When Debt Becomes Sovereign Again
Italy is considering buying back MTS, the main wholesale trading platform for Italian government bonds, from Euronext. At first sight, this looks like a relatively...
Tag: EU
The Euro Is Becoming Europe’s Risk Premium
The euro is no longer simply falling because the dollar is strong. It is falling because Europe is becoming more expensive to trust. The single...
Europe Has an Inflation Problem, a Debt Problem and Now a Currency Problem
Europe’s problems are no longer arriving one at a time. They are beginning to reinforce each other. The euro has fallen to its lowest level...
The ECB Succession Is Becoming Europe’s Next Political Test
The European Central Bank is preparing for a leadership change. Unfortunately, Europe is also changing around it. Isabel Schnabel’s early departure for the IMF has...
Europe Escaped Russian Oil. It Did Not Escape Energy Risk
Europe spent four years diversifying away from Russian oil. This week provided an uncomfortable reminder that diversification is not the same thing as security. Saudi...
Iran Is Now Setting Europe’s Interest Rates
The war in Iran has reached Frankfurt. Not through diplomacy. Through inflation. The European Central Bank has raised its deposit rate by another 25 basis...
Germany’s Russia Question Is No Longer About Gas
The rise of the AfD in eastern Germany is usually presented as an electoral story. It is becoming an economic one. Its 44% result in...
The Fed Is No Longer Setting the Global Rate Cycle
For most of the past decade, global monetary policy was organised around one central question: what would the Federal Reserve do next? That hierarchy is...
When Regulation Becomes a Trade War
The latest threat from Donald Trump to impose additional tariffs on European goods marks a significant escalation in the transformation of trade policy into an...