Publications

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…

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…

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…

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…

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…

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…

Economists do not regard the world as a zero-sum game, but as a positive sum game in which all voluntary participants in an interaction are winners and no one loses.…

WP 2017-01.  Since the financial crisis, government debt ratios have increased in many countries. Most studies indicate that there is a negative association between high medium- and long-term debt ratios…

Criticisms of bank stress tests continue to mount, particularly as banks continue to struggle. A new problem recently emerged: the marked shortfall between the market capitalisation of most European banks…

Purely for geopolitical reasons, namely frustration at the failure of the governments of individual member states to respond to repeated calls for “structural reforms”, your authors had taken the view…