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June 12, 2017

Not strong perhaps, but stable

The political commentariat in the UK is flustered. Like Theresa May, they, too, miscalculated and let conventional wisdom dominate their thinking. This weekend they doubled down. Brexit would be soft, virtually every commentator writes, and May will probably be toppled.

It is impossible to forecast dynamical political events, but instead of focusing on meaningless soundbites - like George Osborne’s Dead Woman Walking - consider the incentives. The Tories have 318 seats. The Northern Irish Democratic Unionist Party has 10. Together, the coalition has a de facto majority of 10 - 328 seats versus 318 for all the opposition parties combined, minus Sinn Fein who do not take up their seats. The Fixed Term Parliaments Act would trigger immediate elections if the opposition were to win a no-confidence motion on the government. But the latest opinion polls show that Labour is now ahead of the Tories by some six points. If the Tories ditched May, there would be a civil war inside the Tory party, and no chance that the coalition would survive. For this to work, the Tories would need to calculate that a new leader, Boris Johnson presumably, would win an election. It is our assumption that they will not take the risk. They are stuck with May, like it or not.

We agree with the Financial Times news story that says: 

“In spite of widespread anger ... most [Tory MPs] believe that keeping a weakened prime minister in Downing Street is better than the alternatives.”

Charles Moore is spot-on when he writes:

"the arithmetic of the election means the most likely upshot is that the British people will not be asked to vote again for five years."

What about Brexit? The conventional wisdom before the elections was that Brexit would be hard. After the elections it is that Brexit will become soft. We have argued before that a re-elected British prime minister would be open to a long transitional period despite of what they said in public. May herself alluded to that on several occasions. A transitional agreement would keep single market and customs union membership intact, along with free movement of labour. That agreement could be renewed, potentially forever. It buys time for the negotiation of a comprehensive free trade agreement. 

After the elections the situation is not much different - except that this reality is now acknowledged. When we read in The Times that Philip Hammond, the chancellor, will insist that the interests of business be taken into account, he is right of course. It should happen, and it will happen. And the deal with the DUP, the only Northern Irish party in favour of Brexit, will ensure that the intra-Irish border stays open. This can only happen if the UK stays, at the very least, in the customs union, which it will do for as long as the transitional period can be agreed to last for at least the lifetime of this parliament.

Beyond we see no loosening of the Brexit process itself. Wolfgang Münchau notes in the FT that UK commentators tend to misjudge three factors:. The first is that the shape of Brexit is not the UK’s decision alone. The second is that the Brexit process is driven by the legal procedures of the EU, not whether commentators think a UK prime minister has a mandate or not. And the lack of a large majority is irrelevant. Ms May’s government looks a good deal more stable than many continental governments.

The following is our baseline scenario: May stays in office, for now. Article 50 negotiations start. Agreement is reached with a view to a lengthy, and possibly renewable, transitional period that is tantamount to the Norway option - with no immigration control whatsoever during that period.

What are the risks to this central scenario? 

It is possible that Conservative MPs simply miscalculate, just as Theresa May miscalculated when she called the election. They might think that they could win. Jeremy Corbyn could become prime minsiter. Brexit would probably be unaffected - he would not reverse it, but Labour would also accept a interim regime with full single-market membership. 

The second risk is that the 10-seat majority may wither. A majority of ten should be enough to get you through the full five years - even if you lose by-elections. But it might not be. If you think that the majority will not hold, you may conclude that your best bet - out of a series of bad bets - is to choose Johnson now (for there is no one else), and hope that he could defeat Corbyn.

The third risk lies with the DUP. As Jonathan Powell reminds us, the DUP leaders are the radicals who walked out on the Good Friday Agreement. It has been a tenet of UK politics for large parties not to align with any of the Northern Irish parties in order not to upset the political balance there. The Tories linking up with the DUP could have devastating implications for Northern Ireland.

But none of these scenarios would impact the Brexit trajectory. Both the Tories and the Labour Party support Brexit.

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June 12, 2017

Catalan independence, a mental state

After much foreshadowing, the Catalan regional premier Carles Puigdemont announced at the end of last week that his government's intention to hold an independence referendum on October 1st whether or not the Spanish parliament authorises it. The question will be: 

"Do you want Catalonia to be an independent state, in the form of a republic?".

