G7shambles continues

G7 <strike>attempts</strike> <strike>desperately scrambles</strike> utterly fails to find unity.

Yesterday's G7-shambles was only the beginning.

First, there was the statement co-signed, apparently, by all G7 nations, which appeared to support Japan's efforts to depress the Yen. Accordingly, the Yen fell slightly against the dollar.

Then, headlines on Bloomberg — attributed to "G7 OFFICAL" — suggested that that interpretation was exactly backwards. The statement was supposed to be a condemnation of Japan's alleged currency manipulation. And when that happened, the Yen soared:

Then a third official — British, this time, because it was us who put together the joint statement and the Bank of England which published it — said that no, it wasn't meant to be interpreted as "about an individual country or currency", and could we all just stop fretting please? Needless to say, that didn't go down brilliantly either.

The whole thing led to one of the most telling updates to a news headline I've ever seen, as the FT's "G7 attempts to defuse currency tensions" became "G7 fails to defuse currency tensions".

The whole move was an attempt to take a lead as the G7 governments arrive in Moscow for the G20 meeting this weekend, as Mark Carney, the next governor of the Bank of England, explained to the Canadian House of Commons yesterday:

We signed a statement, the minister of finance and I, ... which reaffirmed the commitment of the G7 to ensure that monetary policy is focused on domestic objectives, not on targeting exchange rates. And we hold the members of the G7 to that long-standing position. It is extremely important.

It's important that we as a G7 go in united and forcefully to the G20 to enlarge that commitment as quickly as possible amongst the major emerging economies in the G20, some of whom entirely ascribe to flexible exchange rates and are supportive, others who have a lot of work to do.

That seems less and less likely to be the case now. The goal for the G7 has receded from presenting a united face in order to convince developing economies of the benefits of free exchange rates, to just trying to get its own house in order.

*facepalm*. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Emmanuel Macron: a populist eruption from the liberal centre

The French presidential candidate has been compared with a young Tony Blair.

The French presidential candidate Emmanuel Macron came to town this week to meet Theresa May and address the London French community, whose votes he was chasing. In our age of extremes, Macron, who is 39, is that rare thing – a populist eruption from the liberal centre. A former merchant banker and economy minister in the failing Hollande Socialiste administration, he represents En Marche! (“Forward!”), which is less a party than a movement. His sudden rise would not have been possible in Britain, which is part of the stability and attraction of the parliamentary system but also its frustration.

Don’t be shy

I met Macron on Tuesday afternoon when he took questions from a small group of journalists at Central Hall Westminster. He is small and dapper, with short hair and a strong, straight nose. Because of the collapse of the Socialistes and the struggles of the discredited conservative contender François Fillon, Macron has emerged as the great hope of liberals and perhaps as the candidate to stop Marine Le Pen seizing the presidency. Unlike the Front National leader, Macron is an unashamed liberal globaliser in the model of Nick Clegg or a younger, less tormented Tony Blair. He is a passionate advocate of the EU and of the eurozone and, as a result, is under attack from the Russian media. He has been accused of leading a double life – his wife, whom he met when she was his schoolteacher, is 20 years older than Macron – and of being unwilling to admit that he is gay, or at least bisexual. His response to the Russian attacks was, he said, “to disclose the manipulation and kill the rumours”.

The far right in France has caricatured Macron as being “globalisation personified”, about which he is relaxed. In conversation, he criticised David Cameron’s referendum campaign. “His message was ‘Yes but . . .’ That is not the answer to ‘No’. I defend Europe and the four freedoms of the EU. If you are shy, you are dead.”

Not all relative

On Sunday, I received a text from one of my cousins. “The Lincoln City manager and his brother, the assistant, are called Cowley,” he wrote. “His father looks a bit like your father. Any relation? They are from Essex.” I am also from Essex, born and brought up in Harlow new town, which turned 70 this year. But I had to disappoint my cousin. My father was an only child, as was his father, so it’s highly unlikely that these Cowley brothers are even distant relations of mine.

Toast of the county

I already knew about the brothers, having been alerted to them by my seven-year-old son, who is a sports data enthusiast. Last season, Danny Cowley and his younger brother, Nicky, were working as teachers in Essex while coaching Braintree Town at weekends. This season, they have led Lincoln to an FA Cup quarter-final against Arsenal, making them the first non-League team to reach the last eight in more than a century. Lincoln are also at the top of the National League (English football’s semi-professional fifth division) and in the quarter-final of the FA Trophy, the premier non-League cup competition. The Cowleys are reported to be subsisting on a diet of toast and Marmite as they rise early each morning obsessively to study videos and analytics and prepare for the next match. They have introduced a new spirit of openness at the previously moribund club: fans watch training sessions and attend press conferences.

It’s nonsense to believe, as some do, that only those who have performed at the highest level have the authority to coach the best. Wenger, Mourinho, Sven-Göran Eriksson, Roy Hodgson, André Villas-Boas: none of them were even remotely successful players. Asked once to explain his accomplishments, Mourinho said: “I’ve had more time to study.” More English coaches – so few of whom are working in the Premier League – would do well to follow his example.

It will be fascinating to see how far the Cowley brothers progress in the game. Whatever happens next, they have reanimated interest in the FA Cup and given the resilient yeomen of Essex a small boost.

Ignore the huckster

Boris Johnson accused Tony Blair of “bare-faced effrontery” for having the temerity last week to deliver an anti-Brexit speech, which itself was an act of bare-faced effrontery. Johnson is a huckster and narcissist whose vanities have been grotesquely indulged for far too long by his cheerleaders and paymasters in the media. (A standard question to Johnson when he was mayor of London: “You do want to be prime minister, don’t you?”) No one should take anything Johnson says remotely seriously. Should the same be said of Blair?

Yes, of course he is the author of his own misfortunes and many will never forgive the former Labour prime minister for the Iraq catastrophe. Yet of all the politicians I have spoken to in recent times, Blair was the most intellectually nimble and the most alert to the defining complexities of the present moment. As he demonstrated in his speech, he also understands better than most why, in an age of intensifying ethnic nationalism, the parties of the left are failing across Europe, none more so than the British Labour Party, which looks as far away from power as it did after the 1931 election.

Journey to the centre

As an energetic and charismatic liberal, Macron has been likened to the young Tony Blair. Can he seize the progressive centre, as Blair did, and destabilise the old binary divisions of left and right? “The anti-European and anti-globalisation extremes are winning elections,” he said, in a veiled reference to Donald Trump and the vote for Brexit. “But we don’t have the same political cycles as the others. It’s time for France to do the opposite.” With that said, he thanked his interlocutors and was hurried off for a meeting with another Essex man, Philip Hammond, pursued not by a bear but by the journalist Robert Peston. 

Jason Cowley is editor of the New Statesman. He has been the editor of Granta, a senior editor at the Observer and a staff writer at the Times.

This article first appeared in the 24 February 2017 issue of the New Statesman, The world after Brexit