European commissioner accused of 'outrageous anti-Semitism' by Jewish group.

New schedule available now with a wide range of courses and activities for adults and children.

"I would like to hire ascooter just for the coming weekend. Does anyone know a company located in..." - Posted by lilly. 1 reply, last discussed at 17:27

"We are interested in adopting a kitten. Does anyone now of a feline charity or refuge we can..." - Posted by saffy. New discussion topic, posted at 17:23

As noted in Andrew Bostom's essay debunking the just-can't-shake-it myth of Islamic "tolerance" in Muslim Spain, by the middle of the 8th century, the cathedral in Cordoba dedicated to Saint Vincent had been "converted" to a Muslim mosque. However, as 19th-century scholar of Muslim Spain (and Islamophile) Reinhart Dozy writes, this was "clearly an act of spoilation as well as an infraction of the treaty" between Cordoba Christians and the invading Arab Muslims.

All the churches in that city [Cordoba] had been destroyed except the cathedral, dedicated to Saint Vincent, but the possession of this fane [church or temple] had been guaranteed by treaty. For several years the treaty was observed; but when the population of Cordova was increased by the arrival of Syrian Arabs [i.e., Muslims], the mosques did not provide sufficient accommodation for the newcomers, and the Syrians considered it would be well for them to adopt the plan which had been carried out at Damascus, Emesa [Homs], and other towns in their own country, of appropriating half of the cathedral and using it as a mosque. The [Muslim] Government having approved of the scheme, the Christians were compelled to hand over half of the edifice. This was clearly an act of spoilation, as well as an infraction of the treaty. Some years later, Abd-er Rahman I requested the Christians to sell him the other half. This they firmly refused to do, pointing out that if they did so they would not possess a single place of worship. Abd-er Rahman, however, insisted, and a bargain was struck by which the Christians ceded their cathedral.

And so the single remaining church in the city became the Great Mosque of Cordoba. This mosque became a cathedral again in 1236 when King Ferdinand III of Castile recaptured the city from Muslim Moors.

Note, however, in these following thumbnails from recent news accounts of Muslim attempts to take the cathedral back for Islam (I'm not kidding), the fudging or complete omission of the cathedral's Christian origins preceding the establishment of the Great Mosque.

From the Times of London, April 3, 2010, "Muslims arrested for trying to pray in Cordoba's former Great Mosque":

The Great Mosque of Córdoba was converted into a Christian church in 1236 after King Ferdinand III of Castile recaptured the city from the Moors. The building later became the modern-day Cathedral of Our Lady of the Assumption.

Muslim organisations have long campaigned for the right to pray inside the building, which was once one of the biggest mosques in the world.

However, Demetrio Fernández González, the recently appointed Bishop of Córdoba, reinforced a ban on Muslims praying in any part of the 24,000sq m (260,000sq ft) building, saying that canon law did not permit it.

A statement from the bishop’s office said: “The shared use of the cathedral by Catholics and Muslims would not contribute to the peaceful coexistence of the two beliefs.”

The Roman Catholic Church cited archaeological reports that said before the Mosque was built in the 8th century remains of an earlier Christian temple had stood on the same spot.

The not-so-faint implication is that the source of these "archaeological reports" is somehow sectarianly non-objective, while the reports themselves don't merit mention in the recitation of the cathedral's history. And since when are "archaeological reports" dismissed so lightly? When they fail to match the PC narrative.

Oh, and by the way, the Times also reports (paragraph 9):

After being asked to stop praying,  [Catholic authorities] added, “they [two of the praying Muslims] replied by attacking security guards, two of whom suffered serious injuries.”

From CNN, August 17, 2010, "Muslims in Spain campaign to worship alongside Christians":

Muslims in Spain are campaigning to be allowed to worship alongside Christians in Cordoba Cathedral -- formerly the Great Mosque of Cordoba.

And what else? Nothing, according to CNN.

Today, at the original Cordoba mosque in Spain, there is no call to prayer, only the ringing of church bells. That's because the former mosque is now a working Catholic cathedral, performing a daily mass.

It's been a Cathedral since Spain's Christian monarchy conquered Cordoba in the 13th century and more than a million visitors walk through its doors every year.

Look, Ma -- no pre-Islamic history! This obliteration of the past is a traditional hallmark of Islamic conquest.

Meanwhile, note the Islamic good-cop, bad-cop routine, something I've been tracking at least since the foiled British Airplane  Plot of 2006 when it struck me that in the wake the jihadists' attempt to bring down passenger airliners (bad cop), British Muslim leaders followed up by lobbying the government to sanction more sharia in Britain to avoid future outbreaks of such "extremism" (good cop). Notice both sets of actors, the violent jihadists (bad cop) and the peaceful lobbyists (good cop), are after the same goal: extending sharia.

Anyway, to recap the situation in Cordoba: In April, violent "worshippers" (bad cop) seriously injured (knifed) security guards. In August the "peaceful" lobbying effort (good cop) to convert the Catholic cathedral into a half a mosque continues apace. They're both trying to achieve the same goal

And with CNN's implicit favor:

Depictions of Jesus' crucifixion hang underneath the distinctive red-and-white arches of what was once the Muslim prayer hall. Cordoba's dazzling "mihrab" -- the sacred alcove from where Muslim prayer is lead -- still stands as a separate part of the site and is one of the main attractions for tourists.

In fact, the site remains significant for Muslims as a symbol of Islam's golden age of learning and religious tolerance.

Ah, back to that fraud.

The Mosque of Cordoba was once famed for allowing both Christians and Muslims to pray together under the same roof.

Yes, as, Dozy tells us, as an act of "spoilation" and a broken treaty.

Now, some Muslims are trying to repeat that history. Mansur Escudero, a Spanish convert to Islam, is leading the movement that is pushing for the right of Muslims to pray at the Cordoba Cathedral.

"I don't think it's important for Muslims. I think it's important for humankind," Escudero says. "We think this is a beautiful paradigm of tolerance, knowledge, culture. People of different religions living together."

Uh-huh. Sounds beautiful so long as you block out the clanging echoes from the middle of the 8th century when, as Dozy tells us, Muslims broke their treaty with the Christians, "appropriating half of the cathedral and using it as a mosque."

As noted in Andrew Bostom's essay debunking the just-can't-shake-it myth of Islamic "tolerance" in Muslim Spain, by the middle of the 8th century, the cathedral in Cordoba dedicated to Saint Vincent had been "converted" to a Muslim mosque. However, as 19th-century scholar of Muslim Spain (and Islamophile) Reinhart Dozy writes, this was "clearly an act of spoilation as well as an infraction of the treaty" between Cordoba Christians and the invading Arab Muslims.

All the churches in that city [Cordoba] had been destroyed except the cathedral, dedicated to Saint Vincent, but the possession of this fane [church or temple] had been guaranteed by treaty. For several years the treaty was observed; but when the population of Cordova was increased by the arrival of Syrian Arabs [i.e., Muslims], the mosques did not provide sufficient accommodation for the newcomers, and the Syrians considered it would be well for them to adopt the plan which had been carried out at Damascus, Emesa [Homs], and other towns in their own country, of appropriating half of the cathedral and using it as a mosque. The [Muslim] Government having approved of the scheme, the Christians were compelled to hand over half of the edifice. This was clearly an act of spoilation, as well as an infraction of the treaty. Some years later, Abd-er Rahman I requested the Christians to sell him the other half. This they firmly refused to do, pointing out that if they did so they would not possess a single place of worship. Abd-er Rahman, however, insisted, and a bargain was struck by which the Christians ceded their cathedral.

And so the single remaining church in the city became the Great Mosque of Cordoba. This mosque became a cathedral again in 1236 when King Ferdinand III of Castile recaptured the city from Muslim Moors.

Note, however, in these following thumbnails from recent news accounts of Muslim attempts to take the cathedral back for Islam (I'm not kidding), the fudging or complete omission of the cathedral's Christian origins preceding the establishment of the Great Mosque.

From the Times of London, April 3, 2010, "Muslims arrested for trying to pray in Cordoba's former Great Mosque":

The Great Mosque of Córdoba was converted into a Christian church in 1236 after King Ferdinand III of Castile recaptured the city from the Moors. The building later became the modern-day Cathedral of Our Lady of the Assumption.

Muslim organisations have long campaigned for the right to pray inside the building, which was once one of the biggest mosques in the world.

However, Demetrio Fernández González, the recently appointed Bishop of Córdoba, reinforced a ban on Muslims praying in any part of the 24,000sq m (260,000sq ft) building, saying that canon law did not permit it.

A statement from the bishop’s office said: “The shared use of the cathedral by Catholics and Muslims would not contribute to the peaceful coexistence of the two beliefs.”

The Roman Catholic Church cited archaeological reports that said before the Mosque was built in the 8th century remains of an earlier Christian temple had stood on the same spot.

The not-so-faint implication is that the source of these "archaeological reports" is somehow sectarianly non-objective, while the reports themselves don't merit mention in the recitation of the cathedral's history. And since when are "archaeological reports" dismissed so lightly? When they fail to match the PC narrative.

