paul
Paul Goldschmidt joined Goldman Sachs in New York (1962-1969) and was appointed as a Director of Goldman Sachs International in London (1970-1985). After seven years as a financial consultant in London and Monaco (1985-1993), he became Director of the “Financial Operations Service,” part of the Directorate General for Economic and Financial Affairs at the European Commission (1993-2002). In that capacity, he played a key role in the harmonization and reform of European financial markets before and during the advent of the euro. He also served on the Board of Directors of the European Investment Fund (2001-2002). Since his retirement in 2002, he has been writing on European political and financial matters and has actively participated in many international conferences.
 
Contacts
13 Avenue Victoria 1000 Bruxelles Belgique Tel: +32 (02) 6475310 Mob: +32 (0497) 549259 E-mail: paul.goldschmidt@skynet.be
European, Politics

The French Legislative Elections

The debate surrounding the € should not be shelved! The strong showing of President Macron in the second round of the presidential elections was due, in part, to the disastrous demonstration of incompetence and ignorance by his rival, Marine Le Pen, concerning monetary affairs. During the current parliamentary election campaign, she is desperately attempting to bury the matter by postponing any decision concerning the National Front’s position in relation to the Euro. It remains, however, of great importance that the French voter be fully informed with regard to policies that affect deeply the country’s “monetary national sovereignty” and the wealth of its population. President Macron has put the further integration of the Eurozone at the very heart of his program….

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European, Politics

The EU “On the Road”

Since May 14th the European Union can, once again, start moving forward following the inauguration of President Macron. It was a near thing that the European project, initiated over 60 years ago, came a cropper under the violence of nationalist and populist assaults. If the victory of Emmanuel Macron appears evident with the benefit of hindsight, one should recall that in the first round of the election, over half the voters backed anti-European programs and a further quarter favoured a Union under French domination. Furthermore, in the second round, the risk of having a choice limited to two anti-European extremists was decided by only a few hundred thousand votes between the four main candidates. Had the race been between Le…

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European, Politics

Waiting for Macron

EU Members must face their responsibilities. Emmanuel Macron has been elected President of France, accomplishing an extraordinary feat, the least of which is certainly not to have run on a radically pro-European platform. In the weeks and months ahead, implementing his audacious program will leave him with his hands full. The success of its European agenda is – quite rightly – subordinated to redressing the country, thereby creating the necessary conditions for France to play, once again, a key role in the European project. If the result of the election will have come as an enormous relief to all europhiles, they cannot, however, wait to see what happens next; rather, they should take their own responsibilities immediately, because the necessary…

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European, Politics

Europe after the French vote: A unique opportunity not to be squandered! Enjoy! All europhiles will be relieved as well as happy with the results of the first round of the French Presidential elections: it diminishes the likelihood of a “Frexit” together with the inevitable disintegration of the EU. The European question will be at the heart of the second round debate which should be very much welcomed. It will allow the reinforcement of the arguments supporting the EU’s accomplishments as well as the potential gains to be expected from its further integration and deepened solidarity, as opposed to the risks of pauperization and conflicts inherent to its dismemberment. Nothing has yet changed at European level: the French vote constitutes…

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European, Politics

The “New Sleepwalkers”

The new “Sleepwalkers”! Current geopolitical developments in Europe and beyond recall those preceding 1914 during which, imperceptibly, as described by Christopher Clark in his book “The Sleepwalkers”, events would engulf the planet in World War I. It was the epilogue of a lengthy period of “globalisation”, which started with the industrial revolution in the 19th century and was abetted by the rivalries between European (colonial) empires. The world and Europe in particular would only recover after World War II having, in the interval, wrought untold destruction, hardship and loss of life on an unprecedented scale, as well as initiated an irreversible upheaval of established relationships among world powers. While recognizing the differences between the “globalisation” that preceded 1914 and the…

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European, Politics

French elections

The misleading statements of the National Front concerning the Euro and the EU must be exposed! The recent pronouncements by Marine Le Pen and her cronies concerning the withdrawal of France from the Euro (and the EU) are full of assertions as vague as contradictory if not deliberately false. Thus, in her lengthy speech last Sunday in Bordeaux, she pretends that the content of what she refers to as “the (European) directive Sapin II” is being hidden from the French. This regulation calls for bailing in customer deposits as a prerequisite for accessing public funds in a bank restructuring as was the case – she adds – in Cyprus. She insists that leaving the Euro would protect French depositors. This…

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European, Politics

The (pseudo) European engagement of François Fillon!

A view from Brussels. The speech of François Fillon in Maisons-Alfort on February 24th was delivered with pugnacity and conviction and should by all means have satisfied his audience. The section dedicated to Europe had clearly a dual objective: first appear not to abandon the “pro- EU” field to Emmanuel Macron and second to lure back into the fold supporters of the National Front, in particular retirees; indeed an increasing number among them are worrying about the impact of leaving the Euro and the EU (or their outright implosion) on their personal savings, their purchasing power and living standards, if not the ability to enjoy the freedom of movement of people and capital that membership of the EU guarantees. The…

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European, Politics

Will Marine Le Pen please Stand!

I accuse! Mrs Marine Le Pen, President of the Front National (“FN”), her colleagues, Messrs. Florian Phillipot, David Racheline and all the spokesmen for the FN within the framework of the French presidential election, of disseminating knowingly and deliberately erroneous information through the press and other media, including social networks, by misleading statements or omissions, concerning the implications for France and its nationals of a replacement of the Euro by a new “national currency”! The type of disinformation disseminated by FN, is an example of the current trend of proposing “alternative truths”: they exemplify postures that have been successfully employed in the recent “Brexit” and American presidential campaigns, about which it is far too early to evaluate their ultimate consequences….

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Economic and Financial

The French “sovereign” debt: questions to the national Front and market operators.

Recently, the Chief strategist of the French National Front, David Racheline, indicated that, after the country’s withdrawal from the Euro, the service of the national debt would be discharged in the new national currency as far as bonds issued under French law (+/- €2.000 billion) were concerned, while the remainder (+/- €200 billion) in the currency specified in the indenture. This declaration is evidence of a highly debatable interpretation by the FN of the concept of “national sovereignty”! In response to this statement, Moody’s (a Rating Agency) indicated that any unilateral change in the currency of denomination would constitute a flagrant violation of the issue’s terms and conditions. France would be declared in default which would immediately accelerate the repayment…

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Economic and Financial

The French “sovereign” Debt: questions to the National Front and market operators.

Recently, the Chief strategist of the French National Front, David Racheline, indicated that, after the country’s withdrawal from the Euro, the service of the national debt would be discharged in the new national currency as far as bonds issued under French law (+/- €2.000 billion) were concerned, while the remainder (+/- €200 billion) in the currency specified in the indenture. This declaration is evidence of a highly debatable interpretation by the FN of the concept of “national sovereignty”! In response to this statement, Moody’s (a Rating Agency) indicated that any unilateral change in the currency of denomination would constitute a flagrant violation of the issue’s terms and conditions. France would be declared in default which would immediately accelerate the repayment…

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