Year: 2013

The idea of copying the Norwegian example of an SWF in New Zealand is simple, tempting, attractive – and wrong.

Germany’s most important decision for this year will not be made by its people in general elections but by eight judges in red robes. And that makes it worth paying attention to this rather obscure and complicated law case.

Will people eventually realise that the printing press is no substitute for good policy? And where will this leave the global economy? And what will happen to the monetary order?

The global economy may appear to have calmed somewhat since those stormy days when Lehman Brothers collapsed in late 2008. But it’s just the calm before an even fiercer storm.

At least in principle, there is widespread agreement that New Zealand should aim to increase its exports – whether you subscribe to the government’s target of 40% of GDP by 2025 or not. There is less agreement on how such an exports boost could be realistically achieved and which sectors are most likely to drive it. This holds especially true for New Zealand’s second largest exports industry (after dairy): tourism.

Regardless of his actual reasons, Oettinger was simply right in his analysis – as indeed evidenced by the Commission’s very own policy recommendations to member states. Europe needs major reforms to get its existential problems under control.

Far from demonising Chinese immigration in populist fear campaigns, New Zealand should be celebrating the opportunities and potential that Asian migrants bring to this country.

If you really can’t help yourself and desperately yearn for a currency union between Australia and New Zealand against all odds, then at least you should also include Papua New Guinea. Simply because every failing monetary union deserves its Greece.