Salamone, A. (2014) “Britain’s EU membership hangs by one less thread“, Britain’s Europe Blog, 27 Οκτωβρίου. Britain, it seems, owes the European Union a certain sum of money. In every year since 2002, it has underpaid into the EU budget and the day of reckoning has finally arrived. However, as usual when it comes to ‘Europe’ for the UK, symbolism triumphs over substance. The country has been hit with …Read More
Mitchell, B. (2014) “Eurozone battle lines being drawn again with Germany on the other side“, Bill Mitchell Blog: Modern Monetary Theory – Macroeconomic Reality, 27 Οκτωβρίου. The battlelines between the European Commission and France and Italy over the – Corrective arm – of the Stability and Growth Pact are firming up after the Italian Government publicly released a ‘strictly confidential’ letter from the Vice President of the European Commission …Read More
Durden, T. (2014) “Remember Europe’s “austerity”, or rather as we dubbed it, fauxterity?“, ΘZeroHedge Blog, 24 Οκτωβρίου. Of course, how could you forget: after all everything that is wrong with Europe is blamed not on government corruption and the complete lack of reform, enabled so gloriously by Goldman’s custodian of Europe’s money printer who would do “whatever it takes” to mask Europe’s sad reality that without reform the continent …Read More
Ayadi, R. & De Groen, W. P. (2014) “Banking Business Models Monitor 2014: Europe“, CEPS Paperbacks, Financial Markets, 14 Οκτωβρίου. CEPS and the International Observatory on Financial Services Cooperatives (IOFSC) at HEC Montreal have initiated an annual monitoring exercise on banking business models in the EU. Based on their balance sheet structures, 147 European banks that account for more than 80% of the industry assets were categorised in four …Read More
Wolff, B. G. (2014) “Europe’s fiscal wormhole – with all of the rules pointing toward recession, how can Europe boost recovery?“, Project Syndicate, 24 Οκτωβρίου. Τhe International Monetary Fund now estimates a 30% risk of deflation in the eurozone, and growth figures within the monetary union continue to disappoint. But policymakers seem trapped in a cat’s cradle of economic, political, and legal constraints that is preventing effective action. The …Read More
Nixon. S. (2014) “The Eurozone’s Problems Are Based in Politics“, Wall Street Journal, 19 Οκτωβρίου. Some say the euro crisis is back; others argue that it never really went away. A gloomy forecast from the International Monetary Fund suggesting a 40% chance of a slide back into recession and a flurry of weak data pointing to a faltering recovery, particularly in Germany, have spooked markets. Once again, the eurozone …Read More
Yves Smith — Naked Capitalism Blog, “Interview with Costas Lapavitsas: The Financialization of Life“, Real News Network, 23 Οκτωβρίου. Yves here. One of the efforts the Naked Capitalism community has been engaged in is trying to understand and map our emerging political and economic order. Over the last four decades, massive changes have taken place in social values, in job security, in the importance of communities relative to other …Read More
Mitchell, B. (2014) “Still sinning … a German economist who cannot face facts“, Bill Mitchell Blog: Modern Monetary Theory… Macroeconomic Reality, 23 Οκτωβρίου. German economist Hans-Werner Sinn, who has been implacably opposed to the Eurozone bailouts and so-called debt mutualisation is at it again with an article in the UK Guardian yesterday (October 22, 2014) – Europe can learn from the US and make each state liable for its …Read More
Smith, Y. (2014) “Ilargi: 40% of Eurozone Banks Are In Bad Shape“, Naked Capitalism Blog, 23 Οκτωβρίου. Yves here. While investors remain fixed on how much more the Fed and the ECB will pump into financial assets via QE, Eurozone banks lumber on in their walking wounded state. Deflationary pressures and lousy growth grind down weak and even once-good borrowers. And it’s not as if the banks who lent …Read More
Goodhart, C. & Schoenmaker, D. (2014) “The ECB as lender of last resort?“, VoxEU Organisation, 23 Οκτωβρίου. As part of the move to a banking union, the largest banks in the Eurozone will soon be supervised by the ECB. This column argues that supervision and the lender of last resort function should be seen as a joint product. After the introduction of the euro, the national central banks continued …Read More
