Category Archives: Europe

Italy’s Atlas Bank Bailout Fund: The Shareholder of Last Resort

By Silvia Merler, former Economic Analyst in DG Economic and Financial Affairs of the European Commission (ECFIN) and an affiliate fellow at Bruegel. Cross-posted from Bruegel. In Greek mythology, Atlas the Titan was condemned by Zeus to eternally hold the weight of the sky on his shoulders. A mythological struggle that has recently made the […]

How European Union Fiscal Rules Subverted Democracy and Institutionalized Neoliberalism

A good overview of how fiscal rules gave neoliberal ideology and unaccountable bureaucrats the upper hand in the EU.

Greece-Troika Train Wreck Shaping Up for July Despite IMF Leak

As hard as it seems to believe, the IMF is shaping up as a less bad actor in the continuing Greece austerity saga. Germany finance minister Wolfgang Schauble, by contrast, seems emboldened by Merkel’s fallen stature, which couldn’t come at a worse time for Greece.

John Helmer: What The USS Donald Cook and Polish Navy Were Doing Off Kaliningrad When They Were Buzzed By the Russian Air Force

The narrative of Russian planes buzzing a US destroyer is not as simple as it first appeared in the press….

The Dirty German Ditty That Got Erdogan So Angry That He Sued

It appears that Erdogan never got the memo: if you are going to be in politics, you need to have a thick skin.

Mathew D. Rose: The Remarkable World of Angela Merkel and Her Friends

With friends like Merkel’s, who needs enemies?

Intra-EMU Divergence Is A Feature Not A Bug

Yves here. I’m leery of reinforcing the “competitiveness” meme, since it’s based on the false premise that all countries can be exporters. But this article nevertheless makes important observations about Eurozone structural flaws.

Fed Suddenly Having Emergency Meetings as European Banks Also Wobble

The Fed is suddenly looking very nervous, and by contrast, the Europeans don’t seem anywhere nervous enough on the banking front.

Ireland: a Recovery Built on Sand

How official statistics exaggerate Ireland’s performance, largely due to its status as a tax haven/offshore financial center.

A New Stability and Growth Pact? Let’s Drop the Technocratic Veil!

On how economic growth models constrain policy debates and choices among Eurocrats, and why that is no accident.

#panamapapers – Why Critic Craig Murray Needs the Scorecard Before He Can Name The Players

Craig Murray keeps jumping the gun with his panamapapers pieces

Did Italy And Malta Actually Agree To Swap Oil Rights For Refugees?

Accusations by a Maltese political leader that Malta and Italy engaged in an oil-for-refugees swap has gotten legalistic responses.

The Consequences of Brexit for UK Trade and Living Standards

The economic consequences of leaving the EU are at the heart of the Brexit debate. This column studies how changes in trade and fiscal transfers to the EU following Brexit would affect living standards in the UK. Across a range of scenarios, Brexit leads to lower income per capita, but the magnitude of the loss depends on what trade policies the UK adopts post-Brexit. To minimise the economic costs of Brexit, the UK would have to remain closely integrated into the Single Market.

New Zealand’s FMA, the Breder Suasso Conundrum, Mossack Fonseca, and #panamapapers

A quick look at Breder Suasso, a New Zealand FSP with historic links to disreputable Panamanian law firm Mossack Fonseca

Leaked Memo Reveals IMF (Still) Wants Out of Greece Bailout and Plots to Pressure Germany to Act

A new leak shows the IMF as the least bad actor of the Troika, which given its record as a neoliberal fist in third world countries, speaks volumes about European politics.