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American Banking Hegemony, A View From Europe

More than eight years after the beginning of the financial crisis, U.S. banking groups are dominating the financial world more than ever. This leadership has technical, political and legal grounds. But it also relies on one quintessentially American quali

The New York Stock Exchange on Wall Street
The New York Stock Exchange on Wall Street
Edouard Lederer

PARIS — On this side of the Atlantic, the following statement will make most people groan: Despite the financial meltdown that began in 2007 in the United States, American banking groups dominate the financial world more than ever.

As evidence of this, the upper ranks of the global mergers and acquisitions are all occupied by U.S. investment banks. Wall Street banks have also just reaped record profits, even though they were admittedly generated by cost-cutting plans rather than new business. The tools of American leadership are simultaneously technical, political and legal. But its surprising durability can also be explained by one essential quality: rock-solid pragmatism.

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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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