This follows an exchange of letters between him and Mariano Rajoy buried the timid attempt at a dialogue between the national and regional governments, which never really got off the ground. Puigdemont then reacted by querying the Venice commission of the Council of Europe on constitutional affairs, which responded that any referendum must be agreed in accordance with the constitution. As it happened with an earlier Venice commission ruling, everyone is interpreting this to suit their own position. Puigdemont interprets that the Venice commission is saying the Spanish government must agree to negotiate a referendum according to the constitution. Those opposed to holding the referendum interpret it as saying that the referendum cannot go ahead outside the Spanish constitution and without agreement. This may seem silly, but it is important for narrative reasons. Catalan separatists consider it central to their cause to be able to claim that international law is on their side.

The Spanish government has not reacted to the announcement, except to say it is ready to take the necessary legal measures to stop it. Last week, before Puigdemont's announcement, deputy PM Soraya Sáenz de Santamaría warned Catalan civil servants explicitly that they would be breaching the law if they cooperate with carrying out the referendum. Meanwhile, a story in El Periódico notes that the announcement is not an executive order, but just a political statement, and calls the referendum date and question "a mental state". It is a way to boost the morale of the separatist grass-roots, but it still has no legal consequences.

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  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • June 11, 2019
  • Politics and the new sense of urgency
  • Ten little monkeys jumping up and down - down mostly
  • November 16, 2017
  • Germany's climate duplicity
  • Juppé open to join forces with Macron for EP elections
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • May 13, 2019
  • Brexit Party has already changed UK politics
  • Orbán visits Trump, after a very long wait
  • Le Pen's appeal to the PiS likely to fall on deaf ears
  • November 01, 2017
  • Brussels receives Catalan president as a circus
  • Canada Dry
  • Me too
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • April 11, 2019
  • Thoughts on how the European elections in the UK could affect UK and European politics
  • Far right to enter Estonia's government
  • October 17, 2017
  • Catalan separatism has its martyrs
  • European Parliament agrees to restrict posted workers
  • Foreign policy will be key in Austrian coalition talks
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • March 13, 2019
  • Not really all that meaningful
  • Will the EPP merely put Orban on probation?
  • Why AKKs riposte to Macron is deeply disturbing
  • October 02, 2017
  • Catalonia recalls EU and eurozone instability
  • French trade unions increase pressure over labour reforms
  • Watch out for a political accident in the UK
  • Municipal elections boost Portugal's Socialists
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • February 11, 2019
  • SPD dumps Hartz IV
  • Macron's revival
  • September 18, 2017
  • Why Germany cannot lead Europe, let alone the free world
  • Will Macron help to build up Mélenchon?
  • Boris' Coup
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • May 18, 2020
  • Why this won't be a symmetric shock
  • Towards a new cold war
  • January 07, 2019
  • What to look out for in the Brexit debates
  • Macron's last-resort tool for the gilets jaunes
  • August 31, 2017
  • Where are the Républicains?
  • Poland unmoved by EU rule-of-law sanctions
  • May will stay through Brexit, and then fight the 2022 elections
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • April 03, 2020
  • After medical concerns, economic concerns take centre stage in Greece
  • New momentum to exclude Fidesz from the EPP
  • The Swedish experiment
  • December 12, 2018
  • 48 letters
  • A sense of deja-vu
  • August 21, 2017
  • Soft, getting softer
  • Tsipras' chances of a boost
  • On the fallacy of a middle-ground option for the eurozone
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • February 02, 2020
  • Is Sinn Fein the Irish anti-establishment vote?
  • Don’t assume that nobody will follow the Brits
  • October 29, 2018
  • Why the EEA is no longer a Brexit option
  • Behold the rising superpower: post-catholic Ireland’s European miracle
  • July 27, 2017
  • Löfven's move
  • The nearing end of petrol and diesel engines
  • Why a second referendum in the UK won’t happen, and why it would be wrong
