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The Economist Continental Europe Edition

The Economist Continental Europe Edition October 29, 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 In France the migrant camp at Calais was dismantled, with asylum-seekers sent to processing centres or to Britain, where many want to end up. Meanwhile, European Union officials met the Nigerian government to try to thrash out an agreement on sending failed asylum-seekers back to their countries of origin. A deal is sorely needed: the UN’s refugee body said that 2016 has been the deadliest for migrants crossing the Mediterranean, with more than 3,800 dead or missing. Justin Trudeau, the prime minister of Canada, cancelled a trip to Brussels to sign a trade deal with the EU because the Socialist-led regional parliament of Wallonia in Belgium was refusing to support it. The deal, which has been seven years in the making, is opposed by many Europeans who worry that it will…

5 мин.
liberty moves north

WHO will uphold the torch of openness in the West? Not America’s next president. Donald Trump, the grievance-mongering Republican nominee, would build a wall on Mexico’s border and rip up trade agreements. Hillary Clinton, the probable winner on November 8th, would be much better on immigration, but she has renounced her former support for ambitious trade deals. Britain, worried about immigrants and globalisation, has voted to march out of the European Union. Angela Merkel flung open Germany’s doors to refugees, then suffered a series of political setbacks. Marine Le Pen, a right-wing populist, is the favourite to win the first round of France’s presidential election next year. In this depressing company of wall-builders, door-slammers and drawbridge-raisers, Canada stands out as a heartening exception. It happily admits more than 300,000 immigrants a…

3 мин.
hands off

FOR nearly two decades Britain’s monetary policy has been independently set by the Bank of England, according to targets defined by the government. Removing direct control of interest rates from politicians, who were inclined to fiddle with them for electoral gain, has made for a better-run, more stable economy in Britain, as it has in many other countries. Yet one of the aftershocks of the Brexit earthquake in June is that the Bank of England’s independence has been called into question. There has been a growing chorus of criticism of the central bank, with increasingly senior pro-Brexit politicians calling for the government to boot out its governor and take back control of monetary policy. Such a course remains unlikely, for now. But the rhetoric is dangerous. The people chipping away at…

3 мин.
back it, join it

SOUTH AFRICA’S decision to stomp out of the International Criminal Court (ICC) is deplorable. It is inconceivable that Nelson Mandela would have done such a thing. Virtually all right-thinking liberals and lawyers in his country have condemned the move. In the name of standing up against the supposed anti-African bias of the court, South Africa has aligned itself with the autocrats of the continent and given succour to those who have committed appalling human-rights abuses. Its announcement on October 21st followed that of Burundi, which is under “preliminary examination” by the ICC for its president’s bloody suppression of dissent; the Gambia, another nasty regime, followed suit this week (see page 31). It would be tragic if South Africa set in motion a domino effect that prompted ever more African countries…

4 мин.
vertical limit

ONE of the biggest problems facing America’s economy is waning competition. In the home of free enterprise two-thirds of industries have become more concentrated since the 1990s, partly owing to lots of mergers. Fat, cosy incumbents hoard cash, invest less, smother new firms that create jobs and keep prices high. They are rotten for the economy. Boosting competition should be a priority for whoever occupies the White House in 2017, and for Congress. Now a test case is waiting in the in-tray. AT&T, America’s fifth-biggest firm by profits, wants to buy Time Warner, the second-biggest media firm. The $109bn megadeal isn’t a simple antitrust case, because it involves a firm buying a supplier, not a competitor. But there is a strong case that it will limit consumer choice in a part…

3 мин.
too squid to fail

IN ITS pomp, Goldman Sachs was in a class of its own. No Wall Street investment bank was as well-connected, as arrogant, as influential—nor as feared and derided: the “Great Vampire Squid” of Rolling Stone legend. It still has the best brand name in the business. But like the rest of its industry, it has not fully recovered from the near-death experience of 2008. Banks are the untouchables of global stockmarkets. Even the boss of one, Credit Suisse, has described them as “not really invest-able”, and, sure enough, shares in many of the most prominent firms—Deutsche Bank, Citigroup, Bank of America—trade well below book value, suggesting they would be better off liquidated. Goldman’s shares trade virtually at book value. But even it is a shadow of its former self. Goldman, however,…