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Steinberg, Federico

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

Expansión - Spain | 05/12/2012

Federico Steinberg believes in the success of a German Europe

Once it overcomes the debt crisis the Eurozone could become successful thanks to the changes enforced by Germany, economist Frederico Steinberg writes hopefully in the conservative business paper Expansión: "If everything goes according to the plan of the Berlin-Frankfurt axis, the Eurozone will flourish thanks to a banking union, limited fiscal union and some form of economic and political union. But it will be a very German economic bloc: export-oriented, sceptical regarding Anglo-Saxon liberalism and likely reluctant to assume an international leadership role. … This transformation is based on the hegemonic dominance of the Germans, who since the debt crisis began have taken the reins of Europe in their hands and are forcing all the peripheral economies of the Eurozone (including France) into Germanisation as a condition for providing the necessary financial solidarity. … If this process is concluded successfully - that is, if we begin to see the light at the end of the tunnel before the people turn their backs on the European project and elect anti-European parties - the Eurozone will see its power and influence in the global economy increase considerably."

Expansión - Spain | 10/03/2010

Greek plight paves way for EMF

The Greek debt crisis could be a chance for Europe, writes business paper Expansión: "Crises force change. And the Greek crisis that has hit the Eurozone could turn into an unexpected opportunity to improve the foundations and the government of the single European currency. ... The surprising thing is that it was Germany, which up to now had always been reluctant to establish a political counterweight to the European Central Bank, that proposed the creation of the European Monetary Fund. The only explanation is that with this initiative it wanted to pre-empt other, more political and more ambitious alternatives preferred by France."

Expansión - Spain | 28/10/2009

Strong euro undermines recovery

Last Monday the euro climbed to an annual high of just over 1.50 dollars. In the business paper Expansión Federico Steinberg looks at the dangers of the euro becoming too strong: "In reaction to the panic following the bankruptcy of [US investment bank] Lehman Brothers there was a 'stampede for security' that led to a strong upvaluation of the dollar, even though the crisis originated in the US. But as soon as normality started to return to the financial markets the pre-crisis trend reappeared whereby the foreign trade deficit and the US's accumulation of foreign debts in combination with the stability of China's exchange rate result in a readjustment of the global imbalance that boosts demand for the euro. A strong euro helps to curb inflation and sinks the oil price, but in the current situation with its deflationary pressures and weak demand a strong currency could undermine the incipient recovery in the eurozone."

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