The Prime Minister Narendra Modi addressed the nation on Kashmir issue, speaking the right words, echoing assuaging sentiments, and calling for peace and development. Here are his top ten statements, and the counter questions on them.
August of 2019 started with a rude shock as the government of India spoke of a perceived threat of Pakistani backed terrorist attack on Amarnath Yatra and cancelled the peaceful yatra that was in progress. Thereafter, the government gave an unprecedented advisory for all outstation students, tourists, yatris etc to leave Kashmir valley, and such a strong decision was not taken even during the height of militancy in Kashmir in 1970s and 1980s. A build-up of 35,000 armed troops was done in addition to 50,000 army-men already there, and another 8000 airlifted on August 5.
The United Kingdom is now legally committed to reduce net greenhouse-gas emissions to zero by 2050. Opponents in Parliament argued for more cost-benefit analysis before making such a commitment; and Nobel laureate economist William Nordhaus argues that such analysis shows a much slower optimal pace of reduction.
As the nominee to succeed European Central Bank President Mario Draghi in November, Christine Lagarde may be hoping that her job will be somewhat easier than that of her predecessor. Yet the opposite is likely to be true. Though Draghi was tasked with guiding the ECB through years of crises, Lagarde will have to pursue eurozone reforms at a time of deepening polarization among member-state governments. It will take all of her skills as a political mediator, crisis manager, and effective communicator to safeguard the ECB’s independence and effectiveness.
If indications of disappointing economic growth in the eurozone are confirmed, the European Central Bank will loosen monetary policy further in September. Last week, outgoing ECB President Mario Draghi signaled a further likely cut in the ECB’s rate on commercial banks’ overnight deposits with the central bank, which is already -0.4%. In addition, the ECB is discussing a new program of asset purchases.
The United States is enjoying the longest economic expansion on record, surpassing the decade-long growth run between 1991 and 2001. And yet, while most standard indicators – the unemployment rate, growth in non-farm payroll jobs, the number of job openings – imply a vibrant labor market, for too many Americans, the good times don’t feel particularly good. Wage gains for most workers have been stubbornly disappointing, barely keeping up with the cost of living; and more than 4.3 million workers who want full-time positions can find only part-time jobs.
When the United Kingdom eventually leaves the European Union – assuming it does – it will take Europe’s biggest capital market with it. The loss of the City of London could drive the EU’s 27 remaining members to pursue an inward-looking strategy for managing their capital markets. But, as we argue in a new policy brief for the Centre for European Reform, the EU27 would be far better off keeping those markets open to – and, indeed, integrated with – London and the rest of the world.
When it announced its plans to launch a cyber currency, Facebook emphasized that its Libra will benefit “people with less money [who] pay more for financial services,” especially in developing countries. But when one compares Facebook’s current blueprint to those same countries’ experience, Libra starts to look like a hazard.
The choice of Christine Lagarde, the managing director of the International Monetary Fund and a former French finance minister, to succeed Mario Draghi as president of the European Central Bank, is controversial. It should not be.
In all economically advanced countries, fertility rates fell fast between the late nineteenth century and the 1920s, as contraception became increasingly available, and women were increasingly liberated from the domestic sphere by education and greater participation in the formal workforce. But after falling below two in many countries between the world wars, fertility rates rose again in the immediate postwar era, reaching around 2.4 in northern and western Europe, and just over three in North America.
The upcoming change of leadership at the European Central Bank represents an opportunity – if not an obligation – to review the Bank’s policy framework. The ECB can take credit for major achievements during Mario Draghi’s presidency – most importantly, stabilizing the eurozone during the 2007-08 global financial crisis and ending speculation about the possible breakup of the single currency during the sovereign-debt crisis in 2012. But the ECB’s strategy of steering consumer-price inflation has been much less successful.
Facebook has just unveiled its latest bid for world domination: Libra, a cryptocurrency designed to function as private money anywhere on the planet. In preparing the venture, Facebook CEO Mark Zuckerberg has been in negotiations with central banks, regulators, and 27 partner companies, each of which will contribute at least $10 million. For fear of raising safety concerns, Facebook has avoided working directly with any commercial banks.
In the midst of the debate on the most crucial decision the United Kingdom has faced in a generation, then-Minister of Justice Michael Gove exclaimed, “I think the people in this country have had enough of experts.” That statement received almost as much media attention as Gove’s recent admission that he has used cocaine.
– Recent trends, and the broader history of technological change, indicate that automation will usher in major shifts in labor markets over the next decade, displacing millions of workers but also creating millions of new jobs that require new skills. The McKinsey Global Institute, having documented these changes for several years, has produced a new report examining how automation might affect men and women differently. A key conclusion of the study is that persistent gender disparities in the workplace, as documented in a previous MGI report, will make it more difficult for women than for men to adapt to the coming changes in labor demand, skill requirements, and employment locations.
Earlier this year, I argued that in countries where interest rates are extremely low and public debt is considered safe by investors – making it less costly from both a fiscal and economic standpoint – larger fiscal deficits may be needed to make up for the limitations of monetary policy. The eurozone has now reached this stage.