Oh, and by the way, the Times also reports (paragraph 9):

After being asked to stop praying,  [Catholic authorities] added, “they [two of the praying Muslims] replied by attacking security guards, two of whom suffered serious injuries.”

From CNN, August 17, 2010, "Muslims in Spain campaign to worship alongside Christians":

Muslims in Spain are campaigning to be allowed to worship alongside Christians in Cordoba Cathedral -- formerly the Great Mosque of Cordoba.

And what else? Nothing, according to CNN.

Today, at the original Cordoba mosque in Spain, there is no call to prayer, only the ringing of church bells. That's because the former mosque is now a working Catholic cathedral, performing a daily mass.

It's been a Cathedral since Spain's Christian monarchy conquered Cordoba in the 13th century and more than a million visitors walk through its doors every year.

Look, Ma -- no pre-Islamic history! This obliteration of the past is a traditional hallmark of Islamic conquest.

Meanwhile, note the Islamic good-cop, bad-cop routine, something I've been tracking at least since the foiled British Airplane  Plot of 2006 when it struck me that in the wake the jihadists' attempt to bring down passenger airliners (bad cop), British Muslim leaders followed up by lobbying the government to sanction more sharia in Britain to avoid future outbreaks of such "extremism" (good cop). Notice both sets of actors, the violent jihadists (bad cop) and the peaceful lobbyists (good cop), are after the same goal: extending sharia.

Anyway, to recap the situation in Cordoba: In April, violent "worshippers" (bad cop) seriously injured (knifed) security guards. In August the "peaceful" lobbying effort (good cop) to convert the Catholic cathedral into a half a mosque continues apace. They're both trying to achieve the same goal

And with CNN's implicit favor:

Depictions of Jesus' crucifixion hang underneath the distinctive red-and-white arches of what was once the Muslim prayer hall. Cordoba's dazzling "mihrab" -- the sacred alcove from where Muslim prayer is lead -- still stands as a separate part of the site and is one of the main attractions for tourists.

In fact, the site remains significant for Muslims as a symbol of Islam's golden age of learning and religious tolerance.

Ah, back to that fraud.

The Mosque of Cordoba was once famed for allowing both Christians and Muslims to pray together under the same roof.

Yes, as, Dozy tells us, as an act of "spoilation" and a broken treaty.

Now, some Muslims are trying to repeat that history. Mansur Escudero, a Spanish convert to Islam, is leading the movement that is pushing for the right of Muslims to pray at the Cordoba Cathedral.

"I don't think it's important for Muslims. I think it's important for humankind," Escudero says. "We think this is a beautiful paradigm of tolerance, knowledge, culture. People of different religions living together."

Uh-huh. Sounds beautiful so long as you block out the clanging echoes from the middle of the 8th century when, as Dozy tells us, Muslims broke their treaty with the Christians, "appropriating half of the cathedral and using it as a mosque."

Our Family Association welcomes all new and returning families.

(Lire article)

The French-language training for building designer at the Institut Diderot lasts one year. (Lire article)

The Department of Public Education of the City of Brussels is looking for a part-time administrative assistant (m/f) for the Dutch-speaking Academy of Music, Word and Dance. The job offer is only available in Dutch. (Lire article)

The Department of Public Education of the City of Brussels is looking for assistant educators (m/f) for the Dutch-speaking primary schools. The job offer is only available in Dutch. (Lire article)

On Friday 3 September 2010, the football match Belgium - Germany will be played in the King Baudouin Stadium. The kickoff is at 8:45 pm. The match can lead to traffic problems around the stadium. (Lire article)

The European Union reached a long-awaited agreement on reform of financial supervision, paving the way for the establishment of three pan-EU watchdogs to oversee controls on banks and insurers in the region from next year

Sebastian Vladescu was forced to step down as the prime minister shook up his cabinet in response to huge political pressure over the government's unpopular austerity measures

Agreement with European Parliament paves the way for the creation of four European supervisory bodies.

Panoramic photo by Valentin Matache.
Click the image to open the interactive version.

Growth in the EU and in the eurozone was 1% in the April-June period.

Commission fails in bid to get postal firm to repay €572 million in state aid to the German government.

"I have heard it is possible to visit the city on a canal boat. Can anyone ill me in?" - Posted by saffy. 4 replies, last discussed yesterday at 17:09

"Since this Forum is a bit quiet at the moment - did you discover any interesting bits of Belgium..." - Posted by Brusselsrower. 1 reply, last discussed yesterday at 17:04

European Commission bans one cargo carrier from the EU, and restricts the operations of another.

The Théâtre de Poche offers 5x2 tickets for the play 'Cock' on Tuesday 28 September 2010 at 8:30 pm. Play in French. (Lire article)

Interest rates to be kept on hold for 16th month in a row.

(Lire article)

The Department of Public Education of the City of Brussels is looking for a technical assistant (medicine) for the post of nurse in the French-speaking Service de Promotion de la Santé à l'Ecole (PSE). (Lire article)

" I am trying to find a great place to camp and go Pike fishing. Anyone out there know of where I..." - Posted by Flippercast. New discussion topic, posted yesterday at 12:46

ERTICO – ITS Europe (www.ertico.com) is a multi-sector, public/private partnership pursuing the development and deployment of Intelligent Transport Systems and Services (ITS). ITS - Intelligent Transport Systems and Services - is the integration of information and communications technology with transport infrastructure, vehicles and users in order to improve the transport system as a whole including issues related to road safety, traffic efficiency, environmental issues and system and infrastructure security.

 

We are currently seeking to recruit a full-time (m/f) FINANCE & ADMINISTRATION ASSISTANT English/French

 

To enhance our Financial and Administrative Department and join our international and dynamic team.

 

The role:

The Finance and Administration assistant plays an active role by collecting and delivering ad hoc information to and for the department.
He/She provides support on ERTICO accountancy, finance, administration and office management.

 

The selected candidate will have the following responsibilities:

• Collect, check, register and keep track of all order forms, incoming & outcoming invoices, travel claims, according to Belgian law and internal procedures;
• Prepare payments in appropriate software;
• Assist in the closing of the books on a monthly basis;
• Follow-up of EC Projects contracts, budgets, expenditures, timesheets;
• Perform administrative work and maintain appropriate and confidential records;
• Responding to correspondence, formatting and editing reports and letters;
• Day-to-day office & facilities management and orders;
• Filing and archiving;
• Back-up of the reception.

 

The successful candidate will:

• Have at least 2 years experience in a similar position; experience in European Commission projects is an asset;
• Excellent knowledge of both English and French (written and oral);
• Good knowledge of MS office and other tools (Excel, Word, Outlook, Internet); SAP is an asset;
• Accurate – discreet - affinity with figures is mandatory;
• Have good planning and organisational skills, ability to work with deadlines;
• Service minded - proactive – flexible;
• Be a team player and able to work autonomously;
• Have good relationship & communication skills;
• Be enthusiastic and positive.

 

ERTICO offers a friendly, dynamic work environment with a chance to grow.

 

Applications:

• Please send your application letter and resume to Géraldine Viérin, Human Resources Manager, before 15 August 2010, recruitment@mail.ertico.com
• For security reasons, please note that we cannot accept emails from services such as Yahoo!, Hotmail! Etc. In this case, please fax or post your application instead.

 

 

Employers want to know how you found their job advert so please state that you found this position advertised in EurActiv.

Get the Euractiv JobSite newsletter and receive the latest EU jobs.

Follow the EurActiv JobSite on Twitter and get job-seeking tips and the EU Job of the day.

 

The French-speaking education for social advancement of the City of Brussels presents the catalog of courses for 2010-2011. (Lire article)

DIRECTOR GENERAL

St Albans, near London, UK

Attractive Six Figure Package

 

International Fishmeal and Fish Oil Organisation (IFFO) is the international non-profit organisation which represents fishmeal and fish oil producers and related trades throughout the world. With almost 200 members in approximately 50 countries it represents nearly two-thirds of world production plus around 80% of exports of fishmeal and fish oil worldwide. The current Director General will retire in 2011 and the Board seeks to commence the process of recruitment for this important and internationally high profile role.

 

Key result areas of this role will include the following:

• To lead and direct the team through effective performance management to ensure that individual and collective performance is maximised and strategic objectives are achieved
• To work with the President and Board in developing a vision for the continued success of IFFO, to communicate and sell this vision internally and externally, providing the drive and motivation to achieve it through inspiring leadership and whilst fostering a culture of excellence and continual professional development
• To promote and develop IFFO's profile and ability to influence all stakeholders internationally through building effective relationships with relevant private sector organisations, governmental and statutory bodies, all members, key participants in the sector and the media
• To direct and control optimum organisational and financial performance through effective monitoring and reporting procedures and ensuring corrective action is taken and pursued when required.

