100 posts
The remarkable rise of continental Euroscepticism | Mark Leonard and José Ignacio Torreblanca
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Trust in the EU has plummeted across the continent. Both southern debtors and northern creditors feel like they are victimsOnce it was seen as a British disease. But Euroscepticism has now spread across the continent like a virus. As the data from Eu...
Week in Bloggingportal: Exercises in Democracy
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BY CC FutUndBeidl It may be a year until the European elections, but with Croatia joining the EU in July, Croats are heading to the polls today to elect their representatives to the European Parliament. It’s not been the bes...
The Week in Bloggingportal: Cyprus in (y)our heart
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Let’s put it like this: Adrenaline that comes with jumping from a cliff, as the Cyprus tourism video suggests as its first message, definitely was part of this week in Bloggingportal.eu. The tentative Cyprus deal agreed last week that was...
Why is the ECB threatening to pull the plug on Cyprus? And how would it work?
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The ECB - which holds the key to Cyprus' future inside the euro by virtue of funding the country's banks - this morning issued a statement which essentially set Monday as the deadline for a Cypriot bailout deal. It said:The Governing Council of the E...
Dramatic days ahead in Cyprus
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Authors: Zsolt DarvasThe Cypriot parliament's Tuesday evening rejection of the bank levy on bank deposits, which was a key condition for financial assistance from the EU/IMF and continued European Central Bank support to the Cypriot banking system, w...
What’s a europhile to make of the Cyprus bail-in?
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As if there weren’t enough slightly-but-not-very informed comments out there… here are my €0.02 on the Cyprus bail-in, as seen from a ‘pro’-EU perspective. 1. On a personal level, I’m horrified by the proposa...
All at sea – What does the 'No' vote mean for Cyprus and the eurozone?
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Following the dramatic vote by the Cypriot parliament tonight to reject the bailout deal, here is our flash analysis of the situation:The Cypriot parliament tonight voted against a bill to introduce a tax on bank deposits, in return for a €10bn...
Cyprus deal: the right intentions but major flaws
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Authors: Zsolt DarvasOn Saturday morning, after a marathon meeting of the Eurogoup, it was decided to impose a one-time wealth tax on deposits in Cypriot banks: 6.75% on deposits below €100,000 and 9.9% on deposits above this threshold. Involvin...
Your Cyprus Questions, Answered
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Gabriele Steinhauser, a reporter for The Wall Street Journal, answers some questions about the Cypriot bank levy.
Is there any chance Cyprus could secure a better deal?
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UPDATE 22:00 According to Reuters, German Finance Minister Wolfgang Schäuble claimed today that it was indeed the Cypriot govenrment's decision to go for smaller depositors - not Germany's. Speaking to public broadcaster AR...
Observations On Cyprus
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Cyprus's bailout agreement: the euro zone's messy decision making, the decline of sovereign immunity, the perils of big banking systems, the shortest government honeymoon ever, and more...
If it’s not labeled, did it really happen?
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The IMF has published its Financial Sector Assessment Program (FSAP) report for the European Union. Usually FSAP reports are done for countries but this one looked at union level issues and institutions. The above is Figure 7 from it. It’s &hel...
European Semester Officer
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The Netherlands proposed an EU Super-Commissioner for Budgetary Discipline in 2011 that would control the budgets of the member states as a way of stabilizing the euro zone, and rules to expel members who didn't implement austerity swiftly and e...
Farmers could not survive without subsdies
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Almost three quarters of farmers say they could not survive without subsidies, according to a Farmers Weekly poll: Subsidies How does one wean farmers off their subsidy dependence so that they become more like any other business that relies on retur...
"Should the left be arguing for an EU wide unemployment insurance system?" by Dan Corry
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As the fiscal union screw tightens, it is time the centre-left had a debate about what it can do to make the Eurozone more progressive. Slowly, slowly, bit by bit and sometimes in big leaps, the EU – or at least the Eurozone – is moving towards a...
Is a Greek bond buyback really as daft as some economists suggest?
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European leaders are toying with the idea of buying back Greek debt on the market. At first sight, the idea might look charmful: Greek bonds are currently being traded with huge discounts. If you spend one euro, you can buy … Continue reading...
Striking Athens
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I arrived to Athens a few days before the start of the EGP’s council, intending to walk the streets and get some feeling of the people. Greece nowadays is one of the battle fronts of the european project. Much is a stake. The European Union has giv...
French shock therapy prescribed
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By David Gow You can hear the tumbrils rolling down Whitehall towards the Treasury: the French economy is in dire need of “shock therapy” and a “comprehensive programme of structural reforms”. Off with Hollande’s head. T...
EU Reduces Irish Economic Outlook
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The European Union Wednesday reduced its economic outlook for Ireland, saying that slowing demand from Europe for its exports and austerity at home are weighing on the country's prospects for a strong recovery.
Austria Readies Its Female Weapon
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The small Alpine state of Austria doesn’t seem to tire from causing a stir at the European Central Bank, writes Nina Koeppen.
Eurozone faces sluggish recovery from downturn
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The eurozone economy will barely grow next year in a weak recovery from the current downturn, according to the European Commission's autumn forecasts published today...
Intuition vs. statistics
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This morning Polish Foreign Minister Radoslaw Sikorski via twitter made a ‘political analysis’ of Barack Obama’s victory – ‘My intuition once again told me rightly that with the polls on a knife-edge the current Presiden...
