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The recent anti-migrant chatter in Germany is being cheered on by populists across Europe. But what would a genuinely nationalist turn at the heart of Europe look like? In his latest column, Philip Stephens writes that a ‘Germany First’ approach would likely see the country turn inwards and veer into isolationism. It would mean less money spent on defence and a reluctance to support the weaker members of the eurozone.

The source of this posturing is the Christian Social Union, who suffered at the ballot box at the hands of the nativist Alternative for Germany. Philip says that Angela Merkel’s long term coalition partners are hoping to outflank the AfD on immigration by forcing the chancellor to take a tougher approach at a European level on borders. If she is not successful, the CSU may soon push for unilateral action.

Gillian Tett examines the calm markets behaving abnormally. She reckons that years of loose monetary policy have made investors complacent.

Chris Giles reflects on the maligned “Brexit dividend” and argues that such poor policy sentiments result from a misguided understanding of the economy.

Anne-Marie Slaughter writes that vertical mergers, like AT&T and Comcast, are too 19th century. Companies should be aiming to be nimble, not big.

What you’ve been saying

Drivers, start your dual-power engines— Letter from John Pickup
It is ironic that at about the same time China announced it was testing battery powered trains in Inner Mongolia to run on non-electrified lines. The trains could run at up to 200km per hour when using overhead power and up to 160km per hour when using their battery power. They would of course have Wi-Fi on board. Would that be fast enough for the Windermere line?

Comment from @42 on Advertising’s creative vision is old fashioned
Creativity is becoming more important. However, it shouldn’t have to exist in the form of TV ads or video. It’s increasingly harder and more expensive to reach big audiences of potential customers, so the temptation is to use a sales activation message. Brand awareness and perceptions are built through experiences of the customers — directly or sometimes indirectly. It is still an art.

An alternative to the jet deal with Turkey— Letter from Edward Longinotti
An alternative strategy for Britain could be to independently develop BAE System’s prototype Taranis unmanned combat aerial vehicle into an operational strike UCAV. This would be more affordable than the development of a manned aircraft and would also be a clear complement to the UK’s own procurement of the F-35 — avoiding the duplicative development of another fifth-generation aircraft. Successful development of a UCAV would also give the UK’s aerospace industry valuable experience of a technology that will play a key role in the future of aviation.

Today’s opinion

Markets might look calm, but they are behaving abnormally
The pessimistic view is years of loose monetary policy have made investors complacent

Vertical media mergers are just so 19th century
AT&T and Comcast are trying to go big when they should aim for nimble

Free Lunch: Central bank soul-searching
Support is growing for monetary policy regime change

Bitcoin birthday boy is an absurd star of a serious industry
The new face of cryptocurrencies is none other than online gambling kingpin Calvin Ayre

May’s Brexit dividend and other myths worth exploding
Poor policymaking results from a misguided understanding of the economy

Europe should beware a nationalist Germany
Cheering populists elsewhere should be careful what they wish for

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The Big Read

The Big Read: Turkey election: will Erdogan’s power grab backfire?
An energised opposition believes it can use Sunday’s polls to thwart the president as he moves to tighten control over the country

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