 

The successful candidate will be required to have the following criteria:

• Strong, visionary leadership with demonstrable ability to develop effective relationships with the external community and opinion leaders, instilling confidence in colleagues and a wide range of stakeholders across private, public and political sectors, nationally and internationally
• Charismatic personality and superior interpersonal skills, able to quickly gain respect, ensure credibility and be at ease in a proactive and high profile role
• Excellent international track record within the overall value chain of the animal feed and fish industries, 8+ years at senior management level, with experience of creating and delivering effective, innovative and proven strategies
• Strong commercial and political acumen with the ability to initiate, lead and manage change
• Experience/knowledge of key issues, both economic and environmental pertaining to the fish industry generally, and the fishmeal and fish oil sector specifically
• The initiative of a highly motivated self starter able to combine strategic vision with attention to detail and inspirational leadership style, achieving quantifiable success against hard targets
• Articulate with good language skills, including fluent English and Spanish at business level
• The position will be based in the UK at the head office in St Albans (within commuting distance of London); frequent international travel will be required

 

Please send a full CV including details of current remuneration to: 
Judy Wagner, FWB, 19 Alva Street, Edinburgh, EH2 4PH. Tel:0131-539-7087 Email: apply@fwbltd.com

 

 

Employers want to know how you found their job advert so please state that you found this position advertised in EurActiv.

Get the Euractiv JobSite newsletter and receive the latest EU jobs.

Become a fan of the JobSite page on Facebook

Follow the EurActiv JobSite on Twitter and get job-seeking tips and the EU Job of the day.

 

The association Bravvo is looking for a half-time administrative assistant (m/f) for its Secretariat. Job applications are possible until 24 September 2010. The job offer is only available in Dutch and French. (Lire article)

Political groups in the Parliament ready to recommend a formal condemnation of Nicolas Sarkozy.

Around 30 senior staff to be appointed, but legal issues delay efforts to fill posts in Brussels.

Commission wants rapid deal with Council and MEPs as the EU expects surge in number of PNR requests.

Leading MEP says provisional agreement is 'likely'.

Pakistan included on informal summit agenda as Kristalina Georgieva calls for more aid money.

Legal affairs committee to examine non-binding legal opinion.

Committees to vote on updating EU rules.

Foreign policy chief 'closely involved' in talks, despite being in China.

Presidency wants to greater focus on secure and affordable energy.

The European Union’s efforts to protect the natural world beyond its borders will be on display next week, but will also be criticised for a lack of ambition.

Spain joins Italy in objection to proposal but Belgium wants a deal before end of the year.

Media taskforce and speech by Malian leader also on the plenary agenda.

UN scheme under fire for lack of effectiveness, while Commission seeks to protect emissions scheme.

€9bn to be made available, of which €6.5bn will come from eurozone governments.

Discussion over whether planned reform of rules on fiscal discipline should take account of national pension reforms.

Two taxation optionson the agenda but member states are divided over how to take action.

Commission not willing to extend exemption to the banking sector.

Member states criticised for not implementing refund procedure.

Current and former politicians from the right and the left are uneasy about the possibility of a minority government striking a deal with the right-wing party of Geert Wilders.

'Definite possibility' of agreement on how to reform the EU's patchy system of financial supervision, including the establishment of pan-EU watchdogs for the banking, insurance and financial market sectors

Corporates argued forcing them to process OTC derivatives trades through clearing houses would cause a huge drain on cash, possibly hurting European economic growth prospects

The 20th Brussels Development Briefing will be on 'Financing agriculture' and will take place on the 15th of  September 2010. As an input to the UN Summit on MDGs to be held in New York on 22-26 September 2010, we will discuss issues related  to financing development in the context of agriculture and rural development. This will include issue such as Aid and ODA, taxation (Domestic tax revenues), private investment (new donors), revenue generation. Speakers include: Centre for Environmental Policy at  Imperial College in London, the  Partnership to Cut Hunger and Poverty in Africa in the US, CONCORD, OECD, African Development Bank, Caribbean Development Bank, YARA, African regional framers organizations.

For more information please contact: lopes@cta.int or boto@cta.int

Inhabitants of Brussels who want to make their streets or quarters greener, can participate in the project 'Green neighborhoods' (Quartiers Verts). The project is an initiative of the French-speaking association IEB Inter Environnement Bruxelles. The forms are only available in French. (Lire article)

Ski destination - Now on sale!
The French Alps starting at 60 EUR*!

On Saturdays from 18/12/2010 to 23/04/2011 Thalys whisks you to the slopes via Chambéry, Albertville, Moutiers, Aime-la-Plagne, Landry and Bourg-St-Maurice stations.
Book now!

*Offer subject to conditions

On the occasion of the 180th anniversary of the Belgian Revolution and the 3rd national gathering of the flag bearers, the Archives of the City of Brussels present a scene of the attack on the Parc de Bruxelles (Warandepark) by the Belgian Volunteers on 25 September 1830. (Lire article)

Fleishman-Hillard Brussels is seeking an enthusiastic applicant with at least one year’s experience gained in the European Institutions or a Public Affairs/policy position. Knowledge and experience of working within the ICT environment will be particularly helpful.

 

The successful candidate will have:

• Knowledge of EU policymaking
• Excellent writing and research skills and networking ability
• Excellent verbal and written communications
• Commitment to the highest standards of service delivery
• Prior experience in a professional services firm an advantage
• Ability to manage multiple deadlines and work autonomously
• Good organizational skills
• Background in ICT services and the ability to give strategic counsel in these areas
• Fluency in English (one other European language is welcome)
• MS Office proficiency

 

Responsibilities will include:

• Assisting with preparing draft reports and issue analysis
• Daily monitoring of relevant information sources and reporting on key developments
• Establishing political intelligence in support of public affairs programmes
• Developing draft strategic advice and implementation of client strategy
• Proactively building networks around key issues
• Assisting with production of new business proposals

 

This is an ideal opportunity for someone seeking to gain broader public affairs experience with an international consultancy. Fleishman-Hillard’s reputation for quality, creativity, and results is the foundation of our distinguished status in the industry.

 

Application

If you’re interested in this opportunity please contact our VP Talent Development CE,
Ireland: ariane.vanderhaegen@fleishmaneurope.com

 

 

Employers want to know how you found their job advert so please state that you found this position advertised in EurActiv.

Get the Euractiv JobSite newsletter and receive the latest EU jobs.

Become a fan of the JobSite page on Facebook

Follow the EurActiv JobSite on Twitter and get job-seeking tips and the EU Job of the day.

 

Our video guest this week is Mr. Pedersen; he is the director of the FAO Liaison Office with European Union and Belgium. In this interview Mr. Pedersen explains how the FAO is working with the EU. Furthermore, Mr. Pedersen elaborates on the work of the FAO towards the achievement of the Millennium Development Goals. In particular, Mr.  Pedersen stresses on the issue of food security. He presents the various actions and campaigns, such as the 1 billion hungry campaign, to illustrate the work done by the FAO in this area.

The Wildlife Conservation Society (WCS) saves wildlife and wild places by understanding critical issues, crafting science-based solutions, and taking conservation actions that benefit nature and humanity. With a century of experience and long-term presence in more than 50 nations, WCS has amassed the biological knowledge, cultural understanding and partnerships to ensure that vibrant, wild places and wildlife thrive alongside local communities. WCS addresses the challenges of the complex inter-relationship between conservation, sustainable development, and human livelihoods; natural resource management and extraction; the wildlife/livestock/ human health interface; and climate change.

In support of this work, we seek a dynamic, conservation-minded professional to build partnerships with European government agencies and legislative bodies on behalf of WCS’s strategic conservation objectives in Africa, Asia and Latin America.

 

The European Policy and Government Relations Director will:

• Shape WCS policy engagement in Europe support of the conservation programs, so as to (a) align policy initiatives and consequent funding opportunities with WCS conservation priorities, and (b) draw upon the expertise and experience within WCS to help identify, formulate, and articulate policy initiatives of the public sector in Europe.
• Building upon WCS’s existing policy expertise in Washington, both in the legislative and agency arenas, help support transatlantic linkages for conservation through (a) the coordination of WCS’s political and advocacy actions, and (b) coordination with WCS high-level agency-focused program development efforts in Europe.
• Support WCS’s policy engagement with multilateral institutions (World Bank, GEF, climate change financing mechanisms, FAO, etc.) related to the conservation of wildlife and wild lands by maintaining relationships with European participants in those processes.
• Within the framework of an annual workplan developed jointly with WCS Europe, represent WCS in European-based policy discussions with governments, multilateral institutions, treaty organizations and conservation organizations.
• Ensure an internally-consistent and mission-focused set of policy interventions in Europe.

 

To Apply:

http://www.wcs.org/about-us/careers.aspx

 

 

 

Employers want to know how you found their job advert so please state that you found this position advertised in EurActiv.

Get the Euractiv JobSite newsletter and receive the latest EU jobs.

Become a fan of the JobSite page on Facebook

Follow the EurActiv JobSite on Twitter and get job-seeking tips and the EU Job of the day.

 

DIRECTOR

Economics & Financial Services Policy

Brussels

If you have solid experience in EU public affairs, want to join a dynamic international team where you can make a mark, and are interested in developing a reputation in particular areas of EU policy – then this is aimed at you.

Kreab Gavin Anderson is a leading international communications company. In Brussels since 1992, we are one of the foremost EU affairs consultancies, with an outstanding reputation. We have a world-class portfolio of clients. We are an international multi-lingual team, based in the heart of the European quarter. In London since 1984 we are one of the foremost specialist Financial, Corporate and Public Affairs communication firms in the world’s financial heart.