Weekly Wrap Up:Obama, budget and Greece
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Obama is elected for another term as the president of the United States. What does that mean for Europe? In Greece the parliament will vote on new austerity measures. At the same time worker unions … Continue reading →...
"External and Internal Imbalance: The Siamese Twins of the EMU" by Rorita Canale and Ugo Marani
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Following the financial crisis of 2007, Eurozone countries have been separated into two large blocks dependent on their capacity to honor their domestic public finance constraints. The predominant view, and that of the EU institutions, is built upon...
Stocks And Commodities Trade Lower On The Exhaustion Of The World Central Banks’ Monetary Authority And Inability To Stimulate Global Trade … Greeks Strike In Front Of Likely Parliament Approval Of Troika’s Third Austerity Vote … Hollande Lurches Right A
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Financial market report for Monday November 5, 2012 Introduction Finviz charts show Stocks, VT, and Commodities, DBC, trade lower on exhaustion of the world central banks’ monetary authority, and on inability to stimulate global trade and their ina...
Why does Europe need a Federal Reserve?
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A few weeks ago, the President of the European Central Bank (ECB) declared that the ECB does not exist to resolve the financial problems of the EU Member States. Many of us were left wondering: if that is the case, then what is the purpose of the ECB...
Nowotny Opens a Can Of Worms With Comments on ECB Votes
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Today is Election Day in the U.S., but European Central Bank Governing Council member Ewald Nowotny seems more concerned with who’s voting at the ECB.
Limited Bank Debt Deal Would Help Bailout Exit, says OECD Economist
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A limited refinancing deal covering about half of the €64 billion Ireland pumped into its stricken banking system should be enough to help the country dig itself out of its debt crisis and emerge from its international bailout, the Ireland expert a...
Some more (draft) bad news for the Spanish government
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The European Commission is due to unveil its autumn economic forecasts on Friday, but El País has already seen a draft of what the Spanish government is going to be told - and, unsurprisingly, there seems to be no good news coming from Brussels.Firs...
US vote: Who you gonna call? ECB, not Brussels
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Geithner, left, has been in frequent touch with ECB's Draghi and his predecessor, Trichet. A joint election party co-hosted by Democrats and Republicans Abroad at the Renaissance Hotel in Brussels this evening is scheduled to go until 3am in ant...
French shock therapy prescribed
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David Gow Tuesday, 06 November 2012 You can hear the tumbrils rolling down Whitehall towards the Treasury: the French economy is in dire need of "shock therapy" and a "comprehensive programme of structural refo...
"Mercantilism and Austerity Policies are the Problem - Not the Euro" by John Weeks
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The sharp debate over the ongoing crisis of the euro zone has to a great extent driven protagonists into two camps. In what might be called the “official camp”, we find those who support the common currency project and with it policies...
A Brief Review of the Eurosystem’s TARGET2 Imbalances
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This post is a long overdue look at the infamous TARGET2 (im)balances, which are yet another symptom of the ongoing malaise in the Euro-Zone. I do not claim to make any new contribution in this post, whose motivation was exclusively … Continue...
All is calm in the EZ…or is it?
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All is relatively quiet in the eurozone these days – or at least that is what you might think, speaking to portfolio managers over the past few months. German chancellor Angela Merkel has visited Greece, Ireland has re-entered the bond markets...
National Bank Of Greece And Argentina Banks Lead Stocks Lower Commencing The Age Of Fiat Asset Deflation … The US Dollar Rises Putting An End To The Milton Friedman Free To Choose Floating Currency Regime And Investment Prosperity …. Diktat Is Rising To B
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Combined financial market report for the month of October 2012 and the first week of November, ending November 2, 2012. On Wednesday, October, 31, 2012, the National Bank of Greece, NBG, fell strongly, forcing Greece, GREK, sharply lower; and also,...
Monday Update: Eurosceptism, gay rights and separatism
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Happy Monday. EU budget in times of austerity 53 Conservative Members of Parliament demanding that the EU cut spending sided with the opposition, in direct defiance of Prime Minister David Cameron, while an EU commissioner challenged the UK to decid...
Why did Spain block Mersch’s ECB appointment?
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Rajoy is still angered by Spain's snubbing during Mersch's selection earlier this year. If you thought the long, drawn-out saga of Yves Mersch’s nomination to a seat on the European Central Bank’s powerful executive board could not get...
A big week for Greece - but still few answers
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As we noted in our press summary today, this week is lining up to be another big one for Greece.The Greek government faces two crucial votes in parliament – first on Wednesday to push through the latest package of structural reforms (as demanded by...
Stability bonds (Eurobonds)
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The euro area sovereign debt crisis has revived the debate on the common issuance of sovereign bonds in the eurozone. The introduction of such stability bonds (or Eurobonds) is seen by some policy makers and experts as a solution to the crisis. It wo...
Spain’s Borrowing Conundrum
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On Thursday, Spain will attempt something that it has not done in the debt market for about a year and a half: sell a government bond with a maturity of more than 10 years. But while the calm tone in financial markets has ensured steady demand for Sp...
Thriller in Athens: Justice Minister and European Commission block Troika measures
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According to a report posted earlier today in enikos.gr news portal, Justice Minister Antonis Roupakiotis (a technocrat proposed by Democratic ... Continue reading...
Irish Services Data Hits Five-Year High
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Business activity in Ireland's services sector surged in October, another indication that despite a fifth year of austerity the nation's economy may be set to grow more rapidly than those of other euro-zone members.
