Institute for Research in Economic and Fiscal issues

IREF Europe - Institute for Research in Economic and Fiscal issues

Fiscal competition
and economic freedom


Crisis

Ten Years from the onset of the Great Financial Crisis. What has been reformed?

Ten Years from the onset of the Great Financial Crisis. What has been reformed?

ECB Interest Rate: One Size Doesn't Fit All

ECB Interest Rate: One Size Doesn’t Fit All


The Greek Privatizations

The Greek Privatizations

The Italian (Bad) Bank

The Italian (Bad) Bank


Policy Paper: Asylum migration and barriers to labour market entry

Policy Paper: Asylum migration and barriers to labour market entry

Policy recommendations for easier access

Can governments really save money by creating disasters abroad?

Can governments really save money by creating disasters abroad?


Latest publications

Asylum migration and barriers to labour market entry
Policy recommendations for easier access

The European Union has experienced an increase in asylum applications for several
years, with 2014 seeing 570,800 applications, an increase of 47% compared to 2013.
The year-to-year increase in applications will be even more pronounced in 2015.
Germany, Austria, Hungary, Sweden, the (...)

Propaganda Wars: interest on Greek debt is not "profit"

Propaganda Wars: interest on Greek debt is not "profit"Greece failed to pay a 1.5 billion installment by the end of June. The rhetoric has long portrayed the lenders as fat cats living off Greece’s misery. Varoufakis had his sight on 1.9 billion which he called “ECB’s profiteering on poor Greeks” and should be “returned” to the Greeks to cover the IMF (...)

April’15 Financial & Fiscal Features Newsletter
Easing and Volatility | More woes in Carinthia

April'15 Financial & Fiscal Features NewsletterBank for International Settlements has labelled the impact of recent European quantitative easing as “unprecedented”. Worrying effects are not only the negative interest rates, but also very high price volatilities of asset. This development may soon hit not only economic, but also legal and even (...)

A guide to the world of negative interest rates

A guide to the world of negative interest ratesNegative interest rates here, there, everywhere. What used to be taught as "impossible" in textbook is now a reality throughout the EU. And for the first time it even affects corporate bonds, not just "safe" sovereign ones. Why would anyone lend more than they receive, when they can just hang (...)

February’15 Financial & Fiscal Features Newsletter
ECB vs. Syriza | Banking regulations

February'15 Financial & Fiscal Features NewsletterIs the standoff between the ECB and Greece in any sense subtle, or simply a car crash waiting to happen? We explain why being the first to defect may in fact
benefit Greece. With low sympathy for formal (fiscal) debt forgiveness, we expect pressure to increase further on the ECB.
— - (...)

Why Do Low Interest Rates Not Fuel Credit Growth in the New Member States of the EU?
by Andreas Hoffmann

WP 2015-03. Executive Summary
During the past five years, emerging markets have experienced a significant rise in the credit to the private sector. In the countries that have recently joined the European Union, however, borrowers have been suffering from a rather severe credit crunch. This (...)

Greek debt servicing is not at all crippling

Greek debt servicing is not at all cripplingGreece is said to be suffering under crippling burden of debt servicing. However, the official debt servicing is already lower than in other EU countries with much smaller debts. Furthermore, the actual interest payments payable by Greece are close to those that Germany is having to make on its (...)

Greeks have the safest jobs in the euro area
Greek labour market is hard to crack for an outsider

Greeks have the safest jobs in the euro areaThe Greeks have voted and the left-wing Syriza emerged as the clear winner. There will now follow intensive discussions about Greek reforms and the relationship between Greece and the rest of the world. The labour market is one of the core battlegrounds in Greece. It is very difficult for the (...)

The ZIRP Trap - why low interest rates are a tax on recovery
by Philipp Bagus

WP 2015-02. Executive Summary
Western central banks have been pursuing unconventional monetary since at least 2008. Is there a way of ending them?
The authors identify the winners and losers of these policies, compared a world without them. How much are the relevant parties better/worse (...)

Freedom helps: especially in times of crisis
Greeks suffer consequences of lack of economic freedom

Freedom helps: especially in times of crisisFor several weeks Greece has been, once again, at the centre of European economic policy. Grexit, Greece’s withdrawal from the Eurozone, is being debated again, in light of the forthcoming Greek election of 25 January. Proponents point to the opportunity after such withdrawal for a massive (...)

