The battle for European integration has failed. It is time to recognise defeat, and to think through the consequences.

... Europe will appease

Modern central banking has more characteristics of a Ponzi scheme than bitcoin or ether.

Lord Frost's resignation goes to the heart of what's wrong with the Johnson administration. And it has nothing to do parties.

The best economic news from Europe right now is the phenomenal growth in high-tech start-ups. But it is mostly a UK story.

Journalists should stick to writing first drafts of history. The second draft is for future historians.

Olaf Scholz managed to put together an improbably ambitious coalition, but there is reason to be sceptical.

The current Covid-19 wave has hit Germany particularly hard, and has exposed weaknesses in how the country is governed.

Crypto and artificial intelligence are biggest political disruptors of our time.

Why it is not a bad thing for EU and UK to reset their relationship, and start with a clean slate.

Beware of allowing hindsight bias to get in the way of your political judgement

Inflation models are worse then useless. They make central banks complancent.

Olaf Scholz' traffic light coalition will focus on domestic investment, not EU reform.

The German constitutional court pronouncements were nowhere near as extreme as what happened in Poland last week. But years of anti-European legal rhetoric in Germany has created fertile ground for secessionist juridical decisions elsewhere.

The big issue for the next generation of German leaders is not macroeconomics or European integration, but technological decline.

Inflation denial comes in stages. Central banks are well past the first.

The Europeans have misread Biden and misjudged Johnson. A bad combination

Forced vaccination could turn a small movement of anti-vaxxers into a larger coalition.

The German finance minister has been at the centre of the worst economic policy decisions in Germany over the last 20 years.

At a time of shock and terror, it is worth reflecting on two unknown works by Carl von Clausewitz, on the art of the small war.

The political cost of the US/German deal on Nord Stream 2 will vastly exceed its commercial benefits.

Climate change is a challenge that requires single-minded determination and political leadership, not diffuse agendas and bullet points.

A central bank's job is to stabilise prices. If it tries to save the planet as well, it will fail in both tasks.

The average is a poor statistic to explain climate change. And a disaster to communicate it.

Angela Merkel is the most over-rated politician of our time.