A
new world of finance
A
transatlantic chat on how POLITICO plans to drive the conversation on
money, politics and policymaking in Europe.
By FRANCESCO
GUERRERA and BEN WHITE 4/4/16, 6:00 AM CET
Many years ago, Ben
White and Francesco Guerrera used to work two desks apart in New
York. Today, they are an ocean apart but still very close. They are
the American and European anchors, respectively, of POLITICO’s
financial services coverage, with their Morning Money and Morning
Exchange daily newsletters.
Francesco and Ben
White.
Francesco Guerrera,
left, and Ben White.
As POLITICO’s
European edition today launches its Pro Financial Services to provide
policymakers and financial players with a detailed view of what’s
going on in Brussels, London, Frankfurt, Basel and other financial
capitals, White and Guerrera caught up to talk politics, finance and,
of course, sports.
GUERRERA: Hi Ben,
are you back from a bout of Trump watching ? We need to talk about
that later in our chat …
WHITE: Hey
Francesco, yes, it feels like all we can talk about in the U.S. these
days is Donald Trump. I’ve been on the road in Wisconsin ahead of
Tuesday’s primaries talking to business folks about him, especially
his policies on trade.
They have a lot of
people worried. Anyway, it looks like Trump may actually lose here in
Wisconsin, which will make things even crazier. What are your
European banker types saying about 2016? Do they think Trump could
actually win the White House, or do they just assume it’s a reality
show that will eventually end? I really wonder how we are perceived
these days.
GUERRERA: When you
tell anyone in London, Brussels or Frankfurt that you used to live in
the U.S. until recently, Trump is one of the first five words that
come out of their mouths. Europe’s financial and political elite
are super-worried about The Donald.
But it’s actually
more than that. There’s almost a feeling of betrayal towards
America, like when you realize that an older brother is not as cool
as you thought he was. We have messy politics in Europe, but we
wanted to think America was above that.
Turning to financial
matters, we’re about to launch our Pro Financial Services in
Europe. You guys have had a financial services Pro in the U.S. for a
while. What are your tips?
WHITE: I don’t
think you need too many tips from me but being fast, first and
essential is always the POLITICO way. The great thing about what we
do in our newsletters, stories and alerts is to get to the heart of
what is actually happening in the financial world without a lot of
clutter and wasted words.
For us in the U.S.,
that means explaining quickly and smartly what’s happening in key
committees in Congress, the Federal Reserve, the White House, on the
campaign trail, and wherever else policy and politics are happening
that make a difference to people in the financial world. We can
ignore the stuff that doesn’t matter, explain the stuff that does
and provide sharp analysis that doesn’t really exist in many other
places. I think explaining what’s happening in London, Brussels and
across Europe will be both a huge task and an incredible service to
our readers.
GUERRERA: I think
that’s exactly what we’ll do. The financial world, the regulatory
ecosystem and Europe’s governance have two things in common: They
are very complex and not much is what it seems. So we’ll try to be
a useful filter, check and de-cluttering mechanism for those who work
in those areas. Not easy, as you say, but definitely fun.
One of the biggest
surprises since I joined POLITICO last fall has been just how engaged
and knowledgeable our financial services readers are. How do you and
your colleagues make sure you give the detailed information they need
without overloading them with too much information?
In the U.S., the big
regulatory onslaught that followed the financial crisis is over. In
Europe, we’re five years behind, and banks, insurance companies and
asset managers are still waiting to see what the new regime looks
like.
WHITE: You are so
right about this. Our Pro readers in the U.S. are already plugged
into what’s happening in the world of financial policy, so the key
is to give them the latest news on critical topics in quick bites and
also go deeper where we can and explain what’s around the corner.
And we can do this
without wasting people’s time with a lot of boilerplate stuff and
writing with a voice and edge that can make the sometimes dreary
world of policy fun.
But let me ask you
this: In the U.S. we’re obviously obsessed with presidential
politics these days while nothing big is really coming out of
Washington. What are the biggest topics for European financial firms?
GUERRERA: In Europe,
many financial firms wish that nothing big was coming out of
Brussels, London or Frankfurt. In reality, one of their biggest
issues is that they have to run their business in tough markets while
dealing with a mountain of post-crisis regulation in various stages
of completion and with various regulators in charge.
In the U.S., at
least, the big regulatory onslaught that followed the financial
crisis is over and it’s a question of implementation, fines, etc.
In Europe, we’re five years behind, and banks, insurance companies
and asset managers are still waiting to see what the new world of
finance looks like. It’s a real dichotomy.
WHITE: OK, here’s
a real test: Can you explain Brussels and Basel to me in three
sentences or less?
The Wall Street view
of 2016 American presidential campaign is fright and bewilderment.
Every prediction that Trump phenomenon was fading has been wrong so
far.
GUERRERA: Let me
try.
