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The Economist Continental Europe Edition

The Economist Continental Europe Edition November 12, 2016

The Economist is the premier source for the analysis of world business and current affairs, providing authoritative insight and opinion on international news, world politics, business, finance, science and technology, as well as overviews of cultural trends and regular Special reports on industries and countries.

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The Economist Newspaper Limited - Europe
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8 мин.
the world this week

Politics Donald Trump won America’s presidential election, an astonishing victory that wrongfooted the predictions of pundits and pollsters. Mr Trump triumphed by winning states in the rustbelt Midwest, such as Pennsylvania and Wisconsin, that had voted Democrat for decades but where voters were receptive to his populist pledges to repatriate jobs and curb free trade. In her concession speech Hillary Clinton wished Mr Trump good luck and urged Americans to unite behind him. With counting still going on, Mrs Clinton was narrowly ahead in the popular vote. It was Mr Trump’s performance in the electoral-college system, which decides the presidency, that confounded the polls. He won Ohio by nine percentage points and Iowa by ten, much bigger margins that had been expected, and also took Florida, the biggest swing state. The Republicans also…

8 мин.
the trump era

THE fall of the Berlin Wall, on November 9th 1989, was when history was said to have ended. The fight between communism and capitalism was over. After a titanic ideological struggle encompassing the decades after the second world war, open markets and Western liberal democracy reigned supreme. In the early morning of November 9th 2016, when Donald Trump crossed the threshold of 270 electoral-college votes to become America’s president-elect, that illusion was shattered. History is back—with a vengeance. The fact of Mr Trump’s victory and the way it came about are hammer blows both to the norms that underpin politics in the United States and also to America’s role as the world’s preeminent power. At home, an apparently amateurish and chaotic campaign has humiliated an industry of consultants, pundits and pollsters.…

4 мин.
the way forward

THE rallying cry of the campaign for Britain to leave the European Union was that it was time for the country’s own national institutions to seize power from the unaccountable courts and parliaments across the Channel. So there is some irony in the fact that, on November 3rd, Brexiteers spluttered with indignation when three British judges, sitting in the High Court in London, ruled that under English law the business of triggering Brexit should fall to Britain’s sovereign Parliament, rather than the government alone. The haziness of Britain’s unwritten constitution contributes to the confusion around the ruling (see Bagehot). In fact, the High Court’s judgment may delay Brexit by a few weeks, but it does not imperil it. If the government loses its appeal in the Supreme Court next month it…

3 мин.
china’s new tibet

HONG KONG’S Legislative Council, or Legco, has descended into chaos over how members should take their oaths of office after elections in September. Pro-establishment lawmakers dominate the 70-member chamber, thanks to a voting system skewed towards those who support the government and the Communist Party in Beijing. Despite that, voters elected half a dozen candidates who want Hong Kong to be more independent—some even favour outright separation from China. At their oath-taking two members of a new party, Youngspiration, pledged allegiance to “the Hong Kong nation”, used the imperial Japanese pronunciation of “China”, and displayed a banner declaring that “Hong Kong is not China”. The theatrics by Sixtus Leung and Yau Wai-ching at times seemed puerile. On November 7th the central government made clear that it was in no mood…

4 мин.
two cheers for the general

WHEN you have no other options left, you may as well bow to the inevitable. That is what Egypt’s president did last week. With a budget deficit running at over 12% of GDP and a dollar shortage driving the black-market value of the Egyptian pound to barely half its official price, Abdel-Fattah al-Sisi had no choice. Back in August the IMF had offered the former general a $12bn lifeline, but it came with tough conditions attached. At long last he has fulfilled them, and the IMF money will soon start to flow. But this must be the beginning, not the end, of his reforms. So far Mr Sisi has attempted three difficult but necessary things, as demanded by the IMF. On November 3rd he allowed the Egyptian pound to float. It…

5 мин.

Handling central banks The issue of central-bank independence is a complex and difficult one (“Hands off”, October 29th). Monetary policy has significant social and political effects and as such should be subject to some form of political accountability. The artificial institutional separation between fiscal and monetary policy is unhealthy. In Britain it allowed George Osborne to pursue a policy of fiscal austerity through the Treasury while leaving the Bank of England to do all the heavy lifting in monetary policy. The same has happened in the euro zone. The vast majority of central banks across the world do not have operational independence. Neither did most of the European central banks until the launch of the euro. In the Netherlands, for example, the final decision on monetary policy rested with the minister of…