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
Economic and Financial

A new set of sanctions against Russia.

Deciphering the mechanisms for the uninitiated. FEBRUARY 27, 2022 Note: this article was written before the announcement of the exclusion of some Russian banks from the SWIFT secure payment messaging system. This does not change the explanations aimed at informing the reader about the mechanisms underlying the envisaged sanctions. Statements by political leaders as well as media programs or publications make numerous references to the unprecedented and severe nature of the sanctions that are aim to inflict maximum damage on the Russian economy in the medium and long term and whose effects could weaken President Putin’s authoritarian regime. The citizen, if he is not a technician of financial circuits, is obliged to accept with confidence the declarations concerning the sanction’s…

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European, Politics

Munich 2022: Peace in our time?

The Russian provocation must prompt a response from the 27 EU Member States that turns Putin’s initial tactical victory into a long-term strategic defeat. Brussels, 22 February 2022 It is pointless to add any further opinion to the speculation about developments in the next few weeks or months in the 8-year old conflict between Ukraine and Russia over the annexation of Crimea. Undoubtedly, the inevitable sanctions that the EU, the US and Britain will impose will be commented on in terms of their effectiveness, their consequences for all parties and will reveal, more or less quickly, the dissensions in the Western camp. It is likely that the situation will become bogged down in a status quo, de facto rewarding Putin’s…

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European, Politics

Mutti: we miss you already!

Angela Merkel’s departure is felt in the European response to the crises unfolding on the international scene. Brussels, 18 February 2022 While, under the impetus of the Macron-Merkel tandem, the EU had managed to formulate and implement credible initiatives in the face of the pandemic, whether it be the validation, supply or distribution of vaccines or even an unprecedented response in terms of economic recovery and a (temporary?) easing of budgetary rules, increasingly palpable divergences between Member States (MS) are emerging as the epidemic urgency subsides. They are exacerbated by demands that were suppressed during the epidemic by the “whatever it takes” approach but have since been fueled by the surge in inflation; simultaneously, on the external level, the tendency…

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European, Politics

Peace: Humanity’s Deepest Aspiration and/or Realpolitik?

JANUARY 30, 2022 Tensions on the borders of Ukraine add to the many sources of conflict that seriously endanger the maintenance of a fragile peace between powers that have the power to inflict incalculable suffering on humanity. At a time when the planet faces challenges such as global warming or pandemics where the responsibility of humans is difficult to establish, it is contrary to any morality or value system for man to deliberately engage in conflicts that put his short-term survival at risk. Whatever the regime – democracy, enlightened despotism, autocracy or any other form of dictatorship – the deepest aspiration of mankind is to live in peace. Already in the 8th century BC, the prophet Micah proclaimed (6, 8):…

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European, Politics

European Sovereignty – National Sovereignty

Controversy has entered the heart of the French election campaign. Brussels, 23 January 2022 The presentation by President Macron in the Strasbourg Parliament on 19 January of the French presidency’s program was met with undignified and ill-tempered interventions by some of his MEP compatriots who used the occasion for purely French domestic electoral purposes. In doing so, they have considerably damaged France’s credibility with the MEPs representing the 26 other Member States and with European public opinion in general. The French media seized on the opportunity to create a welcome diversion from the prominence given to the pandemic in the presidential campaign. But instead of doing an educational job, the commentators, whether politicians, political scientists, economists, social scientists or journalists,…

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European, Politics

The French trade deficit is a problem. But not the one you think!

JANUARY 11, 2022 The announcement a few days ago of a new record French trade deficit of €78 billion for 2021 has caused a lot of ink to flow and has spilled over to the presidential campaign where candidates have seized on the subject to illustrate the country’s lack of competitiveness and attack the President’s economic record. While comparisons were drawn with ‘surplus’ competitors such as Germany and Italy to stigmatize France’s ‘decline’, attention was drawn at the same time to the chronic deficit that the United States has been running for decades with no particular consequences. As is often the case with complex, technical subjects, explanations convey information where it is not easy to distinguish the true from the…

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European, Politics

The EU is irretrievably doomed if even the pandemic does not convince the citizen of the need for deeper integration.

Only the European level can finance the health sector and other equally priority needs such as the environment, education, energy, etc. JANUARY 7, 2022 The pandemic has been a wake-up call, in the world in general and in the EU in particular, to the urgent need to devote considerable additional resources to the public health sector as a whole. This consensus is evidenced by the agreement of the world’s richest countries to provide (in their own interests) millions of doses of vaccine to those who lack the resources to purchase them. This solidarity was quickly extended to intense cooperation in the fields of research and information exchange, leading in record time to the development and production of effective vaccines based…

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European, Politics

The Euro is not a currency like any other!

The French elections present a unique opportunity to demonstrate that the future of the Union is inextricably linked to the completion of the structure and governance of the €. Brussels, 16 December 2021 The French election campaign, in which simultaneous Presidency of the European Union plays a central role, calls for clarifying the issues. Whereas in 2017 it was enough for candidate Macron to convince public opinion of the deleterious consequences of a “Frexit” to seal his victory at the expense of Marine Le Pen during their debate after the first round, in 2022, on the other hand, the programmatic proposals of many candidates concern Europe directly or indirectly, while minimizing – or even denying – any desire to leave…

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European, Politics

Valérie Pécresse candidate of the “LR” in the French presidential elections.

A radical change in the political landscape! DECEMBER 8, 2021 With four months to go before the elections, the nomination of Valérie Pécresse as candidate of the “LR” party for the presidency nominates a second candidate capable of gathering a majority of French people around her name and of providing France with a government from which the extremists would be excluded. In this respect alone, this development is undoubtedly very good news. The task of Madame Pécresse remains, however, arduous because it is imperative that, in the wake of her nomination, she consolidates the second place that some polls already assign to her. A place in the second round of the election against President Macron would give her a chance…

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European, Politics

Zemmour Candidate?

Brussels, 12 November 2021 When a fortnight ago Anne Hidalgo called Eric Zemmour a “clown”, she was subjected to mocking and derogatory remarks about her use of words. However, she hit the nail on the head because the polemicist dresses up his language in a gruesome veneer to manipulate his audiences and thus attempt to drown his outrages which should be firmly condemned. Even well-known commentators who shout themselves hoarse on TV platforms find it easier to act as arbiters of the proper use of the French language than to risk their reputation by supporting a candidate who is languishing in the polls, or to cast aspersions on a person unworthy of running for – or exercising the powers of…

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