December’14 Financial & Fiscal Features Newsletter
Rancour at ECB Board

December'14 Financial & Fiscal Features NewsletterDespite the attention offered by the media to Russian banking and foreign exchange markets, tensions are growing in the ECB. Some ECB Board members are unconvinced of the stance the ECB President is taking, doubting that the introduced policy would be effective, let alone constitutional. We (...)

Financial Transaction Tax cannot deliver

Financial Transaction Tax cannot deliverFree movement of people, capital, goods and services across national borders. Those are, allegedly, the pillars of European integration. One of them, the free movement of capital, crossed swords twice this week with EU policy makers convened at the regular meeting of financial ministers. It (...)

Pretence of Knowledge: The Case of Jean-Claude Juncker
The EU as an investment bank we can do without

Pretence of Knowledge: The Case of Jean-Claude JunckerAccording to several reports, EU Commission President Jean-Claude Juncker is planning to introduce a 300 billion-euro investment package this Wednesday (November 26th). The idea is to establish a European fund that will assume liability risks on behalf of private investors. Only profitable (...)

November’14 Financial & Fiscal Features Newsletter
2014 Bank Stress Tests

November'14 Financial & Fiscal Features NewsletterThe Asset Quality Review (Stress Test) results confirm system wide solvency. Yet, regulators announce the rewriting of bank risk models and the ECB plans large scale asset purchases.

October ’14 Financial & Fiscal Features Newsletter
Special Issue on Scotland and Catalonia

October '14 Financial & Fiscal Features NewsletterAlthough Scotland voted in September to remain in the United Kingdom, both sides hailed the high voter turnout as recognition of democratic engagement and growing European dissatisfaction with over-centralised, bureaucratic, seemingly unaccountable government. The effect has been to raise (...)

September’14 Financial & Fiscal Features Newsletter

September'14 Financial & Fiscal Features NewsletterLow interest rates contribute to weak labour markets
A new measure of Unemployment and Labour Market Conditions gains support at the Annual Jackson Hole Conference. Doubts continue about European QE as near-zero interest rates may actually be preventing employment from picking up.
Concerns (...)

July’14 Financial and Fiscal Features Newsletter

July'14 Financial and Fiscal Features Newsletter BIS has doubts about monetary policy in the Euro area
Latest BIS Report says that present monetary policies risk permanently destabilizing the global economy. It calls for A New Policy Compass, focussing on the ‘Financial Cycle’, not the Business Cycle.
Banks remain fragile and imbalances (...)

June ’14 Newsletter

June '14 NewsletterCentral Banking
Confidence in the ECB wobbles as commentators on all sides question the effectiveness of supposedly growth stimulating new policies.
Markets and Investment
At least two big takeover deals are being negotiated in Europe now, both with heavy government involvement. The (...)

A New Ocean Discovered! - or just another subsidy?

A New Ocean Discovered! - or just another subsidy? Cypriot government has unilaterally “redefined” one of the conditions of its 10bn bailout package and lifted a ban on government officials traveling business class. Is this an exercise in customary opulent luxury or is it actually a hidden subsidy? And aren’t all governments (...)

Woes of Wolf of Wallstreet

Woes of Wolf of WallstreetThe latest Scorsese blockbuster is still making the headlines for its novel artistic work with timelines. Does the Wolf, however, have anything whatsoever to say about Wall Street? Very little, and it may actually work to strengthen and entrench any bad practices that remain in the financial (...)

April ’14 Newsletter: Is the Recovery Sustainable?

April '14 Newsletter: Is the Recovery Sustainable?Recovery has started, according to some data. Is it sustainable? Or is it based on asset prices inflated by easy monetary policies? Inside this newsletter:
* Bond markets and the real economy * Central Banking – The Illusion of Tapering * The Return of (...)

Government’s Fiscal Monopoly: Mono or Poly?

Government's Fiscal Monopoly: Mono or Poly?European nations’ fiscal authorities must be doing an excellent job if people are willing to pay hundreds of thousands of euros for the privilege to pay taxes to them… Or is there something else behind the new market for EU citizenship?

The Butch Dutch
They want to be taxed.. or so they say.

The Butch DutchGovernment’s mortgage interest subsidy, besides creating a lot of social costs, benefits almost solely the rich, yet it’s precisely the rich who boldly claim to want to scrap the programme. What’s going on?

