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The biggest inflation risk is not an overshooting economy, but an overshooting central banker

14 May 2021

Dedicated followers of fashion

The left-right-centre model of political analysis has long ceased to be useful

08 May 2021

Why pundits get it wrong

Here is my guide on how to misread the German constitutional court.

01 May 2021

How not to think about Karlsruhe

The Suwalki gap along the Polish-Lithuanian border constitutes a source of potential military conflict.

25 April 2021

Mind the gap

Apart from a short-lived disruption of trade flows Brexit has been a macroeconomic non-event.

16 April 2021

So much for the Brexit scare stories

The real scandal is not sofagate, but a feckless foreign policy.

10 April 2021

The dictator and us

By allowing English to become its lingua franca, the EU has lost control of the narrative. Time for some changes.

27 March 2021

How we lost the narrative

The crisis of Europe is not one of integration, but of co-ordination.

20 March 2021

Risks and side effects of coordination

The EU puts too much emphasis on climate targets, and not enough on investments.

13 March 2021

What we mean by green

The pandemic has exposed two German myths: of competency and superiority.

06 March 2021

What happened to Germany?

The row between Alex Salmond and Nicola Sturgeon could derail Scottish independence. The politics of independence is more finely balanced than opinion polls currently suggest.

28 February 2021

Unspoken issues of Scotland's departure

What happened in Germany last week is that people started to treat vaccines as a private good. They want this one, not the other one.

20 February 2021

Beware of vaccine elitism

Bitcoin will not replace existing money, but it will constrain the scope of governments and central banks.

12 February 2021

Le bitcoin - c'est une monnaie

Mario Draghi constitutes an irresistible proposition for Italians. But not for long.

07 February 2021

Show me the money

The European Union used to do a few things well. Now it does a lot of things badly.

29 January 2021


With its disastrous vaccine procurement policy, the EU committed the ultimate mistake: it has given people a rational reason to oppose European integration.

23 January 2021

Our worst policy error

Europe needs a CDU leader who is not beholden to a 20th century industrial model. Armin Laschet, the new CDU chairman, is not that man.

17 January 2021

Laschet’s Germany

Europeans often confuse strategic goals with commercial gain. Maximising your trade surplus is not a strategy.

08 January 2021

Define Strategy

The UK needs to move on from Brexit. But so does the EU.

02 January 2021

Moving On

Inflation forecasts won't get any better, but what will change this decade is inflation itself: a secular shift lies ahead

19 December 2020

Why inflation will rise