EU “emergency powers” spuriously based on TFEU Article 122

Published on 29 January 2021

This is the paper in which I explored the misuse by the EU of Article 122 in the Treaty on the Functioning of the European Union in order, in this case, to bypass the normal budget process and set up the coronavirus recovery fund, euphemistically re-named as Next Generation EU.

Please click […]

Mustier walks the plant to enable Unicredit/Paschi merger – over the small matter of a €20 billion valuation gap

1st December 2020

From the fiction shelves of any Italian public library…

Jean-Pierre Mustier – the CEO who has restored Faith in Unicredit – is leaving: a bombshell. This demonstrates the desperation of the Italian political and financial establishment to get Monte dei Paschi di Siena (MPS) packed away safely to a domestic institution, and to pacify […]

EU borrowings for Next Generation EU contradict representations made to bond investors

Published on 25 November 2020

There is ongoing dispute about the next EU budget of which the COVID-19 recovery package (“Next Generation EU” or “NGEU”) is a part, on the basis that the money should or should not be tied to adherence to EU diktats in other areas.

A focus on this area is convenient for the […]

TARGET2 Imbalances – analysis of accounting and risk

Published on 10 November 2020

We visited the Bundesbank in December 2019 to discuss the large imbalances in TARGET2, and to discover how these imbalances were derived from the 600 original account balances.

These are the balances on the 600 nostro and vostro accounts held between the 24 TARGET2-participating National Central Banks and the ECB itself.

We were […]

Lucky, lucky, lucky – ECB meltdown fell on a Friday

Published on 9th November 2020, and on the same day by accountingcpd.net.

On 20th October the European Central Bank’s main
Euro payments system went down for 8 hours – so lucky it was a Friday.

TARGET2 was down from 14:40 CET until 22:30 CET, supposedly
because of the failure of a network device, and both the hot and warm […]

Why SNP want to keep the pound January 2014

Published on 31 October 2020

You can download our paper “Why SNP want to keep the pound” from January 2014 by clicking this link.

The Smith Commission – buying the Great SNP Bluff February 2015

Published on 31 October 2020

You can download our paper “The Smith Commission – buying the Great SNP Bluff” from February 2015 by clicking on this link.

My involvement with the Association of UK Payment Institutions (AUKPI)

Published on 7 October 2020

Regrettably my involvement with AUKPI as chair of its Executive Committee has come to a premature end. AUKPI – both the trade association and the company that the association is based on – are having to be wound up. This was decided upon in the week of 21st September when it […]

EU breaks its own treaty to create Coronavirus Recovery Fund

My article top left on Daily Telegraph homepage

Published on 17 September 2020

For those of you who cannot get behind the Daily Telegraph paywall, here is the full text of my article that was given such prominence on 16th September 2020…

There is enormous gnashing of teeth
and rending of garments over the government’s Brexit fallback bill and […]

Porter’s Five Forces analysis for SEPA

Published on 3 September 2020

I have posted this up here now as I have used this as a reference in my MA essay on industrialisation for the Open University ‘Local History’ course.

Click here to download