Dutch Disease, 2nd edition
… And Then There Were Three…

Dutch Disease, 2nd editionLadies and Gentlemen, please welcome to the stage Dutch Disease, 2nd edition. This time it’s not natural wealth that makes you poor, it’s a natural consequence of a poor policy.

10 Times More Economic Growth In The UK Than In France

According to the latest statistics, the economic growth in the United Kingdom has reached 3% (annual rate) in the last quarter of 2013. This is the highest rate since 2007. For comparison, the French growth was 0.3% yoy (2013).

March’14 Newsletter: A Questionable Recovery

March'14 Newsletter: A Questionable RecoveryThe quality of the recovery remains questionable. In the meanwhile, banks must deal with new regulation and investors look for higher yields.

February’14 Newsletter: A Weak Recovery Turns Monetary Policy Into A Gamble

February'14 Newsletter: A Weak Recovery Turns Monetary Policy Into A GambleEuropean growth stutters along as fear of deflation exerts pressure on the ECB to loosen monetary policy further.

January’14: Confidence Rises and Inflation Stays Low. Is Everything Under Control?

January'14: Confidence Rises and Inflation Stays Low. Is Everything Under Control?The statistics tell us that recession is over. Yet, while this has triggered tapering in the USA, it has also prompted a new of ECB promises to keep interest rates low. In the meantime, EU authorities do not seem how to deal with the world of banking, which is far weaker than meets the (...)

November’14 Newsletter: The 2014 Agenda
Raise Taxation Now And Fix The Banking Problem Later

November'14 Newsletter: The 2014 AgendaMore taxation, more banking supervision, more bail-in than bail-out, more banking malpractice... This month newsletter summarizes the trends that are leading the banking world.

France: A Free-Trader President After Hollande?

France: A Free-Trader President After Hollande?According to the Harris Interactive poll for Le Figaro daily and LCP television, French President Hollande would not be reelected in 2017. His fiscal policies are highly criticized and would cost him his reelection. It seems that Holland is discovering this principle : the more taxes, the less (...)

October’14 Newsletter: National Debts Reappear, Old Issues Remain Unsolved

October'14 Newsletter: National Debts Reappear, Old Issues Remain UnsolvedSomething is rotten in the European Union! It looks like a hide and seek game, where countries and banks are playing a very dangerous game for the citizens’ future. Thus, between political instabilities, stealthy defaults, unhealthy and reckless banks and a real estate market that is (...)

Germany : Less Welfare State, More Electoral Victories

Germany : Less Welfare State, More Electoral Victories Reforming is a path for reelection: German Chancellor Angela Merkel privatized, deregulated, capitalized. She did not reflate nor accepted deficits : she reduced taxes. For sure, there are some lessons to learn for France.

September’13 Newsletter: Have We Really Turned The Corner?
The Eurozone Recovery? Is It real?

September'13 Newsletter: Have We Really Turned The Corner?In the two months since we last reported, the media has focussed on the rebound in the EU area, where in the second quarter GDP grew at an annualised rate of 1.1%. The atmosphere has been optimistic, so optimistic, that even the Aug 20 confirmation by Germany’s Finance Minister Schaueble that (...)

A Greek Tragedy, Act III

A Greek Tragedy, Act IIIWhile Ireland may exit its bailout program at the end of this year, Greece is far from getting out of it. Around 10 to 11 billion euros ($13.1-14.4 billion) from the second half of 2014 will be needed to keep it going next year and in 2015. This will be the Third Act of the economic tragedy (...)

Bailing Out Greece For The Third Time: Useless and Illegimate?

Bailing Out Greece For The Third Time: Useless and Illegimate?"There will have to be another program in Greece," German Finance Minister Wolfgang Schäuble said bluntly on August 20th. The two previous bail-outs amounted to about 240 billion euros but that was not enough. According to the International Monetary Fund, one the Troika member, the estimated (...)

July’13 Newsletter: Asset Bubbles Become Policy Bubbles

Leaders, institutions and markets are all looking for guidance to get out of the present crisis. Government confidence is at stake, institutions’ credibility is jeopardized and banking is close to fraud and collusion.

Who Pays If Banks Fail

Who Pays If Banks FailEuropean Union finance ministers failed to reach a deal last week on this controversial issue. Germany and France are at odds about costs distribution. The Banking Union is at stake since this law on rescuing and closing banks in the EU is a key point. The problem is to know who is going to (...)