We always seek to be the best in our field, and we are looking for the best people in the market to help us reinforce our service offer. We are seeking to recruit a dynamic individual with experience of both the London and Brussels regulatory environments, in order to provide City based clients, and others, with a joined up approach to European affairs. The role will require frequent travel between Brussels and London. Experience in economic and /or financial services policy and regulation is essential.

 

Specific requirements include:

• 10 years European affairs experience, at least partially within economic and/or financial services sector, with established credibility and judgement to counsel clients from day one.
• Proven capacity to collaborate effectively within an international team, requiring both cultural flexibility and a team-spirited approach.
• Demonstrable knowledge of the intricacies of EU processes and institutions, and personal experience of addressing them.
• The capacity to analyze and communicate clearly, both orally and in writing, the client-relevant aspects of complex policy issues.
• A capacity to build networks and gather intelligence.
• Proven organizational capacity, including for event management and campaigning.
• Ability and desire to drive business development process.
• Fluent English and at least one other European language in addition.

 

Please send your CV in confidence to Veerle Abeel before 1 October 2010.

Kreab Gavin Anderson
Avenue de Tervueren 2 bte3
B-1040 Brussels
Or by e-mail, marked vacancy director, to
vabeel@kreabgavinanderson.com

 

 

 

Employers want to know how you found their job advert so please state that you found this position advertised in EurActiv.

Get the Euractiv JobSite newsletter and receive the latest EU jobs.

Become a fan of the JobSite page on Facebook

Follow the EurActiv JobSite on Twitter and get job-seeking tips and the EU Job of the day.

 

What is Public Technical Assistance and how should it incorporate the requirements of the Aid Effectiveness Agenda? The European Network of Implementing Development Agencies, EUNIDA, offers some answers to these questions.

African nations make up 36 of the 50 nations whose food supplies are most at risk, according to the Food Security Risk Index of 163 countries, compiled by risk analysis firm Maplecroft. Extreme droughts and high poverty rates, as well as poor infrastructure for transporting agricultural products, render Sub-Saharan Africa particularly vulnerable, it said.

The Ministry of Trade and industry has started a sensitization campaign on Economic Partnership Agreements (EPAs) in all sectors of economy. The EPAs are wide ranging trade agreements covering goods, services as well as areas of broad economic cooperation between East African Community (EAC) partner states and the European Union (EU).

Born on 24 January 1960 in Etterbeek, Yvan Mayeur grew up in the district of the Marolles. At the age of 50, social worker by training, Yvan Mayeur is at present President of the CPAS (Public Welfare Centre) of Brussels and federal Deputy. (Lire article)

The ESBG/WSBI Payments and Securities practice has 4 dimensions:

• ESBG represents the interests of its Members with the European Parliament, the European Commission, and the European Central Bank, to evolve and shape the legislative and regulatory framework for payments and securities.
• WSBI represents the interests of its Members with international organizations such as the World Bank and regional development banks to contribute to shaping the policy and regulatory framework for payments and securities.
• ESBG/WSBI work directly with their Members to foster business co-operation by identifying and developing projects.
• WSBI provides technical assistance to savings and retail institutions across the world.

 

Position :

Work with the Deputy Director, Payments and Securities, to execute the above missions

 

Profile:

• Reputed university degree (finance, economics) or equivalent business school graduate .
• 3 years working experience, either in the banking sector in a euro country (bank, or interbank organisation), or with the European Commission. Experience in payments is a prerequisite.
• Working language: English. Proficiency in another major European language is required.
• Excellent analytical and organisational skills.
• Ability to conduct research and talent to develop position papers.
• Excellent interpersonal and communication (oral and written) skills.
• Demonstration of diplomacy and negotiation skills in a multicultural environment, ability to blend with the savings and retail banking culture.
• Ability to (gradually) represent the organization within interbank working groups.
• Available for some business travel within the European Union.

 

Only candidates meeting the above requirements are invited to send a detailed c.v., accompanied by a covering letter to: hr@savings-banks.com. For further information, please visit our website: www.savings-banks.com

 

 

 

Employers want to know how you found their job advert so please state that you found this position advertised in EurActiv.

Get the Euractiv JobSite newsletter and receive the latest EU jobs.

Become a fan of the JobSite page on Facebook

Follow the EurActiv JobSite on Twitter and get job-seeking tips and the EU Job of the day.

 

All members of the Southern African Development Community (SADC) should meet the 2012 deadline for the implementation of the Free Trade Areas (FTAs) following a delay in effecting them since their inception in 2008.

The fertile lowlands that cover one-fifth of Liberia are part of a European Union and FAO-supported plan to cut the nation's dependence on rice imports and improve the livelihood of vulnerable farmer families.

Director of Member & Industry Affairs - ILPA

Department: External Vacancy

 

The Company

The Institutional Limited Partners Association (ILPA) is a global organization of institutional investors in private equity. With highly regarded members and a world-class Board, the association is recognized internationally as supporting the needs of the industry by providing a forum for:

• Value-added communication and networking
• Education in the asset class; and
• Research, best practices and performance measurement

 

The ILPA has:

A membership of over 230 organizations and 1000 private equity professionals spanning all categories of small and large institutions including: Public Pensions, Corporate Pensions, Endowments, Foundations, Family Offices, Insurance Companies

International representation from North America, UK, Europe, Asia, and the Middle East

A membership that represents well over US $1 Trillion in private equity assets under management

 

The Position

Reporting to the Executive Director and as a senior member of the management team, the Director of Member & Industry Affairs will serve as a member and industry conduit of the ILPA.

This position will canvass ILPA membership as well as relevant external groups to identify and understand issues and events that have an effect on (or could have an effect on) private equity investing or its participants.

The Director of Member & Industry Affairs is then responsible for the timely transfer of this information and their assessments of such to members, ILPA team leaders and the Executive Director. This continuous emphasis on key issues for the membership and the communication of same to the team will ensure alignment of focus and strategy across the organization.

In concert with other ILPA team members and their respective programs, the Director of Member & Industry Affairs will be responsible for implementing ILPA responses to the more salient or actionable findings and events. As a natural extension of central responsibilities, the position will also be responsible for membership development. This will entail direct communication with members and potential members regarding strategic development programs impacting the broader membership base as well as issues more specific to members or potential members (i.e. by geography or investor type). The position will elevate ILPA’s external profile and role in Private Equity affairs that shape the industry.

With a keen awareness and understanding of the multifaceted issues impacting private equity and the perspectives of the limited partners, the ideal candidate will understand the importance of the alignment of interests between general partners and limited partners. This role will be filled by a professional that can demonstrate creativity and resourcefulness in developing solutions. The ideal candidate will have existing industry relationships that span the functional, regulatory and investment aspects of private equity across broad industry groups and organizations.

The responsibilities of this role will be global in nature. It is currently expected that this position will be based in Toronto with travel requirements.

 

Key Accountabilities & Responsibilities:

• Establish and build strong working relationships across the private equity landscape to include members and other practitioners; general partners; regulatory bodies; organizations and associations; those that influence the industry; and service providers and their regulatory or standard-setting bodies
• Gather member and industry “intelligence” pertaining to various issues and geographies to ensure the association is continuously on the forefront of member and industry issues and events
• Work with ILPA team leads to determine which issues will become focus issues and result in communication to members, education programs, research, ILPA monitoring and/or ILPA involvement
• Implement specific ILPA responses to “intelligence” to include development of: communications designed to inform, educate or involve ILPA members or the broader limited partner/practitioner communities; programs to monitor and provide updates of current issues; guidance of research programs (external or via ILPA’s research committee); input and guidance in regard to education programs and similar initiatives
• Lead the Best Practice and Principles Committee and evolve its mandate. Take innovative ideas from concept to implementation and market initiatives to members and other industry participants
• Develop and drive the membership strategy and growth via broader position mandates and resulting relationships and specific membership development, retention and acquisition programs.
• Provide strategic support to the Executive Director, manage staff and overseeing the ILPA’s Best Practice and Principles Committee, Membership Committee and oversee the Research Committee alongside the Research Director
• Offer industry and practitioner insights to the ILPA team as requested and proactively
• Seek out and develop revenue streams to support programs

 

Experience & Qualifications

• 10+ years senior level private equity experience as a limited partner
• Experience will include demonstrated competencies and understanding across the asset class to include strategic and functional responsibilities
• A background that includes lead participation and/or development of programs that support the long term sustainability of the asset class
• Ability to leverage existing industry relationships that span the functional, regulatory and investment aspects of private equity across broad industry groups and organizations
• Global relationships and investing acumen is highly desirable
• Experience as a key contributor to business strategy and the where-with-all to be a lead member in executing the business plan
• Have had success partnering with colleagues across the business and are viewed and respected as a leader and coach
• Demonstrated management/leadership abilities, including training, team building, and administration
• A track record of strong relationship building with both internal and external stakeholders
• A post graduate degree, CFA, JD and/or CAIA charter is preferable. Further, the successful candidate will be required to continue to supplement their private equity education and industry knowledge via formal/accredited programs

 

For more information on this role, please contact

Sandra Vansevenant, find* executive search, 1-416-483-0955 | sandra@findinc.ca

 

 

Employers want to know how you found their job advert so please state that you found this position advertised in EurActiv.

