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
Résidence “Les Eaux Vives” Apt. N° WX2 89
Avenue Jean et Pierre Carsoel 1180
Brussels

+32 (0)2 3736330
 +32 (0)497 54 92 59
pn.goldschmidt@gmail.com
European, Politics

Is the European Union losing its way?

Barring a major effort, the EU is on track to being marginalized! The events unfolding under are eyes and whose roots reach back over the last several decades, are questioning the foundations of the EU which have been the focal point around which European society has coalesced since WWII. Firmly scotched to the USA during the reconstruction period and benefitting from its benign protection against the spread of communism, European nations favored building regimes emphasizing a welfare State and to a greater or lesser extent wealth redistribution, at the expense of their economic, monetary, defense and finally political autonomy, these aspects being clearly closely interconnected. Up until the introduction of the Single Currency, the EU created the illusion of being…

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European, Politics

Europe – Covid and Freedom

The lessons learned from the pandemic opens a window to further European integration. Lassitude, sacrifices, anxieties, unknowns surrounding the pandemic, economic uncertainties are all undermining the spirit of the population, rendering the task of governing ever more complex. The media, be it TV debates, the press or social media platforms, train their sights on the dysfunctionalities, the contradictions, the incoherencies underpinning the opinions of “specialists” (or incompetent participants) who wrangle publicly, thus making the decisions made by political authorities particularly difficult to follow and understand. Within this context, there is a lack of consensus concerning the importance assigned to competing priorities, aiming either at health care, economic activity, social protections or to be respectful of citizen’s rights and liberties, each,…

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Economic and Financial

The debate over the legacy of the sovereign debt burden on future generations is hypocritical.

It constitutes a moralizing fig leaf hiding increasing inequalities. The rejection of an excessive recourse to increasing public debt is often formulated in a language condemning the practice in the name of an “unfair” transfer of its repayment on the shoulders of future generations. Is this criticism necessarily well grounded? In order to pass judgment, it is necessary to define the parameters that establish a level of excess indebtedness. These parameters vary according to the characteristics of the debtor, whether it be an individual, a corporation or a State. In the latter case – which we examine here – it is necessary to determine further whether the State enjoys full monetary sovereignty and whether its debts are expressed in its…

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European, Politics

The Euro as an instrument of Power?

Commentary on the Communication from the European Commission(COM (2021) 32) On the eve of President Biden’s inauguration, the Commission published a Communication aiming at strengthening the role of the Union on the world stage by developing a policy of “open strategic autonomy” outlined in its Communication of May 2020. This new Communication centres on the development of the international role of the €, strengthening the EU’s financial market infrastructures, improving the implementation and enforcement of the EU’s sanctions’ regime as well of the unlawful extra-territorial application of unilateral sanctions and other measures by third countries. As was provocatively suggested in a commentary in the Financial Times of January 21st, the American President will have lost no sleep when informed of…

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European, Politics, Uncategorized

2021 will be the making or the undoing of the European Union.

Covid 19 is an opportunity for the Commission to implicate the “Citizen” in future of the Union. The European Commission, under President Ursula von der Leyen, is determined to extract the process of European integration from the rut in which it has been stuck since the signing of the Lisbon treaty. The conclusion of the Brexit Agreement opens the way to focus its efforts on its new priorities. In addition to the environment and digitalization, circumstances have led it to embrace vigorously its involvement in healthcare, a domain previously reserved to Member States. Its dealing with the pandemic has considerably reinforced the pertinence of its interventions, be it in relation to the economic crises (Recovery Plan), its flexible interpretation of…

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Economic and Financial

The relief caused by Joe Biden’s election could rapidly evaporate!

The lessons to draw from the American poll are a major challenge for the cohesion of the European Union. The results of the American elections embody numerous lessons among which one of the most significant may be the health of democracy in the United States, as demonstrated by the record level of voter participation despite the widespread Covid19 pandemic that was neutralized through a massive recourse to absentee and postal balloting. If the 145 million votes expressed testify to the implication of the elector after four years of an “atypical” presidency, the results point, nevertheless, to an outcome that allows both candidates to boast achieving “historical” scores. So, even if the result is undeniable, it leaves behind a thoroughly divided…

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Society

Thoughts over the murder at Conflans-Sainte-Honorine

“Render to Caesar the things that are Caesar’s; and to God the things that are God’s.” Murder of any human being is an unacceptable criminal act. When, in addition, the victim is an individual in whom the authority of the State is vested, the offense assumes an additional degree of gravity. Furthermore, when the motivation of the aggressor is based on a unilateral rejection of the values of the Republic, incarnated by a professor performing his duties, in the name of superior values “attributed” to God, the act – as expressed by the decapitation – can only be described as pure barbarism which cannot find the slightest justification. The understandable emotions expressed have led to a plethora of reactions, most of which reflect…

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Economic and Financial

Capital Markets Union New Action Plan

“Errare humanum est – perseverare diabolicum” On September 24th the European Commission published a Communication entitled “A Capital Markets Union for people and businesses-new action plan” (1). This is the fourth iteration of a process initiated in the early 2000’ under the name of the Financial Services Action Plan (FSAP). It received a vigorous impulse at the outset of Commission President Junker’s mandate in 2015 with the proposal to create a “Capital Markets Union” (CMU) among the then EU 28 Member States; it was further updated in a 2017 review. If over the last 20 years progress has been made, mainly in attempts to harmonize or at least coordinate rules implemented by national regulators under a shared rule book, one…

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European, Politics

Brexit: A way forward!

Boris Johnson’s inept handling of the negotiations paves the way for the creation of the: “Republic of Ireland, Ulster and Scotland” Is there light at the end of the tunnel? The British government’s statement that it is deliberately preparing to violate international law “in a precise and limited manner” is signaling “open bar” for all the conflicting nationalistic claims that are tearing apart the fabric of the United Kingdom. The bullying tactics of the PM have galvanized the resolve of separatists, overriding serious drawbacks on the economic front that would result from the breakup on the Union. Independence would – because of its shared border and currency – leave Scotland even more dependent on England than the UK is on…

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Belgian, Politics

The Belgian political crisis.

The stalemate stalling the forming of a government is a scandal that could lead to the “lebanization” of the country. ——————————————– The word of the Lord came to me:  “Son of man, prophesy against the shepherds of Israel; prophesy and say to them: ‘This is what the Sovereign Lord says: Woe to you shepherds of Israel who only take care of yourselves! Should not shepherds take care of the flock?  You eat the curds, clothe yourselves with the wool and slaughter the choice animals, but you do not take care of the flock.  You have not strengthened the weak or healed the sick or bound up the injured. You have not brought back the strays or searched for the lost….

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