Basel, small Swiss
city with outsize powers on rules on capital and trading. Brussels,
small Belgian city that is the theater of endless horse-trading
between an unelected executive, EU countries and an
ambitious-but-weak Parliament.
Is that three lines?
The upshot: Underestimate any of them at your peril.
Let’s talk finance
and politics like the old days when we were colleagues at another
publication (hint: it’s the color of salmon …). What’s Wall
Street thinking about this, er, unusual presidential campaign?
WHITE: I do miss our
days together covering the boom and the bust on Wall Street for that
pink paper. We had fun! I guess I’d describe the Wall Street view
of 2016 as frightened and bewildered.
I think there’s
still a general belief that the Trump phenomenon will eventually
subside even if it takes a contested Republican convention. But every
Wall Street prediction that Trump was about to fall has been wrong so
far, so who knows?
GUERRERA: Who is
Wall Street rooting for on the Republican side?
WHITE: Pretty much
nobody at this point. The secret hope of Republicans on Wall Street
is that should Ted Cruz or Trump get the nomination, they’ll get
crushed by Hillary Clinton in the fall. Clinton has obviously had to
move left rhetorically on Wall Street stuff to counter Bernie
Sanders. But Wall Street knows Clinton (and has paid her very well
for speeches over the years!), and I think feels pretty comfortable
that she will drop a lot of the pitchfork populism should she
actually get into the White House.
GUERRERA: European
banks can’t stop complaining, privately of course, that U.S. banks
are eating their lunch on their home turf due to the tougher European
regulations. What do the U.S. banks say about that ?
WHITE: U.S. banks
say stop whining — we have to deal with Dodd-Frank! I’m sure
European bankers have fair points to make about their competitive
disadvantage from a regulatory perspective. But I don’t think they
get much sympathy from U.S.-based bankers that have had to deal with
higher capital requirements, limits on trading and the like that came
after the financial crisis. I think they’d say they are just better
at executing than their friends over there in Europe.
GUERRERA: Most
surprising thing you have found since you started writing Morning
Money in 2009?
WHITE: That I can
operate on limited sleep? Seriously though, the most surprising thing
I’ve found is how engaged readers are, how much they want to get
their voices and perspectives into the column, and how quickly I was
able to make M.M. into something fun for all involved. The only way
to stay sane doing a daily, early morning column is to get some fun
out of it along with the serious stuff.
How about you?
What’s your vision for Morning Exchange? Who do you think of as the
typical reader?
GUERRERA: As you
know, writing a newsletter for POLITICO is unlike any other job in
journalism. It’s one part reporting, one part analysis and one part
agony aunt/MC. It’s great fun, with or without sleep … As for
Morning Exchange, our task is slightly different from Morning Money,
whose main audience is in the “Acela Axis” of New York and
Washington, I imagine.
Our readers are
based in at least three places: Brussels, London and Frankfurt but
also in Basel, Paris, Milan, Madrid and so on. They all have specific
concerns and interests, not to mention cultural differences. I see
our job as bringing them together under a big tent to discuss issues
of common interest but also to explain each place to the other ones,
so that we get a better understanding of the ideas and debates. If we
can do that while having fun, then we’re on the right track.
WHITE: That makes
perfect sense. Can I ask a personal question?
GUERRERA: Uh-oh …
shoot.
WHITE: What’s it
like coming from a place like The Wall Street Journal to POLITICO?
How is it different? Why make the leap?
GUERRERA: Excellent
question. You and I have worked at great, established publications,
so you probably know how I felt. I was attracted by the idea of a
digital platform with a great brand that wanted to build something
new in Europe. I was a big fan of POLITICO in the U.S., and I thought
that what you did in financial services there could work on our
shores.
But you use a great
word: “leap.” It was a leap for sure because the WSJ is a
wonderful place and a terrific journalistic platform. But it was a
worthwhile jump!
OK, man, best for
last: sport. Who will win the title first, your Yankees or your
Redskins?
WHITE: Tough one!
The Yankees are getting old, but they still have some great pitching
and veteran hitting. Can’t see them winning the World Series with
this lineup, however. So I’d have to say my Skins and the great
Kirk Cousins. But let’s be honest. That’s not going to happen
anytime soon either. My sports fandom has been mostly pain and
suffering for the last few years, and that’s not likely to change.
What about your favorite “football” club?
GUERRERA: My sport
fandom has been very very similar. Inter Milan, my Italian “soccer”
team, has veered between frustrating and dreadful with little
prospects of improvements. I think I’ll see you in the sporting
wilderness soon.
WHITE: I know the
feeling. Actually, I have one final tip for you.
GUERRERA: Go on …
WHITE: Invite me
over often for culinary tours of continental capitals. Seriously, we
should do an event together in London or Brussels, or both.
GUERRERA: Consider
it done. In fact, I have to go make some restaurant bookings. Keep up
the great work, and see you soon!
WHITE: See you soon,
my friend, and good luck on the Pro launch.
Sem comentários:
Enviar um comentário