Get the Euractiv JobSite newsletter and receive the latest EU jobs.

Become a fan of the JobSite page on Facebook

Follow the EurActiv JobSite on Twitter and get job-seeking tips and the EU Job of the day.

 

 

 

 

"Hi First I have to say that I am married but my husband will be travelling a lot for work..." - Posted by Sugarplumfairy. 3 replies - last discussed on 30/08/2010

This is commentary on an article in The Economist, online edition, Clearing the Air. It is not radically different than other articles concerning the Federal Reserve, monetary policy and speculations about what will happen next. It deserves some analysis, for otherwise this reporting is more confusing than helpful. And while this concerns the US Federal Reserve, the situation regarding the European Central Bank (ECB) is quite similar.

A LITTLE while ago Ben Bernanke, the Federal Reserve chairman, called the economic outlook “unusually uncertain”.

This might be because Bernanke and the Federal Reserve Board do not know how to differentiate a helthy economy from a suffering one. Further, expressing 'uncertainty' is helpful, for then you have hedged your statement and cannot be blamed (severely) if you turn out to be wrong.

The Fed has lately been a source of a lot of that uncertainty. Its officials maintained an upbeat outlook for the economy as the news in recent months went from bad to worse, then on August 10 they seemed to abruptly embrace the opposite view by announcing new steps to stimulate the economy. Matters have not been helped by the public airing of divergent views from officials.

At least divergent views provide the public with a variety of official, qualified statements to choose from. If the Fed officials provide us with a buffet of diverse and contradictory statements, chances are that at least one of them will be reasonably right.

Mr Bernanke cleared up a lot of the confusion with a long speech to the Kansas City Fed’s annual symposium in Jackson Hole, Wyoming today.

Great. So he eventually found out where we are headed, and spelled that out clearly.

In a nutshell, Mr Bernanke said the economy has, indeed, underperformed, but it will get better.

Everyone should like him for that statement. Thanks a bunch!

And if it doesn’t,

Oh, crap... Didn't he just tell us that things will get better? Clearly, without hesitating or hedging? Then, it is more rational to have one person present dissenting views than spreading the task to several.

the Fed will do more unconventional things.

That's Fed-speak.

'Unconventional' in this context usually means "Moneyprinting dressed up in clever ways". But that wording has an unpleasent ring to it – it is much less alarming to take pride in the creativity in solving the problems than it would be to be accurate about the actual means to be employed.

The same morning Mr Bernanke spoke, the Commerce Department was reporting that the economy grew at a miserable 1.6% annual rate in the second quarter, down from its initial estimate of 2.4%. The betting is that the current quarter won’t be much better.

'Underperform', indeed. Wonder if this is the expected result from the stimulus policy of Bernanke and the Obama administration? Worth also noting the term 'betting'. Bernanke does not seem to actually know where we are headed.

Mr Bernanke admits this is unexpected and disappointing,

Well, it shouldn't be, really. It is the unexpected result of what they promised would restore the economy, but which independent analysts doubted, more or less vocally. The vocal doubters were right, Obama and Bernanke were wrong. Not that it would cause any of them to resign, of course.

but it’s not a double dip.

'Double dip' seems to be the bogeyman of these days. The Fed has employed massive 'Unconventional means' to prevent the Double Dip (contraction, growth, then again a contraction of GDP) to happen. He does seem somewhat concerned that his trillion-dollar quantitative easing does not deliver the promised result.

The economy will “continue to expand in the second half of this year, albeit at a relatively modest pace [and] the preconditions for a pickup in growth in 2011 appear to remain in place.”

As measured by GDP. Job count in the private sector tell a different story. But as it is easier to manipulate GDP through monetary policy, which is the responsibility of the Fed, it is natural that he focuses on this, rather than unemployment and other facts closer to the lives of ordinary citizens.

Though puzzled that consumption has been so weak,

Wonder if he imagines he can control the spending habits of the public? At least he admits incompetence again, though it didn't make him submit a resignation this time. Perhaps next time he is caught by surprise by the developments?

Mr Bernanke notes several developments that bode well for a pickup: the household saving rate was recently revised up to 6% from 4%,

Compared to double-digit saving rates in other countries, not least the Far East, this is a ridiculous savings rate in the first place. But the increase is a good sign, savings are important.

suggesting households have made brisk progress in deleveraging, setting the stage for more robust consumption

Ehm..? Consumption, not saving, is supposed to be good for the economy? This seemingly counter-intutive idea does have a rational explanation, however: GDP, which is the most common measure for the health of the economy, is easier to manipulate through monetary policy and inducing optimism into the public. The savings rate, which is more important for long-term economical health, is glossed over by a chairman obviously looking for a quick fix and fast approval.

(if only employment and incomes can pick up).

Here's another catch. Employment usually doesn't catch up when GDP goes up, making the recovery 'jobless', and thus immaterial to a lot of people. But the strong focus on GDP as the real indicator of economical progress is understandable. When it goes up, suitable publicity can improve consumer confidence and give the impression that the crisis truly is over and done with.

Second, financial markets are loosening up, especially since European policy makers got their sovereign debt crisis under control.

This is good. Let's hope for the US to also get their crisis under control. Doesn't seem to be on the radar just yet, however.

Given this constructive view, what to make of the Fed’s decision on August 10 to reinvest the proceeds of maturing mortgage backed securities in its portfolio into Treasury bonds?

This is getting interesting. Just why would the Fed engage in open money-printing, contrary to the wish of the market to let the bonds mature and money supply shrink?

The Fed had previously bought over $1 trillion of MBS as part of its original programme of quantitative easing to bring down long-term interest rates.

OK, the Fed is effectively into the market of providing mortgages. Interesting. Since the Fed, by definition, has an infinite amount of money at its disposal, it would be interesting to know just why it chooses to sink a full trillion dollars into the mortgage market.

The goal of the policy, in part, was to encourage banks and other investors to buy something else more risky, such as corporate loans, thereby boosting investment.

It's interesting to follow the intentions here. The real goal of the Fed being in the mortgage market isn't to be in the mortage market. It is to push others out, that they may increase business investing. This is getting complicated. A short while ago the Fed intended to stimulate consumption. Now it wants to stimulate investment – where in a crisis-struck economy one would expect that investments be let to rest for a while, awaiting new and more profitable opportunities. Not so when the Fed is bent on directing the market and manipulate just how much investing is being done.

There's a risk to this manipulation, however. Driving down interest rates manipulates the calculus of the entrepeneurs, duping them into investing in projects that they would otherwise not engage in (that's the whole point of stimulating investment), which in turn will very likely increase bankruptcies as well. But that's a problem for the future, not for now. The immediate concern is to force GDP up, that the recession can be declared over for real.

But as the economic outlook worsened,

Now, is this the expected or the unexpected result of previous policies? Both options look bad.

mortgage rates plunged, spurring millions of homeowners to pay off their loans and take out lower-rate mortgages.

Common sense of common people, actually. Thinking of the future, protecting the personal economy, avoiding excess risk. Well done, citizens. That rates plummeted can hardly be considered unexpected, that was the original intention of the Fed. Only that actual people would take practical advantage of this was not expected.

Left alone, this rapid pace of repayments would have led the Fed’s portfolio to contract by some $400 billion by the end of 2011, representing an unplanned but serious tightening of monetary policy.

Yes. And the Fed would be the last to sit back and let the market react freely to what it does.

Note "by the end of 2011". This is quite a forward-looking calculation, where we are not given the actual figures, rather a forecast based on them. The Fed desires a precedent for be able to do this in the foreseeable future, based on more modest figures we're not being told today.

By reinvesting those proceeds into an equivalent amount of Treasury debt, the Fed neither increases or decreases its level of monetary stimulus.

But it does turn the supposedly 'temporary' money-printing of purchasing mortgage bonds into a more permanent one of buying Treasury debt. Nice bait'n'switch, Mr. Bernanke.

One might wonder here: Who pays? Certainly the Fed doesn't, for it has no solid assets to back 400 billion dollars, not to mention those that already exist. While there is a national gold reserve at Fort Knox, it is not these gold reserves that provides the value of the dollar.

What ultimately provides the value of the dollar is the products one can purchase for dollars. Expanding the money supply with a trillion does not alter this supply of products directly. Instead, the value of existing dollars is diluted to accommodate the newly created money pool, completely in line with Keynesian thinking. That this might be a cause for dissatisfaction among current holders of dollar-denominated assets is a problem the Fed routinely ignores. The Chinese do not.

Having explained the past, Mr Bernanke then turned to the future: under what conditions would the Fed do even more? First, if today’s low inflation seems about to turn to deflation.

Now, this is meant to be seriously scary. There is one enemy to be defeated at practically any cost, and that enemy is named 'deflation'. Unfortunately, inflation / deflation are measured through the Consumer Price Index (CPI), which has been extensively retooled over the last decades, in order that it may show lower figures than it would 20 or 30 years ago.

