TARGET2: scale of invisible Eurozone liabilities demands action by global financial regulators
Published on 12 December 2021
We recently had a blog published by Politeia about the lack of transparency in the accounting for the debts of EU/Eurozone member states. The member states’ contingent liability to backstop the debts of the EU is an example. Member states […]
Published on 10 December 2021
The Eurosystem’s balance sheet now shows that its assets of €12 trillion exceed the Eurozone’s 2020 GDP of €11.4 trillion. This is attributable to the emergency response to Covid by the European Central Bank (ECB), who both created the Pandemic Emergency Purchase Programme (the PEPP), extended the programme of unsecured loans […]
Published on 23 September 2021
You can DOWNLOAD HERE the technical blog that accompanies the Politeia article on extrapolating lessons for the Eurozone, UK and global banking systems from the proposed merger of UniCredit and Monta dei Paschi di Siena.
The case raises difficult questions about whether any meaningful re-capitalization of banking systems has occurred since the […]
Published on 23 September 2021
As Italy’s oldest bank is poised to merge with its second largest, Bob Lyddon considers the failure of Eurozone governance and its potential consequences – from which the UK is not immune
The UK-EU Withdrawal Agreement (2019) with its Northern Ireland Protocol remains one problematic matter of unfinished Brexit business. Less widely […]
Two of the key patagraphs in the Withdrawal Treaty itself
Published on 20 July 2021
What are HM Treasury and the EU playing at? Their dispute rumbles on over whether the Brexit divorce bill is the EU’s estimate of £41bn or HM Treasury’s (or rather the Office for Budget Responsibility’s) of £35-39bn.
The discussion feels phoney. The quoted […]
This is the actual agreement…
Published on 19 July 2021
Below is the text of an article we had published on CapX last week about the bunfight between HM Treasury and Brussels on the supposed size of the Brexit divorce bill: in short, neither of them can know for sure what it is because of the loopholes […]
Published on 26 April 2021
The discussions and calls following the launch of my Bruges Group paper “The ECB’s Pandemic Emergency Purchase Programme” surfaced two areas for further examination.
One was the “pot calling the kettle black” issue: why is the UK structurally and materially in a superior position (even if we have the wrong direction-of-travel and […]
Published on 26 April 2021
I have been in a lot of calls since the launch of my Bruges Group paper “The ECB’s Pandemic Emergency Purchase Programme”.
Two issues keep coming up and so I have decided to write two notes on them.
This first one comes down to the pot not calling the kettle black. Or, […]
Published on 17 April 2021
Walk-through of newly-issued Bruges Group paper on the ECB PEPP programme – the epitome of the failure of the euro.
PLEASE CLICK THIS LINK TO PLAY…
Published on 12 April 2021
We have had a new paper published through The Bruges Group.
It is about the ECB’s new QE programme, called the PEPP or Pandemic Emergency Purchase Programme.The sub-title of the paper encapsulates it very nicely: “the undermining of the Eurozone as a free financial market, the epitome of the failure […]