François Hollande’s Tool Box Destroys Employment

François Hollande's Tool Box Destroys EmploymentThe IREF with "Contribuables Associés", the largest French taxpayers association, published a study showing how fiscal pressure destroys employment. The main figures of the study reveal the Government lethal action on companies and jobs:
> 12.2 bn € of new corporate taxes
> Tax burden making a (...)

7.5%: Portugal’s New Corporate Tax

7.5%: Portugal's New Corporate TaxCompetitiveness is embedded in the private sector. Employment is created only the private sector. Wealth increases through the private sector. No public intervention can manage to replace the private sector, no Government know how to make business and money. As a consequence, the real economy (...)

Objectives, Instruments and Problems of Macroprudential Supervision

Objectives, Instruments and Problems of Macroprudential SupervisionSince events related to financial, banking, and debt crises regularly make it into the news, a term that seemingly originated from the Bank for International Settlements (BIS) in the late 1970s has become more popular: macroprudential supervision. Whereas microprudential supervision relates to (...)

May’13 Newsletter: The End of Austerity? Not Quite

The May Newsletter explains the austerity concerns heralded during April, the European Banking Union issue, the coming implementation of the Tobin Tax and the fact that there was no major banking fatalities during the month.

The Crisis is An Opportunity To Grow A Business

The Crisis is An Opportunity To Grow A Business“A recession can be a good time to grow a business”. Thus is the opinion of Lord Young, a British cabinet minister under late Prime Minister Margaret Thatcher and still having his own office in Downing Street. Lord Young’s comments are stated in a report to be published this week and addressed to (...)

The European Quagmire

The European QuagmireThe European Commission’s forecasts are gloomy: a 0.1% decrease of European GDP in 2013 as a 0.4% decrease for the Eurozone. It seems that, one after the other, all the member states are collapsing and get trapped into economical disarray. The European Commission gives more time for France and (...)

April’13: Bumpy Springtime for the ECB

Bumpy springtime for the ECB: no recovery, another major blunder and more regulation. Times ahead are becoming increasingly hard as more EU countries are in trouble, new regulations are being introduced and banking and sovereign borrowing are (...)

Capital Control: A Threat on Free Markets

Capital Control: A Threat on Free MarketsThis is an unexpected outcome of the Cypriot “bail out – bail in”. The fact that the Cypriot Government is now able to control money transfers and cash withdrawals is a threat for the European market. Can it still be called a free market if restrictions are applied on the ability to move money? (...)

Cypriot Crisis: The Rise of the German Economic Governance

Cypriot Crisis: The Rise of the German Economic GovernanceThe Cypriot crisis has enthroned Germany has the leading European country. European economics are likely to be German driven from now on. Thus, fiscal profligacy or faulty business models are considered to have caused the recent crisis and the German cure to this is clear: austerity and (...)

Lessons Drawn From The Swiss Referendum

Lessons Drawn From The Swiss ReferendumJean-Philippe Delsol pointed out on a recent article the problem of democracy in Europe. Instead of having Nanny-States trying to control its people, let the people speak its own mind.The Swiss referendum on executives’ high wages is the perfect example of a people using Democracy as it should (...)

March’13: Austerity, Liquidation and Collapses

This 3rd newsletter, written by Kevin Dowd and Gordon Kerr with Enrico Colombatto, is pointing out the auterity consensus tested as the Irish liquidation of Irish Bank Resolution Company, anayzing also further Collapses, Poor Results and Regulatory Arbitrage in (...)

Bail Out and Bail In: Two Solutions for Cyprus

If an agreement could not be found with the previous Cyprus communist-led government, negotiations resumed intensively between the Troika of European Union, International Monetary Fund and the European Central Bank and the newly elected President Nicos Anastasiades. The Euro zone is again at (...)

Cyprus’ Bailout

Cyprus' BailoutThe European Union is about to bail out Cyprus but no details on how it could be done are released yet. Joerg Asmussen, ECB board member, announced that “the troika of European Union, International Monetary Fund and the European Central Bank would send a mission of experts to Cyprus on Tuesday (...)

Bailouts, Monetary Policy and Banking: Where Is The European Union Heading?

Prof. Enrico Colombatto (Turin), IREF scientific director, has provided his update on EU policies. This month, he describes sovereign bailouts, the probable change of monetary policies, and the repayment of ECB loans.
Domestic. How are the high profile struggling countries faring – Greece, (...)

Public finances and banking regulation: where is Europe heading?

