Institute for Research in Economic and Fiscal issues

IREF Europe - Institute for Research in Economic and Fiscal issues

Fiscal competition
and economic freedom


Anti-Piketty

Capital for the 21st Century

Global trade and the role of the EU


Banks in the US as well as Europe Push Back Against New Rules

Liborgate Re-Rears Its Ugly Head


IREF’s call for research projects

Guidelines and information

Rule Flouting Politicians

and the Willingness to Cooperate


Latest publications

White paper on the future of the EU.
“EU first”?

The EU is facing difficult challenges within its borders (weaker economic performance and Brexit) and outside (a more inward-looking America). The Commission has recently released a White Paper describing possible scenarios for the future of the Union. Here is our take on the Commission’s (...)

The War on Cash: Haldane Edition
by Kevin Dowd

Kevin Dowd is professor of finance and economics at Durham University. Kevin has written extensively on the history and theory of free banking, central banking, financial regulation, and monetary systems.
The Adam Smith Institute have recently published my report “Killing the Cash Cow: Why (...)

Accommodative Monetary Policy is Encroaching on Fiscal Policy

We believe that the ECB is presently using monetary policy in effect to conduct fiscal, as well as monetary policy. Elected politicians should be up in arms; that they are not would imply either that they do not understand this or that they simply accept it. This may provide an interesting (...)

Compliance Meltdown at the Bank of England

The Bank of England is the focus of two separate news items. Firstly, the BBC has apparently uncovered a videotape evidencing that the Bank strongly pressured commercial banks to falsify Libor submissions in 2008. If true, this contradicts denials we reported in 2012 when such allegations (...)

The Relevance of Regulation for the Greek Debt Crisis
Iref Working Paper

Greece’s government debt keeps Europe busy for almost 7 years now. The government debt ratio adds up to almost 180% of the GDP. According to Transparency International, Greece is ranked 69th globally for corruption – a serious obstacle. Also, Greece is the most regulated country in Europe. (...)

The UK Spring Budget 2017

The UK Chancellor of the Exchequer, Phillip Hammond, has recently delivered in Westminster a rather uncontroversial Spring Budget. What has been greatly controversial, and rather embarrassing, was that the Chancellor has been accused of breaching a conservative manifesto promise and asked to (...)

Unicredit’s Rights Issue – the figures don’t add up

Unicredit’s well-publicised rights issue was reported by the press as a resounding success. Underwritten by Morgan Stanley and UBS, the €13bn issue, priced at a 38% discount to the bank’s theoretical value before the rights, closed early. Some big Italian investors publicly declared their (...)

Supervision cannot save insolvent banks

Regulators Provide Misleading Reassurances as to Bank Solvency
February 10th was the fourth anniversary of David Cameron’s “Bloomberg Speech” in which he promised an ‘in or out’ EU membership referendum if re-elected in 2015. This year, the EU’s Commissioner for Financial Stability, Financial (...)

Public transportation in Italy, Uber and the need for liberalisation and competition

In February 2017, the Italian government defused a heated confrontation with the representatives of licensed taxi drivers. They were asking for protection against forms of allegedly unfair competition, such as the platform Uber. The solution has been found when the government promised to put (...)

The Fight Against Crime Does Not Need A Cash Ban

Governments around the globe are trying to limit the use of cash by their citizens. Most European countries already implemented upper limits for the amount of cash that can be used for payments. The German government is currently considering prohibiting citizens from paying bills of more than (...)

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