The nationalisation of risk in the eurozone
As economic clouds darken once more, a eurozone without risk-sharing remains a eurozone at risk.
Sovereign spreads and the frailty of the eurozone
The failure to provide for risk-sharing in the eurozone architecture has sustained chronic mistrust, reflected in sovereign spreads.
Global Debt Is At Its Peak: Italy Stands Better Than We Think
In the second quarter of 2018 global debt reached a new peak, climbing to 260 trillion dollars ($260,000 billion). At the same time, the global
Italy And The New Eurozone Risk Morphology
It’s a well-established fact that the eurozone as a monetary union is a weird animal. Among the main reasons that surely stands out is its
Restoring European Solidarity
Strange to say, but between the international debt crisis of the 1980s and the Great Recession of 2008, Europe has shown an overall GDP growth
Why A Rebooted ESM Is Much Better Than An EMF
After the controversial European Monetary Fund (EMF) proposal by the European Commission of December 2017, it’s clear that the debate about the future role and
ECB, Greece And The Ticking NPL Time-Bomb
After the ECB regulatory tightening on banks’ non-performing loans (NPLs), announced with the well-known “addendum” to its guidance to banks of October 5, a barrage
Strong Euro Is Here To Stay
The euro rally on FX markets really begins to look interesting now: 1.2 on the Dollar, a level never experienced since January 2015, just before
Rescuing Veneto Banks Would Have Cost Less With Indirect Nationalization
The Italian government has launched a package of extraordinary measures to handle the crisis at Veneto Banca (VB) and Banca Popolare di Vicenza (BPVI). The
New Brussels Reforms: Path To More Austerity For Italy
New reforms for the Eurozone are in sight, ready to be implemented in the short term by taking advantage of the stronger than expected European
Italy 2017: Back To Austerity
The political turmoil that followed the Renzi government’s resignation after the results of Italy’s referendum on constitutional reforms, the hurried appointment of the new executive
Interest Rate Rise Could Presage #Italeave
When it seemed the ECB had “hibernated” the spread in its balance sheet for good, back it comes. In recent weeks, the yield spread between
The Italian Non-performing Loans Problem And Europe
The narrative about Eurozone problems is often – and rightly – focused on the Italian banks’ troubles, burdened as they are by €338 billion of
The Halt In Global Trade Growth And The Rise Of Neo-Mercantilism
The process of globalization is in retreat. The latest victim of the global economic slowdown is international trade: after tumultuous growth in the last 26
Helicopter Money: An Old Novelty
Times have surely changed: as little as three years ago, Quantitative Easing was considered a remote hypothesis, EU inflation was well over 2% and only
Greek Pensions: Tsipras’ Last Ditch Fight Versus Troika
The Troika is in Athens and will not leave without deep cuts to pensions, even though the country is back in recession. Far from last