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November 2009
03
Investment
INTERNATIONAL
Comment
Contents
Jonathan Ball, editor
4 News
T
he re-election of Angela Merkel as Chancellor in Germany may
well turn out to be one of the more significant political events of
The economic
9 Letter from America
the year, with a consequent substantial impact on investment
crisis painfully
Charles Sizemore assesses
decisions.
Of course, there was never any doubt Merkel would win. The real
exposed
the implications of
September’s G20 summit
question concerned the identity of her coalition partner, a role
Germany’s
in Pittsburgh
intriguingly filled by the liberal Free Democrats. This development is
certain to herald a sea change within Europe’s largest economy. And
vulnerability to
12 The question of domicile
there’s little doubt the country needs a severe shake-up. The economic
international
Susan Midha, Partner,
crisis painfully exposed Germany’s vulnerability to international markets,
Private Client Department,
and the pampered position of the Facharbeiter, or skilled industrial
markets, and the
Adams & Remers
worker, is certain to come under scrutiny.
pampered
Solicitors, provides an
A new European triumvirate of Merkel, Nicholas Sarkozy and
international perspective
Cameron – barring an unparalleled political turnaround - will set a new position of the
on the complex area of
agenda for the EU. Combined with the backing of the newly elected
Facharbeiter, or
domicile and intestacy
commission president, Jose Manuel Barrosso, the EU will evolve into a
rules
leaner, meaner and more competitive entity. skilled industrial
The election of Merkel is probably the most interesting development.
15
Some may disparage her as nice, boring and irrelevant, which I certainly
worker, is certain
Bupa International
Barack Obama’s plans for
feel is a gross misunderstanding. (Indeed, even if it were true, let us be
to come under
reform herald a new era of
thankful for that. The last time Europe had such a serious financial and
change for the US health
economic crisis, the 1930s, Germany did not choose a leader who was
scrutiny
system. Dr Sneh Khemka, nice, boring or irrelevant). The smaller parties on the left and the socially
medical director for Bupa and economically liberal Free Democrats polled well, but there was no
International, takes a significant movement to the right.
closer look at the proposed Merkel has confirmed her status as one of Europe’s most remarkable
changes
politicians. Her campaign slogan – Die Mitte – the centre, is evidence of
18 Property Focus on Brazil
her astute political judgment. In partnership with the Free Democrats
An in-depth analysis of she will doubtless introduce reforms to free up the labour market and
what appears certain to be initiate some tax cuts. But Merkel will govern firmly in the centre. Social
one of the world’s democrats have little to fear but free-marketeers should not raise their
forthcoming property hot hopes either. In combination with her liberal but lightweight foreign
spots
minister Guido Westerwelle, Merkel will exert a benign influence on the
European investment community.
24 Spain – Life in an expat
utopia
Halifax International
provide a comprehensive
guide to life in the land of
Editor Issue 230: November 2009
Jonathan Ball, 0207 490 0609
flamenco
Jonathan@thepublishinggroup.co.uk
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