Public finances and banking regulation: where is Europe heading?IREF has asked its scientific director, prof. Enrico Colombatto (Turin) to provide a periodic update on EU regulations. Policies adopted by Brussels in 2012 did not help to surmount the crisis: what will happen in 2013?

The same euro mistake under a different name

The same euro mistake under a different nameDespite being bombed by information, it seems we have forgotten the roots of the debt crisis. Instead we play a martingale game, where the only precaution after losing a round is to double the bet for the next one. The solution is not called EFSM, EFSF, ESM, SMP, OMT or banking union. These are (...)

A Plan for Sound Money

A Plan for Sound MoneyIn response to the financial crisis in the euro zone, the Lithuanian Free Market Institute (LFMI) has worked out and submitted to public institutions a plan which would help countries potentially exiting the euro zone to build stable and sound money. LFMI‘s proposal can be also used by the euro (...)

€62 Billion

is the amount needed by Spanish banks to avoid the clash, revealed the Spanish government last week. This is supposed to be good news for European taxpayers who will have to rescue Spain with their tax money. Indeed, the initial estimation was about €100 (...)

When the Lights Go Out: Europe in an Age of Austerity
by Vani K. Borooah

WP 2012-03. Executive Summary
Update Jul’14: The paper has been published by Palgrave Macmillan and is available on Amazon.
The European crisis is not behind us and easy solutions do not readily present themselves. Some of the causes of the crisis may be regarded as temporary while others (...)

The French alternative to austerity

The French Cour des Comptes (National Audit Office) published this Monday a new report on public finances. Without surprise, the ambition to limit the budget deficit to 4.4% of GDP in 2012 is confirmed to be unrealistic. An extra six to ten billion euro would be necessary in order to meet this (...)

Italy in the tax turmoil

This paper is excerpted from the forthcoming "IREF’s Yearbook on Taxation" 2012
On July 6 the Berlusconi government passed a first package of mandating modest immediate cuts in the expenditure and similarly modest immediate increases in tax revenue to address concerns on the capacity of Italy (...)

Ireland on the way to recovery

Ireland on the way to recoveryThis paper is excerpted from the forthcoming "IREF’s Yearbook on Taxation" 2012
In an unprecedented and historical move, the European Union forced the Irish government against its stated wishes to indebt itself in an € 85 billion international bailout comprising of the IMF, EU and bilateral (...)

Sweet Drop on Gauche Caviar: Chronology of the Portugese workers day saga

Sweet Drop on Gauche Caviar: Chronology of the Portugese workers day sagaPortugal is traditionally a leftist country. Since the Carnation Revolution in 1974, in which the Left threw out the fascist government of Marcelo Caetano, it is fashionable in Portugal to be leftist and being labeled socialist. If a proof was needed, in the 2011 elections, all 6 parties in (...)

IMF Director Christine Lagarde giving lessons to Greek people

In an interview with the Guardian, Madam Lagarde says it is time for Greece to pay back and insists on the fairness of it – “Greeks have to pay taxes now and assume their past mistakes,” she says, adding that “As far as Athens is concerned, I also think about all those people who are trying to (...)

€ 50 billion

This is the expected revenue from the financial transaction tax promoted by the EU. The proposal is expected to come into effect from 1st January 2014 and applies to the transactions carried out by financial institutions (banks, investment firms, insurance undertakings, collective investment (...)

Lessons from Lithuanian austerity

Lessons from Lithuanian austerityIn recent years, the Baltic States have been showcased as an austerity success story. While the whole world has seen countries such as Greece, Spain and Portugal struggling to reduce their public spending, Lithuania has been hailed as an austerity example. Lithuanian success in public spending (...)

The financial transaction tax will reduce Member States’ GNI contributions to the EU budget by 50%

If adopted as a new own resource of the EU budget the financial transaction tax (FTT) will significantly reduce the contributions of member states to the EU budget, according to estimates presented yesterday by the European Commission. Member States’ contributions would be slashed by €54bn in (...)

The Euro: A Community of Shared Destiny?

The Euro: A Community of Shared Destiny?In March 2010, when the Greek debt crisis was heating up, then-ECB president Jean Claude Trichet declared to the EU parliament that the “monetary Union in Europe is far more than a monetary arrangement. It is a union of shared destiny”. Less than two months later the ECB reversed its refusal to (...)

French unions live the good life. For how long?

French unions live the good life. For how long?France is famous for its wine, cheese and…unions. It is well established now that any reform considered by any government, left or right, has to be approved by unions (or, at least, not strongly opposed) in order to have a chance to be passed. Strange situation in a country where less than 8% of (...)