This has the fortunate side effect that it reduces payments on indexed bonds, the cost of indexes expenses such as Social Security and wage demands, while giving the Fed more opportunities to expand the money supply, that the CPI may be prevented from falling. The disadvantage is that the policy gets out of touch with the experience of ordinary citizens, who see rising costs of food, fuel and other costs of living. Shadow Government Statistics provides alternative CPI figures based on the old methods of calculation.

Deflation fears are on the rise, with TIPS bonds forecasting a 10% to 15% probability over the next five years.

The official CPI calculation is taken for fact, of course, and are quoted as a reason for fear. What exactly makes 'deflation' fearsome is not explained, it is assumed that everybody knows.

But Mr Bernanke thinks deflation is pretty unlikely, and in fact doesn’t seem to think inflation will go lower than its current, underlying rate of around 1%.

'Underlying'? If there is any 'underlying' cause for inflation, it would be the growth in money supply. Inflation is not caused by itself, it is caused by inflating the money supply.

The second condition, and one more likely to trigger action, is if the economy makes no progress in closing the gaping gap between today’s GDP and potential GDP.

Here is another term one is supposed to understand, namely the Potential GDP, for it is a (fictious) parameter that the Federal Reserve is trying to achieve through its policies. Then, if the economy doesn't deliver the growth it 'should', the Fed has a reason to increase the money supply.

As a practical matter, that means growth has to move above 2.5% and unemployment has to drop.

Something firm, that's good. GDP growth is a positive trend, yet falling unemployment would constitute real improvement for real people, a real and lasting improvement.

Mr Bernanke doesn’t seem to think that will happen until 2011, which implies a willingness to wait a few more months for evidence on the prospects for that 2011 pickup.

This is how influential the Fed is: The press even speculates what the chairman "seems to think".

That the Fed is not ready to do more quantitative easing yet is arguably disappointing.

As if we didn't have enough money-printing already... But then, The Economist would have a large share of its readers in the financial sector, which by definition (Fractional Reserve Banking) stands first in line to benefit from 'quantitative easing', which makes the disappointment understandable.

It could easily have justified more action a full year ago given what even then was its lacklustre outlook, and the downside risks (which seem to be coming to fruition). That’s the path the Bank of England, facing similar circumstances, chose.

Sure, Bank of England chose that course. In context it would be useful to also be told what results that brought about, if the extensive quantitative easing done by BoE had finished off the problems for good.

But that’s uncharitable. That Mr Bernanke has not moved as quickly as many of us would have preferred is less important than the fact that his views are still diametrically opposed to the Bank of Japan credo that monetary policy can’t and shouldn’t be used aggressively in a deleveraging, post-crisis economy. 

That is something the BoJ would know about. It used quantitative easing extensively to solve the Japanese financial crisis in the 1990's, which did manage to keep many moribound banks and businesses alive for years, create an amazing national debt, and keep the crisis intact fo a full decade. BoJ seems to have learned a lesson not heeded by BoE, the Fed, or the author of this article.

What would additional action consist of? Mr Bernanke cites four possibilities. One, raising the Fed’s inflation objective (now around 2%), he dismissed out of hand: it would “squander” the Fed’s “hard won credibility”.

The scare quotes seem appropriate. Increasing the inflation target (keep in mind the CPI problems mentioned above) would create more headroom for 'quantitative easing' (money-printing) by the actual tools the Fed has. The inflation target is not a tool in itself.

Another, hardening its commitment to zero rates for a long time, would have marginal benefits

Put another way: That doesn't create all that much more money.

and run up against the market’s well known tendency to wrongly assume that such commitments are unconditional.

The Fed, as usual, is set against the free market. Entrepeneurs, bankers etc. prefer a predictable environment for business decisions and will try to lock in to the current state of things. That makes it easier to deterimine the appropriate investments to do in order to run business in a profitable manner. That they have an opponent able and dedicated to manipulating the business environment in unpredictable manners complicates matters, and business decisions, somewhat.

A third, lowering the rate the Fed pays on commercial bank reserves at the Fed from its current 0.25%, would have almost no impact on the interest rates that people actually pay.

That's true. If the Fed is determined to run interest rates in the commercial market through the floor, alternative methods will surely be needed.

That leaves buying more bonds.

The classical way to create more money: Swap for debt. This never fails.

Mr Bernanke points out the benefits of more QE are uncertain and the costs are growing, as the public might worry that the Fed will fail to keep all the money it printed to buy those bonds from producing inflation.

A valid concern, indeed.

Such fears are largely unfounded

Unfortunately, this is dismissed as 'fear' without further analysis.

—the Fed has many more tools for tightening monetary policy than for easing it further.

Actually the Fed has exacly the same tools for easing as for tightening. It just happens that these tools, in particular the less obviously money-printing ones , are already maxed out in the direction of 'quantitative easing'. Which, as seen above, has not created much in the way of actual economic growth, not to mention new jobs.

But even unfounded fears can affect reality, for example by boosting long-term rates.

What here is called 'unfounded fears' is actually the sum of real decisions by real people, who individually evaluate the economic environment and make decisions what to do. Locking their mortgages into a fixed, long-term rate is the kind of deleveraging and risk minimization we need – it makes people less vulnerable to – aha – rising interest rates! The author of the article is looking at a warning sign the size of a billboard – yet fails to recognize it for what it is, choosing instead to uncritically propagate the Fed narrative.

Mr Bernanke made it clear that if either of his two conditions are met, these misgivings would not get in the way:

So even if the costs of further 'quantitative easing' is rising, Mr. Bernanke is fully intent to go down that road. Nothing seems able to stop this man, who elaborates:

It is worthwhile to note that, if deflation risks were to increase, the benefit-cost tradeoffs of some of our policy tools could become significantly more favorable...Because a further significant weakening in the economic outlook would likely be associated with further disinflation, in the current environment there is little or no potential conflict between the goals of supporting growth and employment and of maintaining price stability.

Long-winded, but actually clear enough: The 'risk' of deflation (see CPI debate above) eventually beats each and every concern one might have for the consequences of yet more 'quantitative easing'. This invites to quoting an earlier statement:

But even unfounded fears can affect reality.

As true as it gets. In particular for the Federal Reserve.

Fed officials gathered under a hail of criticism for communicating badly.

While usally not spelled out as clear as this, the criticism is richly deserved. Under the chairmanship of Alan Greenspan, hazy and self-hedging statements became the order of the day. That has not changed under the current chairmanship, it still takes a lot of analysis to figure out what was actually said, which parts of that were clear, which were hedged, and what the implications are.

The accusations are off base.

Perhaps to those accustomed to Fed-speak. To most citizens, Bernanke might as well speak Greek. Still communication is less important than actual policy.

The Fed doesn’t have a communications problem, it has a policy problem.

While it is simplistic to dismiss the communication problem, there is no doubt that a real and serious policy problems does indeed exist.

The recovery has stumbled and the central bank isn't sure why.

Ehm, could it be as simple as .. incompetence? That the causes for the crisis are not understood, that that appropriate remedy is not understood, and that the failure of the wrong remedies to work is not understood?

Having long ago used up its conventional monetary ammunition, it’s not sure how effective more unconventional ammunition will be.

We need to recall here that 'unconventional' means 'money-printing beyond what is supposed to be sound policy'. The guidelines that are being broken when resorting to 'unconventional' policies are those set in place to ensure that money remains sound. Breaking those is dangerous, and breaking them further, based on the first violations not fixing the problem, seems downright foolhearted.

The 17 members of the Federal Open Market Committee, like the outside world, are divided and unsure about what to do.

Perhaps they should simply not do anything. That is frequently the best choice when uncertain what to do and why.

That their divisions have spilled out into the open dismays many at the Fed, but that ultimately doesn’t matter.

Except that it could damage the "hard won credibility" of the Fed.

The Fed is not the Supreme Court. What the chairman wants, the chairman gets.

Swell. But it's good to have on record that the Fed functions like a dictatorship.

When Mr Bernanke has decided that one of his two conditions will be met, there will be more quantitative easing.

Anyone surprised here?

Judging from Friday’s speech, he’s not there yet.

No, he needs to prepare the ground first. Unless someone protests, loudly, we will get more of the medicine that does not work. Then later further 'surprise' that it still didn't. And since the Fed is basically accountable to noone, this can continue endlessly.

Won't somebody take this man to task for his greatest problem: incompetence?

This is commentary on an article in The Economist, online edition, Clearing the Air. It is not radically different than other articles concerning the Federal Reserve, monetary policy and speculations about what will happen next. It deserves some analysis, for otherwise this reporting is more confusing than helpful. And while this concerns the US Federal Reserve, the situation regarding the European Central Bank (ECB) is quite similar.

A LITTLE while ago Ben Bernanke, the Federal Reserve chairman, called the economic outlook “unusually uncertain”.

This might be because Bernanke and the Federal Reserve Board do not know how to differentiate a helthy economy from a suffering one. Further, expressing 'uncertainty' is helpful, for then you have hedged your statement and cannot be blamed (severely) if you turn out to be wrong.

