The ECB confirms the status of the Eurosystem: a parasite serving only the needs of the Eurozone public sector

Balances of banks sitting in the Eurosystem and percentage of respective country’s GDP

As previously published by irefeurope.org but with more detail behind the numbers

The European Central Bank (ECB) held its latest Governing Council meeting on 14 April 2002 and issued its normal press release. It issued its longer ‘Combined monetary policy decisions and statement’. Finally […]

The European Stability Mechanism is a dead letter with inadequate firepower

The subscribed and paid capital contributions of the 19 ESM members

This article was published for the first time on www.brexit-watch.org on 6th April 2022.

The European Stability Mechanism (ESM) is the main Eurozone bailout fund should further members be unable to access capital markets directly: the ESM would finance the member state, as they have done […]

Some forgotten Benefits of Brexit that need to be known

Most of my contribution appeared on Facts4EU.org

On the second anniversary of the UK’s leaving the EU, it was worth relecting on what had been gained, even if Theresa May and now Boris Johnson could claim very little credit for it.

Here were my First Eleven of benefits, which made up the bulk of the Facts4EU piece…

Had […]

IREF January 2022 Newsletter – Euro financing, a strategy for EU survival

First published on en.irefeurope.org

In recent times, the EU authority has been challenged by Romania and Poland, both of whom have asserted the primacy of their domestic laws over EU treaty law in certain areas.   Hungary is also a well-known thorn in its side.  Given these threats, and the reputational sleight of the departure of the […]

New EU taxes are vital to cover the cost of its ‘invisible’ Coronavirus Recovery Fund debts – but at what cost to member states?

This article was first published on brexit-watch.org

Facts4EU.Org has revealed that the EU, in Christmas week, floated the concept of new taxes to bring in an amount of €380 billion between 2026 and 2030, of which €85 billion would flow to Brussels. €247 billion of the new taxes are carbon-related, and €133 billion are new taxes […]

Invisible Eurozone liabilities require action by global financial regulators

TARGET2: scale of invisible Eurozone liabilities demands action by global financial regulators

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 also have a contingent […]

Rising Debt, Greater Risk – The EU’s invisible accounting system

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 to banks called Targeted […]

Technical blog on the Eurozone’s Hidden Debt: A Dangerous legacy of EU governance – Politeia

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 Global Financial Crisis or […]

The Eurozone’s Hidden Debt: A Dangerous legacy of EU governance – Politeia

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 known is the matter […]

No-one can know the size of the Brexit divorce bill, and it won’t be finalised until 2028, or for decades after that

Two of the key patagraphs in the Withdrawal Treaty itself

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 amounts cannot include all […]