Eurozone crisis, Season 3, episode 4
“Banking union” is a backdoor to fiscal union. That is why it will not come any time soon. The Eurozone crisis is potentially worse than the Great Depression for peripheral countries (including Spain...
View ArticleThe lost lender for the offshore resort
Cypriot banks will not fully reopen any time soon. Not even next Tuesday. Capital controls are likely, and potentially not just in Cyprus. The simple morale of the story is that never ever keep money...
View ArticleFrom BC to AD – a new financial era?
From Before Cyprus to After Dijsselbloem? The Eurogroup leader whose name starts with a D showed how to become a swearword from obscurity in a single day. But was he actually onto something important?...
View ArticleWhat happens in Vegas does not always stay in Vegas
The Eurozone will need a better functioning labor market to keep the monetary union Unemployment in the Eurozone is at 12%, and the dismal short-term activity and sentiment indicators point to a likely...
View ArticleEurope’s Great Depression: a tale of (at least) two economies
The European periphery is replaying the Great Depression in slow motion. This means that eventually the Euro may fall apart, despite the recent loosening by the ECB. The ECB is just about to embark on...
View ArticleEmployment booms and busts, in a single chart
Employment Booms and busts, in a single chart. Source: BLS, Eurostat, own calculations With some surprises: USA and Eurozone overall labor market performances are not that different – so far. You...
View ArticleOptions after the Greek vote: choosing the finger to bite
Greek voters may have though that they were voting on an immediate ending of the austerity. But that never was on offer, and difficult choices are just beginning with the vote. What does the Greek...
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