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • December 12, 2019
  • Greta is right - the EU’s fight against climate change is most likely a PR exercise
  • September 25, 2018
  • Be careful what you wish for - second referendum edition
  • July 10, 2017
  • EU in self-destruction mode
  • The EU's fault lines
  • Fake News and Fake views
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • October 17, 2019
  • A dangerous game for the EU
  • After Brexit, get ready for a German EU budget rebate
  • August 20, 2018
  • ... and a subtle shift in EU policies towards both Russia and Turkey
  • Nothing to celebrate about the end of the bailout programme
  • Support for Brexit holding up
  • June 20, 2017
  • How to soften Brexit?
  • The deep roots of Brexit: Thatcher and the Germans
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • August 27, 2019
  • Remain’s narrowing pathway
  • Macron's diplomatic masterstroke
  • July 09, 2018
  • German panic about Target2
  • AfD level with SPD
  • How the EU could fail
  • May 31, 2017
  • Getting real in the debate on the euro's future
  • Russia's growing influence in Italy
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • June 18, 2019
  • Retaliation threats over drilling
  • May 28, 2018
  • A no-confidence motion that could backfire
  • The political repercussions of a historic referendum in Ireland
  • Why the lack of an international role for the euro matters
  • May 10, 2017
  • PSOE primary campaign in full swing
  • Czech government crisis escalates
  • Backroom dealing on electoral reform in Italy
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • April 06, 2020
  • The feedback loop of Covid-19 and inequalities - part 10 of our series
  • How confinement affects mental health
  • April 09, 2019
  • What can go wrong now?
  • April 13, 2018
  • German support for eurozone reform next to zero...
  • ... and no support for France on Syria either
  • A French sermon
  • Why the euro endures
  • April 19, 2017
  • Shadows of money
  • Breppe Grillo vs Eurointelligence
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • January 06, 2020
  • A decade that started with a bang
  • What to expect of Spain's next government
  • Divide et impera: Macron's pension reform strategy
  • January 29, 2019
  • What comes after plan B fails? Plan C, of course. C for cliff-edge
  • Gilets jaunes, how to structure a movement in free flow?
  • European Court of Auditors criticises Juncker’s investment fund
  • February 26, 2018
  • Angela Merkel's cabinet
  • March 27, 2017
  • Governing formation troubles - Northern Ireland edition
  • Did Trump present Merkel with a bill for Nato?
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • September 30, 2019
  • A pyrrhic victory for Kurz
  • Will there really be UK elections?
  • November 19, 2018
  • May’s pushback is kicking in
  • January 08, 2018
  • Getting real on Brexit
  • Macron in China
  • March 01, 2017
  • The threat of Frexit
  • Fear and loathing of a referendum in Spain
  • How to get around Theresa May’s little ECJ issue
  • Solve the problem
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • March 24, 2020
  • Lock-down extends to three more European countries
  • EU accession talks to start for Albania and Northern Macedonia
  • Return of the German professors
  • June 11, 2019
  • Politics and the new sense of urgency
  • Ten little monkeys jumping up and down - down mostly
  • August 28, 2018
  • Urban politics and national crisis - the Irish case
  • How anti-semitism became one of the main issues in British politics
  • November 13, 2017
  • A pro-European list: Wauquiez' nightmare
  • Catalan separatism isn't going away
  • Why oh why does Germany behave the way it does?
  • Why the four freedoms matter
  • February 02, 2017
  • Will it come to the use of force in Catalonia?
  • The day Brexit became irreversible
  • Can Trump and May succeed?
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • October 29, 2019
  • People's Vote descends into Civil War
  • CDU at odds on dealing with extreme parties
  • February 13, 2019
  • What to make of the man in the pub - and other tales
  • Macron loses more early advisers - or cuts them loose
  • June 01, 2018
  • Will France and Germany stick together in their response to US trade tariffs?
  • From a eurozone budget to a slush fund
  • September 18, 2017
  • Why Germany cannot lead Europe, let alone the free world
  • Will Macron help to build up Mélenchon?
  • Boris' Coup
  • January 05, 2017
  • French Socialist primaries - old wine in new bottles
