Towards Default

By: Wolfgang Münchau

The European response to the Greek crisis is at least in part to blame.

Globalisation - a primer about the European Debate

Globalisation is the probably the single biggest issue that hit the European Union in this decade. A present but ill-defined fear of globalisation was one of the main reported reasons why the French electorate rejected the European constitutional treaty in 2005. There is a sense in Europe that globalisation is a force that will end up impoverish the continent, that it will destroy its values, and its way of life. It is unlikely that European integration will continue further unless and until the Europeans come to terms with globalisation, and devise a strategy.

The times they are a-changin’…

This Thursday, the ECB will leave interest rates unchanged. The strength in the euro and the tight credit market conditions have already led to a significant tightening in policy.

The economic consequences of the Bernanke put

The Bank of England has bailed a bulding society. The Fed has bailed out Wall Street. ECB Watch looks at the consequences of the Bernanke put for the immediate future, and for the long-term viability of inflation targeting.

What has gotten into Mervyn King?

The day after Mervyn King lectures the ECB about moral hazards, he bails out a reckless mortgage lender. The govenor and his central bank now look like fools.

The ECB and its Watchers - almost a decade

A couple of points from the ninth annual conference "The ECB and its Watchers", held in Frankfurt, on Friday, September 7. A debate about euro area accession, and some theories about the credit crisis.

Get used to 4% - Lessons from the Credit Crunch

Euro interest rates may peak at 4%, but don't expect any sharp moves downwards if and when the crisis unfolds. This time, the ECB is not going to follow a largely discredited Fed.