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Cost-benefit analysis is less than satisfactory. Yet, the alternatives are probably worse

by Francesco Ramella    2 January 2020    0

Cost-benefit analysis is far from being a perfect tool. In particular, the subjective nature of costs and benefits makes all calculations arbitrary. Thus, it may happen that policymakers take bad decisions even when applying the best methodology. Yet, the world of politics requires that (...)


Germany Remains Firmly Opposed to Banking Union

by Gordon Kerr, Cavin O’Driscoll with Enrico Colombatto    18 December 2019    0

In November, Germany’s Finance Minister Olaf Scholz wrote an article in the Financial Times claiming that he had devised a common European Deposit Insurance Scheme (EDIS) that could be acceptable to both sides of the hitherto gridlocked debate. Mr Scholz also circulated a document which he (...)


It’s the ideology, stupid! Journalists, citizens, and the declining trust in the news

by Luigi Curini    11 December 2019    0

Over the years, we have witnessed a general decline in the level of trust in the news as recorded by the general public. For example, according to the latest Reuters Institute Digital News Report, the average level of trust in the news is down 2 percentage points to 42%, with peaks such as -11 (...)


Free-market excuses for not so free-market-oriented central bankers

by Leonardo Baggiani    4 December 2019    0

In a recent speech, the Vice Chair for Supervision at the Federal Reserve R.K. Quarles extensively cited F.A. von Hayek. Quarles highlighted Hayek’s argument on freely determined prices as crucial to convey knowledge across operators and enhance a functional economic order. By contrast, he (...)


Are half of all jobs bullshit? Bullshit!

by Alexander Fink, Kalle Kappner, Translated by Anna-Maria Kohnke    27 November 2019    0

In the 2000s, a short book by philosopher Harry Frankfurt made the term ‘bullshit’ socially acceptable. In 2018, anthropologist David Graeber published his bestseller, in which he argued that roughly half of the employment relations in the Western economies are ‘bullshit jobs’: they provide no (...)


“Mini Schengen” – Western Balkans’ Embrace of the Market

by Tanja Porčnik    20 November 2019    0

French President Emmanuel Macron’s spearheaded opposition to block European Union accession talks with Albania and North Macedonia during the European Council’s recent meeting in October. By doing so, he is not only dangerously and severely undermining the credibility of the EU accession process. (...)


Central Banks’ Varied Approaches to the Financial Risks of Climate Change

by Gordon Kerr, Cavin O’Driscoll with Enrico Colombatto    13 November 2019    0

As the momentum has built behind calls for policy responses towards climate change, the ECB and the Bank of England have not been the quickest central banks to act. Back in 2011, the Banco do Brasil announced that banks must incorporate ‘Environmental and Social Risk’ in their reporting and risk (...)


Mafia and the market

by Sergio Beraldo    6 November 2019    0

Many people share the opinion that Mafia is a typical Italian phenomenon, something about which only Italians should worry. This opinion is wrong. Data recently released by Europol show that thousands of criminal organizations active in Europe can be labelled as of mafia-type, with about 70% of (...)


Principled Tax Competition

by Daniel Bunn, Elke Asen    30 October 2019    0

The structure of a country’s tax code is an important determinant of its economic performance. The Tax Foundation’s International Tax Competitiveness Index has ranked OECD countries’ tax systems for the last six years, and every year Estonia has been the number one country on the Index while (...)


FinTech Companies; little innovation and no reform of banking

by Gordon Kerr, Cavin O’Driscoll with Enrico Colombatto    23 October 2019    0

New entrants into every aspect of banking were encouraged by two recent regulatory developments: the Open Banking initiative and the ‘sandboxing’ exemptions from regulations. Open Banking, part of the Payment Services Directive enacted October 2015, encourages customers to allow their data to be (...)


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