  • Le Pen's hard ecu
  • Will Tusk get a second mandate?
  • Themes of 2017
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • December 19, 2019
  • Merkel rejects NordStream2 counter-sanctions
  • May 09, 2019
  • The EU's impossible dilemma
  • The horsetrading starts in Sibiu
  • May to bring withdrawal bill to Commons week after next
  • September 27, 2018
  • Two ways out of the Brexit impasse
  • February 16, 2018
  • How big will the euro budget be?
  • July 10, 2017
  • EU in self-destruction mode
  • The EU's fault lines
  • Fake News and Fake views
  • November 30, 2016
  • Is Russia behind a massive cyber attack in Germany?
  • Will Fillon move to the centre?
  • The Dutch left field is getting crowded
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • April 20, 2020
  • What if we are wrong?
  • October 18, 2019
  • The horrifying implications of Merkel’s 5G decision
  • April 17, 2019
  • Why it is far from clear that the grand coalition will survive the year
  • Macron's chance and challenge
  • Eurozone firms' surprising response to sagging profits
  • The result of Spain's elections, a riddle wrapped in mystery
  • The MMT debate is coming to Europe - and Germany
  • Greek parliament seeks German war reparations
  • October 15, 2018
  • Black Brexit smoke
  • Bettel can relax and stay in office
  • Solving the crime vs solving the problem
  • April 16, 2018
  • Italy's and Germany's pained response to the Syria attacks
  • On the end of the eurozone's economic honeymoon
  • Why Bulgaria should stay out of the euro
  • Where shall we meet after Brexit?
  • October 16, 2017
  • What‘s the deep meaning of the elections in Lower Saxony?
  • Can Brexit be revoked?
  • Macron's grand narrative
  • April 19, 2017
  • Shadows of money
  • Breppe Grillo vs Eurointelligence
  • October 20, 2016
  • No games please, we are Europeans
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • March 30, 2020
  • Decision making under radical uncertainty
  • November 14, 2019
  • Are France and Germany finally converging on security policy? We think they might.
  • July 04, 2019
  • What will the European Parliament do?
  • February 21, 2019
  • Sound and fury, but Brexit reality unchanged
  • Supertanker Deutschland moves to join internet age
  • October 12, 2018
  • A deal so close, and yet so far
  • AfD leaves Germans speachless and helpless
  • June 04, 2018
  • German discourse out of control
  • Wait for European disunity on US tariffs
  • January 24, 2018
  • AfD europhobe to chair of Bundestag's budget committee
  • Watch out for the Labour Party debate on the single market
  • On the productivity puzzle
  • September 18, 2017
  • Why Germany cannot lead Europe, let alone the free world
  • Will Macron help to build up Mélenchon?
  • Boris' Coup
  • May 12, 2017
  • What to do with Germany’s tax windfall
  • How Macron counts on building a majority
  • Options for the eurozone
  • January 05, 2017
  • French Socialist primaries - old wine in new bottles
  • Le Pen's hard ecu
  • Will Tusk get a second mandate?
  • Themes of 2017
  • August 30, 2016
  • Brexit facts on the ground
  • Burkinis and Republican primaries
  • The SPD and TTIP
  • April 25, 2016
  • The death of the Grand Coalition
  • Insurrection against TTIP
  • Juppé to benefit from Macron hype
  • On optimal currency areas
  • Why the Artic region could be the next geopolitical troublespot
  • From a currency to a people
  • July 03, 2020
  • What needs to happen for EU and UK to agree a deal
  • France raises stakes over Turkey
  • May 18, 2020
  • Why this won't be a symmetric shock
  • Towards a new cold war
  • April 02, 2020
  • Covid-19 and the return of the nation state - part eight of our series
  • Politics of an L-shaped recovery
  • February 18, 2020
  • What to make of David Frost?
  • Whose success is the EU's arms embargo on Libya?
  • January 06, 2020
  • A decade that started with a bang
  • What to expect of Spain's next government
  • Divide et impera: Macron's pension reform strategy
  • November 18, 2019
  • Is Macron facing another uprise against elites?
  • Forget the inflation target: Lagarde’s job is much bigger.
  • October 07, 2019
  • What did Conte know?
  • August 27, 2019
  • Remain’s narrowing pathway
  • Macron's diplomatic masterstroke
  • July 19, 2019
  • Instex shows the EU is caught between the US and Russia
  • Johnson’s two Brexit options
  • June 12, 2019
  • What Spain wants from the EU
  • What to focus on in the Brexit procedure, and what not
  • May 07, 2019
  • … while Macron’s European troubles have already begun, and might get even worse
