Many UK economists are pretty sanguine about euro break-up. Patrick Minford, for example, in the minutes of the Shadow Monetary … Continue reading “Euro break-up – not so simple”

The European Central Bank (ECB) sits at the centre of a clearing system (‘TARGET2’) for national central banks (NCBs) within … Continue reading “The ECB cannot hold back the tide of euro credit and banknotes”

A man comes in to his regular delicatessen shop and blurts out at the owner, ‘You need to help me … Continue reading “The ‘European idea’: fact and fiction”

A second aid package to the Greek government hinges on severe austerity measures. Why doesn’t Greece simply default and leave the … Continue reading “Why doesn’t Greece simply default?”

Last week rumours circulated that Greece is considering leaving the eurozone. In addition, representatives of the European Commission and European … Continue reading “Blackmail by Athens?”

The eurozone came with fine aspirations: according to article 127 in the consolidated version of the Treaty on the Functioning … Continue reading “Sovereign debt restructuring and the euro crisis”

The new Chancellor of the Exchequer’s proposal to set up an independent Office for Budget Responsibility sounds like a good idea. … Continue reading “Truth in government”

After years of continuous growth in public spending and public debt, the Portuguese economy finds itself in a bleak situation … Continue reading “The crisis: a view from Portugal”

This weekend the EU finance ministers, the EU and the IMF agreed a huge bailout package for the troubled eurozone … Continue reading “The EU rescue package is not a long-term solution”