The Fed has lately been a source of a lot of that uncertainty. Its officials maintained an upbeat outlook for the economy as the news in recent months went from bad to worse, then on August 10 they seemed to abruptly embrace the opposite view by announcing new steps to stimulate the economy. Matters have not been helped by the public airing of divergent views from officials.

At least divergent views provide the public with a variety of official, qualified statements to choose from. If the Fed officials provide us with a buffet of diverse and contradictory statements, chances are that at least one of them will be reasonably right.

Mr Bernanke cleared up a lot of the confusion with a long speech to the Kansas City Fed’s annual symposium in Jackson Hole, Wyoming today.

Great. So he eventually found out where we are headed, and spelled that out clearly.

In a nutshell, Mr Bernanke said the economy has, indeed, underperformed, but it will get better.

Everyone should like him for that statement. Thanks a bunch!

And if it doesn’t,

Oh, crap... Didn't he just tell us that things will get better? Clearly, without hesitating or hedging? Then, it is more rational to have one person present dissenting views than spreading the task to several.

the Fed will do more unconventional things.

That's Fed-speak.

'Unconventional' in this context usually means "Moneyprinting dressed up in clever ways". But that wording has an unpleasent ring to it – it is much less alarming to take pride in the creativity in solving the problems than it would be to be accurate about the actual means to be employed.

The same morning Mr Bernanke spoke, the Commerce Department was reporting that the economy grew at a miserable 1.6% annual rate in the second quarter, down from its initial estimate of 2.4%. The betting is that the current quarter won’t be much better.

'Underperform', indeed. Wonder if this is the expected result from the stimulus policy of Bernanke and the Obama administration? Worth also noting the term 'betting'. Bernanke does not seem to actually know where we are headed.

Mr Bernanke admits this is unexpected and disappointing,

Well, it shouldn't be, really. It is the unexpected result of what they promised would restore the economy, but which independent analysts doubted, more or less vocally. The vocal doubters were right, Obama and Bernanke were wrong. Not that it would cause any of them to resign, of course.

but it’s not a double dip.

'Double dip' seems to be the bogeyman of these days. The Fed has employed massive 'Unconventional means' to prevent the Double Dip (contraction, growth, then again a contraction of GDP) to happen. He does seem somewhat concerned that his trillion-dollar quantitative easing does not deliver the promised result.

The economy will “continue to expand in the second half of this year, albeit at a relatively modest pace [and] the preconditions for a pickup in growth in 2011 appear to remain in place.”

As measured by GDP. Job count in the private sector tell a different story. But as it is easier to manipulate GDP through monetary policy, which is the responsibility of the Fed, it is natural that he focuses on this, rather than unemployment and other facts closer to the lives of ordinary citizens.

Though puzzled that consumption has been so weak,

Wonder if he imagines he can control the spending habits of the public? At least he admits incompetence again, though it didn't make him submit a resignation this time. Perhaps next time he is caught by surprise by the developments?

Mr Bernanke notes several developments that bode well for a pickup: the household saving rate was recently revised up to 6% from 4%,

Compared to double-digit saving rates in other countries, not least the Far East, this is a ridiculous savings rate in the first place. But the increase is a good sign, savings are important.

suggesting households have made brisk progress in deleveraging, setting the stage for more robust consumption

Ehm..? Consumption, not saving, is supposed to be good for the economy? This seemingly counter-intutive idea does have a rational explanation, however: GDP, which is the most common measure for the health of the economy, is easier to manipulate through monetary policy and inducing optimism into the public. The savings rate, which is more important for long-term economical health, is glossed over by a chairman obviously looking for a quick fix and fast approval.

(if only employment and incomes can pick up).

Here's another catch. Employment usually doesn't catch up when GDP goes up, making the recovery 'jobless', and thus immaterial to a lot of people. But the strong focus on GDP as the real indicator of economical progress is understandable. When it goes up, suitable publicity can improve consumer confidence and give the impression that the crisis truly is over and done with.

Second, financial markets are loosening up, especially since European policy makers got their sovereign debt crisis under control.

This is good. Let's hope for the US to also get their crisis under control. Doesn't seem to be on the radar just yet, however.

Given this constructive view, what to make of the Fed’s decision on August 10 to reinvest the proceeds of maturing mortgage backed securities in its portfolio into Treasury bonds?

This is getting interesting. Just why would the Fed engage in open money-printing, contrary to the wish of the market to let the bonds mature and money supply shrink?

The Fed had previously bought over $1 trillion of MBS as part of its original programme of quantitative easing to bring down long-term interest rates.

OK, the Fed is effectively into the market of providing mortgages. Interesting. Since the Fed, by definition, has an infinite amount of money at its disposal, it would be interesting to know just why it chooses to sink a full trillion dollars into the mortgage market.

The goal of the policy, in part, was to encourage banks and other investors to buy something else more risky, such as corporate loans, thereby boosting investment.

It's interesting to follow the intentions here. The real goal of the Fed being in the mortgage market isn't to be in the mortage market. It is to push others out, that they may increase business investing. This is getting complicated. A short while ago the Fed intended to stimulate consumption. Now it wants to stimulate investment – where in a crisis-struck economy one would expect that investments be let to rest for a while, awaiting new and more profitable opportunities. Not so when the Fed is bent on directing the market and manipulate just how much investing is being done.

There's a risk to this manipulation, however. Driving down interest rates manipulates the calculus of the entrepeneurs, duping them into investing in projects that they would otherwise not engage in (that's the whole point of stimulating investment), which in turn will very likely increase bankruptcies as well. But that's a problem for the future, not for now. The immediate concern is to force GDP up, that the recession can be declared over for real.

But as the economic outlook worsened,

Now, is this the expected or the unexpected result of previous policies? Both options look bad.

mortgage rates plunged, spurring millions of homeowners to pay off their loans and take out lower-rate mortgages.

Common sense of common people, actually. Thinking of the future, protecting the personal economy, avoiding excess risk. Well done, citizens. That rates plummeted can hardly be considered unexpected, that was the original intention of the Fed. Only that actual people would take practical advantage of this was not expected.

Left alone, this rapid pace of repayments would have led the Fed’s portfolio to contract by some $400 billion by the end of 2011, representing an unplanned but serious tightening of monetary policy.

Yes. And the Fed would be the last to sit back and let the market react freely to what it does.

Note "by the end of 2011". This is quite a forward-looking calculation, where we are not given the actual figures, rather a forecast based on them. The Fed desires a precedent for be able to do this in the foreseeable future, based on more modest figures we're not being told today.

By reinvesting those proceeds into an equivalent amount of Treasury debt, the Fed neither increases or decreases its level of monetary stimulus.

But it does turn the supposedly 'temporary' money-printing of purchasing mortgage bonds into a more permanent one of buying Treasury debt. Nice bait'n'switch, Mr. Bernanke.

One might wonder here: Who pays? Certainly the Fed doesn't, for it has no solid assets to back 400 billion dollars, not to mention those that already exist. While there is a national gold reserve at Fort Knox, it is not these gold reserves that provides the value of the dollar.

What ultimately provides the value of the dollar is the products one can purchase for dollars. Expanding the money supply with a trillion does not alter this supply of products directly. Instead, the value of existing dollars is diluted to accommodate the newly created money pool, completely in line with Keynesian thinking. That this might be a cause for dissatisfaction among current holders of dollar-denominated assets is a problem the Fed routinely ignores. The Chinese do not.

Having explained the past, Mr Bernanke then turned to the future: under what conditions would the Fed do even more? First, if today’s low inflation seems about to turn to deflation.

Now, this is meant to be seriously scary. There is one enemy to be defeated at practically any cost, and that enemy is named 'deflation'. Unfortunately, inflation / deflation are measured through the Consumer Price Index (CPI), which has been extensively retooled over the last decades, in order that it may show lower figures than it would 20 or 30 years ago.

This has the fortunate side effect that it reduces payments on indexed bonds, the cost of indexes expenses such as Social Security and wage demands, while giving the Fed more opportunities to expand the money supply, that the CPI may be prevented from falling. The disadvantage is that the policy gets out of touch with the experience of ordinary citizens, who see rising costs of food, fuel and other costs of living. Shadow Government Statistics provides alternative CPI figures based on the old methods of calculation.

Deflation fears are on the rise, with TIPS bonds forecasting a 10% to 15% probability over the next five years.

The official CPI calculation is taken for fact, of course, and are quoted as a reason for fear. What exactly makes 'deflation' fearsome is not explained, it is assumed that everybody knows.

But Mr Bernanke thinks deflation is pretty unlikely, and in fact doesn’t seem to think inflation will go lower than its current, underlying rate of around 1%.

'Underlying'? If there is any 'underlying' cause for inflation, it would be the growth in money supply. Inflation is not caused by itself, it is caused by inflating the money supply.

The second condition, and one more likely to trigger action, is if the economy makes no progress in closing the gaping gap between today’s GDP and potential GDP.

Here is another term one is supposed to understand, namely the Potential GDP, for it is a (fictious) parameter that the Federal Reserve is trying to achieve through its policies. Then, if the economy doesn't deliver the growth it 'should', the Fed has a reason to increase the money supply.

