“Não se pode aceitar que tendo sido criados dentro (e fora) do BCE mecanismos para procurar isolar o processo de decisão da política monetária, dos processos de decisão da supervisão bancária (Mecanismo Único de Supervisão) e dos processos de decisão relativos a resolução bancária (Mecanismo Único de Resolução), na prática seja o Conselho de Governo do BCE – responsável exclusivamente pela política monetária – a tomar sozinho e de forma arbitrária todas as decisões importantes para a supervisão bancária e para a resolução bancária, à revelia dos órgãos competentes.”


Quem manda.

“BlackRock, Vanguard and other big institutional investors own roughly 70 percent of the public stock market, according to some reports. People are starting to ask whether this allows companies — now having the same owners — to compete less and raise prices.”


A Primavera, de novo

“Britain’s top bosses were sent a warning on Thursday that they must rein in boardroom excess when shareholders voted overwhelmingly against huge pay deals at two of Britain’s biggest companies.

Almost 60% of shareholders voted against a £14m pay package for the chief executive of BP in a year in which it reported record losses, cut thousands of jobs and froze its employees’ pay.

Just hours later, more than 50% of investors voted against pay deals at the medical equipment group Smith & Nephew, in a rare display of shareholders demonstrating their unwillingness to tolerate boardroom excess.

After scenes recalling the 2012 “shareholder spring” when several major companies faced rebellions over pay, the Institute of Directors said companies must respond to shareholders’ anger or risk discrediting the wider business community.”



Financiada como sempre, sem inovação, ou seja, com dinheiro.

Ou não.

Ou o fim dela.

“Highly accommodative macroeconomic conditions have generated only modest growth in the presence of remaining structural impediments. In 2015, low interest rates, a weak euro, and low oil prices—noted in earlier staff reports—remained largely in place, allowing growth to reach 1.5 percent.”

Registe-se que, ao que parece, o crescimento resulta apenas de factores externos, e todos eles maus.

O Relatório pode ser lido aqui.

Para onde foi o dinheiro

“The details from the Panama Papers will contribute to an important public debate – not just in the UK but across the world – about what offshore activity can be tolerated, and what should not.

Can you have transparency if some activities are kept secret, and others not? And who makes that judgment? These are huge questions that governments have not been able to answer.”


Empresas familiares

Um olhar benigno:

 ” The principal agent problem is far less severe in family businesses because they foster “engaged ownership.” The simple fact that there are fewer owners makes the oversight of decisions far easier; even family businesses with hundreds of owners are better positioned to provide effective oversight than public companies, whose owners can number in the hundreds of thousands. And when family members with large ownership stakes are also involved in managing the business, incentives are easily aligned.”


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