concern for the conservative daily Frankfurter Allgemeine Zeitung: "It has moved into a grey area in monetary policy - dangerously close to indirect financing of sovereign debt. … It's understandable that the markets are celebrating. They are desperately seeking buyers for these risky bonds. Draghi may hope that the announcement will be enough to bring down the high yields. But how often have we seen both verbal and concrete interventions fall flat. Even Draghi's own "big Bertha", a three-year financing for banks, had only a fleeting impact. Draghi has shown that he's capable of anything. If the crisis continues to escalate he could quite conceivably fly in the face of Germany's euro protectors, think up a new name for a canon and intervene with full force. But this wouldn't solve the debt crisis. Only the states can do that by putting their budgets on the path to recovery and making their economies more competitive."

Frankfurter Allgemeine Zeitung - Germany | 09/12/2009

New social indicators threaten EU

The EU Commission wants to develop new environmental and social indicators. Until now economic growth has been measured in gross domestic product (GDP). But the new indicators are not without danger, writes the conservative Frankfurter Allgemeine Zeitung: "The EU headquarters in Brussels hopes the new social indicators will also level differences between regions and 'social groups'. But in this way Brussels is subtly giving itself more authority in social policy and to engage in 'social engineering'. On the continent of diversity a project like this threatens to become sheer levelling. New social indicators could give a more nuanced picture of our societies. Like any statistic, however, in the hands of politicians they are susceptible to manipulation and abuse. And in addition they can lead to the idea that the state has blanket responsibility for the well-being of its citizens."

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