As a practical matter, that means growth has to move above 2.5% and unemployment has to drop.

Something firm, that's good. GDP growth is a positive trend, yet falling unemployment would constitute real improvement for real people, a real and lasting improvement.

Mr Bernanke doesn’t seem to think that will happen until 2011, which implies a willingness to wait a few more months for evidence on the prospects for that 2011 pickup.

This is how influential the Fed is: The press even speculates what the chairman "seems to think".

That the Fed is not ready to do more quantitative easing yet is arguably disappointing.

As if we didn't have enough money-printing already... But then, The Economist would have a large share of its readers in the financial sector, which by definition (Fractional Reserve Banking) stands first in line to benefit from 'quantitative easing', which makes the disappointment understandable.

It could easily have justified more action a full year ago given what even then was its lacklustre outlook, and the downside risks (which seem to be coming to fruition). That’s the path the Bank of England, facing similar circumstances, chose.

Sure, Bank of England chose that course. In context it would be useful to also be told what results that brought about, if the extensive quantitative easing done by BoE had finished off the problems for good.

But that’s uncharitable. That Mr Bernanke has not moved as quickly as many of us would have preferred is less important than the fact that his views are still diametrically opposed to the Bank of Japan credo that monetary policy can’t and shouldn’t be used aggressively in a deleveraging, post-crisis economy. 

That is something the BoJ would know about. It used quantitative easing extensively to solve the Japanese financial crisis in the 1990's, which did manage to keep many moribound banks and businesses alive for years, create an amazing national debt, and keep the crisis intact fo a full decade. BoJ seems to have learned a lesson not heeded by BoE, the Fed, or the author of this article.

What would additional action consist of? Mr Bernanke cites four possibilities. One, raising the Fed’s inflation objective (now around 2%), he dismissed out of hand: it would “squander” the Fed’s “hard won credibility”.

The scare quotes seem appropriate. Increasing the inflation target (keep in mind the CPI problems mentioned above) would create more headroom for 'quantitative easing' (money-printing) by the actual tools the Fed has. The inflation target is not a tool in itself.

Another, hardening its commitment to zero rates for a long time, would have marginal benefits

Put another way: That doesn't create all that much more money.

and run up against the market’s well known tendency to wrongly assume that such commitments are unconditional.

The Fed, as usual, is set against the free market. Entrepeneurs, bankers etc. prefer a predictable environment for business decisions and will try to lock in to the current state of things. That makes it easier to deterimine the appropriate investments to do in order to run business in a profitable manner. That they have an opponent able and dedicated to manipulating the business environment in unpredictable manners complicates matters, and business decisions, somewhat.

A third, lowering the rate the Fed pays on commercial bank reserves at the Fed from its current 0.25%, would have almost no impact on the interest rates that people actually pay.

That's true. If the Fed is determined to run interest rates in the commercial market through the floor, alternative methods will surely be needed.

That leaves buying more bonds.

The classical way to create more money: Swap for debt. This never fails.

Mr Bernanke points out the benefits of more QE are uncertain and the costs are growing, as the public might worry that the Fed will fail to keep all the money it printed to buy those bonds from producing inflation.

A valid concern, indeed.

Such fears are largely unfounded

Unfortunately, this is dismissed as 'fear' without further analysis.

—the Fed has many more tools for tightening monetary policy than for easing it further.

Actually the Fed has exacly the same tools for easing as for tightening. It just happens that these tools, in particular the less obviously money-printing ones , are already maxed out in the direction of 'quantitative easing'. Which, as seen above, has not created much in the way of actual economic growth, not to mention new jobs.

But even unfounded fears can affect reality, for example by boosting long-term rates.

What here is called 'unfounded fears' is actually the sum of real decisions by real people, who individually evaluate the economic environment and make decisions what to do. Locking their mortgages into a fixed, long-term rate is the kind of deleveraging and risk minimization we need – it makes people less vulnerable to – aha – rising interest rates! The author of the article is looking at a warning sign the size of a billboard – yet fails to recognize it for what it is, choosing instead to uncritically propagate the Fed narrative.

Mr Bernanke made it clear that if either of his two conditions are met, these misgivings would not get in the way:

So even if the costs of further 'quantitative easing' is rising, Mr. Bernanke is fully intent to go down that road. Nothing seems able to stop this man, who elaborates:

It is worthwhile to note that, if deflation risks were to increase, the benefit-cost tradeoffs of some of our policy tools could become significantly more favorable...Because a further significant weakening in the economic outlook would likely be associated with further disinflation, in the current environment there is little or no potential conflict between the goals of supporting growth and employment and of maintaining price stability.

Long-winded, but actually clear enough: The 'risk' of deflation (see CPI debate above) eventually beats each and every concern one might have for the consequences of yet more 'quantitative easing'. This invites to quoting an earlier statement:

But even unfounded fears can affect reality.

As true as it gets. In particular for the Federal Reserve.

Fed officials gathered under a hail of criticism for communicating badly.

While usally not spelled out as clear as this, the criticism is richly deserved. Under the chairmanship of Alan Greenspan, hazy and self-hedging statements became the order of the day. That has not changed under the current chairmanship, it still takes a lot of analysis to figure out what was actually said, which parts of that were clear, which were hedged, and what the implications are.

The accusations are off base.

Perhaps to those accustomed to Fed-speak. To most citizens, Bernanke might as well speak Greek. Still communication is less important than actual policy.

The Fed doesn’t have a communications problem, it has a policy problem.

While it is simplistic to dismiss the communication problem, there is no doubt that a real and serious policy problems does indeed exist.

The recovery has stumbled and the central bank isn't sure why.

Ehm, could it be as simple as .. incompetence? That the causes for the crisis are not understood, that that appropriate remedy is not understood, and that the failure of the wrong remedies to work is not understood?

Having long ago used up its conventional monetary ammunition, it’s not sure how effective more unconventional ammunition will be.

We need to recall here that 'unconventional' means 'money-printing beyond what is supposed to be sound policy'. The guidelines that are being broken when resorting to 'unconventional' policies are those set in place to ensure that money remains sound. Breaking those is dangerous, and breaking them further, based on the first violations not fixing the problem, seems downright foolhearted.

The 17 members of the Federal Open Market Committee, like the outside world, are divided and unsure about what to do.

Perhaps they should simply not do anything. That is frequently the best choice when uncertain what to do and why.

That their divisions have spilled out into the open dismays many at the Fed, but that ultimately doesn’t matter.

Except that it could damage the "hard won credibility" of the Fed.

The Fed is not the Supreme Court. What the chairman wants, the chairman gets.

Swell. But it's good to have on record that the Fed functions like a dictatorship.

When Mr Bernanke has decided that one of his two conditions will be met, there will be more quantitative easing.

Anyone surprised here?

Judging from Friday’s speech, he’s not there yet.

No, he needs to prepare the ground first. Unless someone protests, loudly, we will get more of the medicine that does not work. Then later further 'surprise' that it still didn't. And since the Fed is basically accountable to noone, this can continue endlessly.

Won't somebody take this man to task for his greatest problem: incompetence?

"Hello, I would like to learn squash. i have found a nice squash club with reasonable lesson..." - Posted by fedzia. 1 reply - last discussed on 30/08/2010

The European Commission presented to the European Parliament and to the Member States a proposal on seasonal workers, based on the consideration that the economy of the EU requires seasonal workers that are not available in the UE labor market, especially in agriculture, horticulture, and tourism.

The 1.6 million Euro Tugboats Rehabilitation Project of the European Union (EU) and The Gambia Groundnut Cooperation (GGC), was last Friday commissioned at the GGC head office at Denton Bridge in Banjul. Speaking at the ceremony, Helene Cave, the outgoing charge d' affaires of the European Union in The Gambia, called for greater support to President Jammeh's back-to-the-land initiative to ensure rapid attainment of the country's food self-sufficiency drive.

The European Union (EU) has pledged its continued support to the indigenous San people in Namibia, most of whom are still undergoing transformation from being hunters and gatherers to becoming active participants in the mainstream economy.

On August 3, 2010, the Leaders from the Pacific section of the African, Caribbean, Pacific (PACP) countries held their 8th summit meeting at Le Lagon Resort, in Port Vila, Vanuatu. The PACP countries include the Cook Islands, the Federated States of Micronesia, Kiribati, the Republic of the Marshall Islands, Niue, Nauru, the Republic of Palau, Papua New Guinea, Samoa, Solomon Islands, Timor Leste, Tuvalu, Tonga and Vanuatu.

On 4 August 2010, the European Commission paid € 64 million as part of the annual financial contribution of the Fisheries Partnership Agreement (FPA) with Mauritania.This contribution includes a first component to pay for the cost of access of EU vessels to Mauritanian waters (€ 55 million) and a second component to support the partner country's fisheries sector (€ 9 million).

Public consultation: Protecting our natural capital: an EU strategy to conserve biodiversity and ensure the provision of ecosystem services by 2020  

DG Environment are pleased to announce that the public consultation on the post-2010 EU biodiversity strategy is now available from the following website: http://ec.europa.eu/environment/consultations/biodecline.htm