  • Don't discount a Brexit deal
  • Is Tsipras too complacent?
  • Costa - the fiscally responsible Socialist
  • April 01, 2019
  • Meaningful IV
  • Caputová elected: a turning point for central Europe?
  • February 25, 2019
  • Deal versus short delay
  • The astonishing weakness of Five Star
  • The real threat is from the left not the right
  • January 23, 2019
  • The importance of the Aachen Treaty
  • The demise of small Greek parties over Macedonia
  • A speed limit on autobahns - what is the world coming coming to?
  • December 21, 2018
  • Not just Brexit makes 2019 a year of EU uncertainty
  • Sentiment is fickle, especially about sentiment
  • Father Christmas - French edition
  • King suspends Michel's resignation
  • EP has objections to the withdrawal treaty
  • Let's break the law
  • November 19, 2018
  • May’s pushback is kicking in
  • October 17, 2018
  • Not a solution to the Brexit impasse, but a first step
  • September 17, 2018
  • About the new partnership between Russia and China
  • EU ponders Irish backstop protocol to help May
  • August 20, 2018
  • ... and a subtle shift in EU policies towards both Russia and Turkey
  • Nothing to celebrate about the end of the bailout programme
  • Support for Brexit holding up
  • July 16, 2018
  • How to think about the three Brexit options
  • How to respond to Trump
  • June 18, 2018
  • Some thoughts on the future of Europe
  • The end of Spanish income moderation?
  • May 21, 2018
  • Another snap election in the UK? Tories are preparing
  • Merkel and Putin - the beginning of a beautiful friendship?
  • April 27, 2018
  • The return of Spain's government by parliament?
  • Towards elections in Ireland?
  • From Washington to the banlieue
  • The case for a time-limited customs union
  • April 03, 2018
  • Is the time for Brexit revocation running out?
  • March 09, 2018
  • The Franco-German axis and its opponents
  • Auf Wiedersehen, Sigmar Gabriel!
  • February 15, 2018
  • How will the EU finance itself after Brexit?
  • On the customs union
  • January 25, 2018
  • About political leadership in the 20th century
  • Progress in name dispute talks and new opposition at home
  • About 40% probabilities
  • January 05, 2018
  • Catalonia's government by Skype
  • The case for EEA membership
  • December 04, 2017
  • Can Brexit still be stopped?
  • Could Poland open up the Posted Workers Directive again?
  • Has the Bank of England solved the productivity puzzle?
  • November 17, 2017
  • Germany's climate change hypocrisy
  • Canada minus the plus
  • November 01, 2017
  • Brussels receives Catalan president as a circus
  • Canada Dry
  • Me too
  • October 17, 2017
  • Catalan separatism has its martyrs
  • European Parliament agrees to restrict posted workers
  • Foreign policy will be key in Austrian coalition talks
  • October 02, 2017
  • Catalonia recalls EU and eurozone instability
  • French trade unions increase pressure over labour reforms
  • Watch out for a political accident in the UK
  • Municipal elections boost Portugal's Socialists
  • September 18, 2017
  • Why Germany cannot lead Europe, let alone the free world
  • Will Macron help to build up Mélenchon?
  • Boris' Coup
  • September 04, 2017
  • Dutch referendum: never again?
  • Why trade unions stay quiet on French labour reform
  • August 21, 2017
  • Soft, getting softer
  • Tsipras' chances of a boost
  • On the fallacy of a middle-ground option for the eurozone
  • August 04, 2017
  • What the diesel saga tells us about the EU
  • July 26, 2017
  • Has Schulz blown it?
  • Housing benefits cuts expose Macron's weakness
  • July 17, 2017
  • What Tony Blair's Brexit confusion tells us
  • Schulz advocates compulsory investments
  • Italy’s government has effectively lost its majority
  • July 10, 2017
  • EU in self-destruction mode
  • The EU's fault lines
  • Fake News and Fake views
  • July 03, 2017
  • Can Greece exit its programme without a credit line?
  • The softening Brexit
  • Macron's state of the nation address
  • June 26, 2017
  • Brexit - the central case and the tail-risk
  • The German fear of Macron
  • June 20, 2017
  • How to soften Brexit?
  • The deep roots of Brexit: Thatcher and the Germans
  • June 16, 2017
  • The emerging Brexit consensus
  • On the economics of supply chains
  • June 14, 2017
  • Minority governments can be stronger and more stable than you think
  • The anti-Corbyn
  • Watch out for Berlusconi
  • June 13, 2017
  • A back channel for Brexit
  • On Russia’s geopolitical interests
  • June 12, 2017
  • Not strong perhaps, but stable
  • Catalan independence, a mental state