Published on 9 February 2017
The imbalances within the ECB’s TARGET2 payment system have risen to same levels as they were in the midst of the last Euro debt crisis. These are the amounts that the different Eurozone National Central Banks lend to one another overnight, in order to settle mutual payment obligations. In other words […]
Published on 27 January 2017
There is no end in sight to the low-yield environment around the Euro and all currencies associated with it. This is the meaning of the European Central Bank’s announcement that it is prolonging its Qualitative Easing programme. Even if the US starts to increase rates, this will not alter the ECB’s […]
Published on 23 March 2015
Having looked at the latest discussions on UK public spending and the European Investment Bank’s plan for their strategic investment fund, the situation looks ever more like my cartoon, with loads of money draining out of the patient and not so much going in.
The parties representing Irish, Welsh and Scottish nationalists […]
Published on 1 March 2015
The Smith Commission was established to convert the ‘vows’ made by Cameron, Clegg and Miliband to sway the Scottish referendum result – from a narrow ‘No’ to independence to a wider and decisive ‘No’.
In his follow-up paper to last year’s influential study of the options for an independent Scotland’s currency, Bob […]