ECB and quantitative easing

Will the European Central Bank turn to Quantitative Easing ? This is the question haunting all analysts and governments and, if one were to make a bet, better put it on the YES answer. Yes, the ECB will most probably end up doing just what the FED has been doing for years. The main reasons put (...)

Bank regulation: Troubleshooter or Troublemaker?

A widespread understanding of the 2007-2008 crisis places the origins of the crisis in a capture of global economy by the finance industry. The “occupy Wall Street” group would surely agree, as well as most of those who get their economics from the general media. And President Sarkozy in his (...)

Europe is heading back into recession

According to a recent economic outlook from Standard&Poor’s, high frequency indicators in the past month continue to depict Europe’s “darkening economic landscape”. Apart from being a problem by itself, a recession is going to aggravate the debt crisis. Indeed, most of the EU member states’ (...)

Engineering the Financial Crisis Systemic Risk and the Failure of Regulation

Engineering the Financial Crisis Systemic Risk and the Failure of RegulationIn one of the first studies critically to examine the Basel Accords, Engineering the Financial Crisis reveals the crucial role that bank capital requirements and other government regulations played in the recent financial crisis. Jeffrey Friedman and Wladimir Kraus argue that by encouraging (...)

$ 1.543 billion

$ 1.543 billionis the amount of exposition of French banks to European countries’ private and public debt. They own for instance $106 billion of Italian public debt (which is six times higher than the amount held in Greek bonds), while $230 billion are held in Belgian government bonds. France is therefore (...)

Is Germany untouchable?

Until now, the debt crisis seemed to spare the biggest European economy. But the country everybody is relying on starts to meet difficulties to refund its debt. The sale of German benchmark bonds on Wednesday turned to a disaster and the Bundesbank has been forced to hold on to record amounts (...)

€55 bn

€55 bnGermany has raised over a quarter of its total EFSF obligation of €211 billion by way of what is essentially magic. The Telegraph reports that "Germany is €55bn richer than it previously thought because of an accounting error at state-owned bank Hypo Real Estate Holding. Germany’s 2010 debt-to-GDP (...)

French austerity measures – more taxes and unconvincing plans to balance the budget

French austerity measures – more taxes and unconvincing plans to balance the budgetFor the French government, it is more than ever urgent to convince everyone that the State deficit is moving in the right direction and the public debt is sustainable. In the context of an uncertain future for the French credit rating triple A note, the present debate on the budget of the State (...)

Bank stress tests or how governments are trying to fool the market

Bank stress tests or how governments are trying to fool the marketEuropean governments are under pressure to shore up the banking sector in the face of growing worries about the industry’s capital levels, access to funding and earning power in the context of global crisis. Indeed, weakened by their bad sovereign debt holdings, several banks are scrutinized by (...)

Standard & Poor’s has cut Italy’s credit rating

Standard & Poor's has cut Italy's credit ratingThe eurozone’s third-largest economy is being sucked deeper into the sovereign debt crisis, since one of the major credit rating agencies downgraded yesterday its credit rating. S&P downgraded Italy to "A/A-1" from a "A+/A-1+" grade because of "Italy’s weakening economic growth prospects", (...)

Two French banks downgraded by Moody’s

Suspected to be too vulnerable because of their "Greec holdings" two of the biggest French banks, Société Générale and Crédit Agricole have been downgraded by the credit rating agency Moody’s.

What’s the Matter With the French Banks?

What's the Matter With the French Banks?The French bank BNP Paribas published a disclaimer to this article signed by our Director of development Nicolas Lecaussin and published in the Wall Street Journal. The paper is mentioning the difficulties of some of the French banks, including (...)

Greek economy shrinking

Greek economy shrinkingIt seems that the forecast of a 3.5% decrease in Greece GDP in 2011 was too optimistic. The finance Minister Evangelos Venizelos said last week that the output is likely to contract by more than 4.5%. Also, the public deficit - the main symptom of Greece’s economic illness - is running towards (...)

Market Crises Versus Sovereign Crises

Market Crises Versus Sovereign CrisesThis article first appeared in the Wall Street Journal
Markets always make good scapegoats. When they do well, they are populated by profiteers. When they do badly, they are accused of causing trouble for everyone else.The denizens of the Dow, Nasdaq, CAC and DAX floors may be speculators and (...)

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