Germany

So come, my friends, be not afraid.
We are so lightly here.
It is in love that we are made;
In love we disappear

You tried, in your way, to be free. Thank you. Now go join that great gig in the sky. So I wrote a year ago, when Lenny left us. However, the legend lives on - listen for example to How the Light Gets In.

'We Love Leonard Cohen' celebrated his 81st Birthday, and then, for his 82nd and final birthday, Leonard gave us a present. "You Want It Darker" is the title track to last album, his 14th studio album in his 49-year recording career. (See also Leonard Cohen Makes it Darker.)

"Leonard Cohen offers the possibility of living with grace, dignity, and integrity, without submitting to illusions, without succumbing to indifference, and without indulging in denial of our own failures and flaws, in a world that is too often corrupt and malevolent" - Allan Showalter

Please see below selected recent intelligence about Europe. This is a synthesis of major recent developments at competitors, business schools, thinktanks, media, commentators, and other key influencers.

May 2016

• Eurozone GDP is now predicted to expand 1.6% this year, less than the 1.7% growth of 2015, while consumer prices are seen up 0.2%, below the 0.5% increase projected in February.

• The European Central Bank warned that the rise of populist parties in Europe could slow the pace of economic reforms. Populists on the left and right ends of the political spectrum have made gains in elections by running against spending cuts. Another big concern of the ECB is the potential risk posed by the vote in Britain on whether to leave the European Union, which will be held on June 23rd.

• Yet many eurozone capitals firmly believe that a return to a 2010-style debt crisis, where developments in Greece resulted in “contagion” to other Euro area members, is no longer possible, or indeed likely. Eurasia Group disagrees. If anything, it thinks the euro area is more politically vulnerable today to a change in investor sentiment than at any time since its creation. This is due to three factors. First, multiple negative political developments in Southern Europe; second, deteriorating relations between the ECB and Berlin; and third, a whole host of potential events, not least BREXIT or an inability to agree to a deal over Greece, that could serve as potential triggers for a change in market sentiment.

• Greece badly needs the next tranche of the €86 billion bail-out creditors promised it last summer, in exchange for promises of austerity and reform, warned The Economist. But it will not get the money until the creditors complete a review of its progress, which has been dragging on since October. The government has scraped together enough cash (by raiding independent public agencies) to pay salaries and pensions in May, perhaps even in June. But by July 20th, when a bond worth over €2 billion matures, the country once again faces default and perhaps a forced exit from the eurozone.

Please see below selected pre-2016 ntelligence about the Asia Pacific region. This is a synthesis of major recent developments at competitors, business schools, thinktanks, media, commentators, and other key influencers in our external environment.

December 2015

• Finland's government is drawing up plans to give every one of its citizens a basic income of 800 euros a month and scrap benefits altogether. A poll commissioned by the agency planning the proposal, the Finnish Social Insurance Institute, showed 69% supported the basic income plan.

• See Russia Macro Monthly: Geopolitics sustains economic uncertainty.