While a Grexit has been avoided in the short term, the medium- to longer-term risk remains.
But
in many ways the last few weeks in Greece have been the start of a
bigger battle, a battle on what the eurozone of the future will look
like.
Few now doubt that the institutional architecture of the
zone is flawed. A currency union without a fiscal union was always
vulnerable to these sort of shocks. And, perhaps more crucially, a
currency union in which the banking system is still predominantly
national, rather than European, was always likely to run into problems.
In a more ideal world - in a situation in which Greek banks were
constrained and unable to extent credit - French, German and other
lenders would have stepped into the breach.
It's hard to avoid the thought that the politics of European integration ran ahead of the economics of the underlying reality.
The
last few weeks have exposed a sharp Franco-German divide. On one level,
this is ideological. For France the euro is irreversible, the
culmination of decades of integration. But the German view differs. They
see the single currency as an agreed set of rules and behaviours and,
if someone "breaks" the rules, they can be thrown out.
Their
analysis of the underlying economics of the crisis differs, too. The
Germans believe the tough fiscal rules agreed in 2012 are the answer to
the crisis: legislate that states should be running sound public
finances and these sorts of crises won't appear.
In a more ideal world - in a situation in which Greek banks were
constrained and unable to extent credit - French, German and other
lenders would have stepped into the breach.
It's hard to avoid the thought that the politics of European integration ran ahead of the economics of the underlying reality.
The
last few weeks have exposed a sharp Franco-German divide. On one level,
this is ideological.
For France the euro is irreversible, the
culmination of decades of integration. But the German view differs.
They
see the single currency as an agreed set of rules and behaviours and,
if someone "breaks" the rules, they can be thrown out.
Their
analysis of the underlying economics of the crisis differs, too.
The
Germans believe the tough fiscal rules agreed in 2012 are the answer to
the crisis: legislate that states should be running sound public
finances and these sorts of crises won't appear.
Lokale Immobilia sits down with Radosław T. Krochta, vice president of MLP Group, to discuss the development potential of the Polish warehouse market, current trends and the most popular locations in Poland
The majority of the investments are located in Silesia, the historic center of Polish industry, especially in towns such as Katowice, Mysłowice, Gliwice and Sosnowiec.
We have also been observing the revival of the Poznań market that was expected a few years back, when the Poznań ring road was completed. The improved road access didn’t attract investors right away, but it seems like they are starting to see opportunities there. A significant number of German investors are heading to the Wielkopolskie voivodship.
Poland is still attractive to our German neighbors for its lower rents, short travel times (Silesia is only a few hours’ car ride from most German cities), good infrastructure, and more importantly, a cheaper, qualified workforce.
