GIS Weekly Brief #3

?? Weekly update by Prince Michael von Liechtenstein

After attending the Ukraine peace summit in Switzerland, Argentina’s President Javier Milei visited Spain, Germany and the Czech Republic. I attended a speech he gave at the Liberal Institute in Prague, where he eloquently described his evolution into a libertarian, his presidency and his objectives for reform in Argentina.

During his official visit to Germany, he met with Chancellor Olaf Scholz and received an award from the Hayek Foundation in Hamburg. The German government had initially planned a ceremony with military honors as well as a joint press conference, but those events did not take place.

Argentina has suffered greatly under socialist governance interrupted by military rule.?This constant decline over many decades led to worsening hardship for its people over the last 15 years. Drastic measures were necessary, and the steps taken to stabilize the economy are already yielding positive results. Inflation has significantly decreased, and the value of the peso has stabilized.

However, these austerity measures carry an economic toll that also affects the population. This impact is temporary, and food supply remains secure. Chancellor Scholz, in a manner that was neither diplomatic nor factual, admonished President Milei, claiming he was harming the social fabric and the well-being of the population. This criticism failed to acknowledge that Argentina’s economic troubles are the result of social democratic policies much like those upheld by Mr. Scholz himself.

Mr. Milei could have highlighted the hypocrisy of the situation by responding that the social democratic measures currently being implemented in Europe will take a heavy toll in the future, likely eroding social cohesion and harming the welfare of its citizens.

?? This week’s relevant geopolitical events

• In Argentina,?key elements of President Javier Milei’s agenda were approved by parliament.?Parts of his austerity program, which will hopefully put the run-down economy back on track, can now be implemented. Mr. Milei has already managed to reduce inflation and stabilize the peso.
• The first round of the snap parliamentary elections in France saw a high turnout.The National Rally party is in the lead, with roughly one third of the votes. Prime Minister Gabriel Attal, a member of President Emmanuel Macron’s party, called for all other parties to collaborate in order to block the National Rally..
• Three of the top EU jobs have been nominated?by the European People's Party (Christian Democrats), the Social Democrats, and Renew Europe (liberals). Former Portuguese Prime Minister Antonio Costa was accepted as President of the European Council, Ursula von der Leyen was reconfirmed at head of the Commission, and Estonian Prime Minister Kaja Kallas chosen as High Representative for Foreign Affairs.
• United States President Joe Biden appeared very frail at a televised debate?with former President Donald Trump. His performance raised doubts over whether he would be fit enough to complete his campaign and run the country if reelected.

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