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Beyond Brexit
Just when it seemed Brexit was behind us and sailing might be smoother, there have been a handful of recent political shake-ups in and around Europe.
Sinn Féin Demands Government Role After Irish Poll Breakthrough (Financial Times)
The nationalist party won 24.5% of the vote, with the prime minister’s center-right Fine Gael coming third with only 20.9%. Sinn Féin’s demand for a seat at the table is sure to rile Irish politics—particularly given the party’s historical ties to the Irish Republican Army and generally leftist policies. It also raises some interesting questions about Ireland’s future relationship with the UK in a post-Brexit world.
Boris Johnson Replaces UK Treasury Chief in Shuffle (The Wall Street Journal)
Rather than replace all his senior advisers, as PM Johnson requested, UK Treasury chief Sajid Javid resigned. He will be replaced by Rishi Sunak—which many anticipate could mean higher government borrowing in the future. Elsewhere in the cabinet shuffle, five members were fired, including the attorney general, environment secretary, Northern Ireland secretary and housing minister, who confirmed their dismissals.
Merkel’s Succession Plan Unravels as Protégé Ends Leadership Bid (The Wall Street Journal)
As Germany’s parties face the rise of factions, Annegret Kramp-Karrenbauer, head of current chancellor Angela Merkel’s Christian Democratic Union (CDU) party, has said she won’t seek the chancellery and would step down as party leader. Kramp-Karrenbauer will remain Germany’s defense minister—but her decision not to seek the chancellery throws into some chaos the CDU’s future.
Greek 10-Year Bond Yield Falls Below 1% for First Time (Financial Times)
Meanwhile, investors’ seemingly insatiable quest for yield has helped push Greece’s 10-year yield below 1%. For those who recall the country’s woes of not a decade ago, a remarkable headline indeed.
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