Desmond Lachman

Desmond Lachman is a Resident Fellow at AEI. He joined AEI after serving as a managing director and chief emerging market economic strategist at Salomon Smith Barney. He previously served as deputy director in the International Monetary Fund's (IMF) Policy Development and Review Department and was active in staff formulation of IMF policies. Mr. Lachman has written extensively on the global economic crisis, the U.S. housing market bust, the U.S. dollar, and the strains in the euro area. At AEI, Mr. Lachman is focused on the global macroeconomy, global currency issues, and the multilateral lending agencies.
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Economics, International economy

Portuguese deflation alarm bells

Despite a flow of economic data that should be raising serious questions about the country’s long-run debt sustainability, the market sets Portugal’s 10-year government bond yields at only 3 ¾%, or close to the lowest level for Portuguese bonds since the Euro’s launch in 1999. One has to hope that these low government bond yields do not lull the Portuguese authorities into a false sense of security and do not divert them from the pursuit of much needed structural economic reform to put the country’s public finances on a very much sounder footing. read more >

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Economics, International economy

Germany’s wake-up call for the ECB

The stream of weak economic data coming out of Germany, the eurozone’s economic locomotive, lends considerable support to the view that the European Central Bank is now seriously behind the policy curve. For those data confirm that geopolitical uncertainties emanating from both Ukraine and the Middle East are now exacting a very much bigger toll on the German economy than was officially anticipated. read more >