The HRC is dead, long live the HRC?

The UN has elected a brand new Human Rights Council to replace the discredited Human Rights Commission. Why was the old HRC discredited? Well, basically and officially, because several of its members were known to violate human rights and/or to protect their own interests. It is only logical. However, who will be taking a seat in the new and improved HRC? Right, some of those very same countries that were known to violate human rights: China, Cuba, Pakistan, Russia and Saudi Arabia.
Continue reading

Rodrigo Rato: Wagging The Finger, Or Wagging The Dog?

I have already posted on my own blog about what I see as the surreal consequences which might follow from this wish becoming a reality. If what I think happens next to the Spanish economy really does happen – and I have no doubt whatsoever that the housing bubble will crash one or other of these days – then the situation will be a bit like having Menem at the head of an IMFwhich is telling Argentina that they should have thought about the consequences before getting into all that trouble……..

My interest here today, however, is more the European dimension of this process. Firstly, if it is true, as the FT seems to contend, that the European candidature will carry the field, what does this tell us about the IMF? Secondly, maybe focussing on the IMF managing directorship is to miss the point. Maybe the real horse-trading is over future control at the ECB. In other words: will this be a case of wagging the finger, or wagging the dog?
Continue reading

Mr K?hler Comes Back from Washington

Germany’s center-right and liberal parties have finally agreed on a candidate for the country’s largely, but not completely, symbolic presidency. Because these parties have been winning elections at the state level over the last few years, they have a working majority in the body that elects the president, even though they are actually in opposition.

(The selection itself has been a bit of an opera bouffe. Bild‘s lead yesterday showed various Muppets and cartoon characters over the headline, “Even more candidates!” The serious press had similar, if less colorful, opinions.)
Continue reading