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Germany

Austerity Is Not Enough: A Different German Recipe To Save The Euro Zone

Op-Ed: To save the euro, the struggling southern countries must tighten their belts and modernize their economies. But the northern euro zone must change too. If Germany jacked up salaries rather than sitting on its export success, it might just set off a

A German worker (giopuo)
A German worker (giopuo)

MUNICH – It is ever more clear that the monetary union requires some kind of political union: without common policies, the states simply drift apart. A single currency can only survive when all governments decide on major issues together. In other words, the monetary union must also be an economic union.

That was a basic fact that, in the euro's first decade, governments ignored. While the Germans were focusing on low salaries and strong exports, the southern Europeans went in for high salaries and kissed goodbye to international competitiveness. The economic models were so different, in fact, that the euro is now in jeopardy of failing altogether. Indeed, both sides have to change their thinking.

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Economy

The Bogus Concept Of "Carbon-Neutral" Oil

The Colombian president recently said that the country had exported one million barrels of carbon-neutral or offset oil. But in an unregulated carbon market, such a claim is pure greenwashing.

People walk in the streets of Bogotá

María Mónica Monsalve Sánchez

-OpEd-

BOGOTÁ - In March this year, various national and corporate leaders met in Houston, Texas, for CERAWeek, an annual conference to discuss the world's energy challenges. Colombia's President Iván Duque took the opportunity to remind participants that his country produced just 0.6% of the world's carbon emissions even as it had raised crude production to one million barrels a day.

He said oil should not be seen as an enemy, since the fight was really against greenhouse gas emissions. He also revealed at the event that the country's national oil firm, Ecopetrol, had sold the Asian market its first million barrels of carbon-neutral or offset crude, consisting of the entire extraction, production and exportation chain.

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