In additional to its fiscal enforcement powers, the European Commission is now mandated to tackle excessive imbalances in the eurozone that could endanger its stability. Due to German lobbying, EU rules on imbalances are dangerously unbalanced: while they deem a current-account deficit of 4% of GDP problematic, a surplus has to exceed 6% of GDP […]
Paul Krugman argues that a benefit for Britain of keeping the pound is that it has been able to devalue – unlike, for instance, Spain, which is part of the euro – and illustrates the point with a chart that shows the 20% devaluation of the UK’s real exchange rate since the crisis hit. […]
Project Syndicate, 13 December 2011. Panic is beginning to overwhelm the eurozone. Only the European Central Bank can save Europe from the abyss now
Read my new article for Project Syndicate
Read my column for EuroIntelligence
EuroIntelligence, 11 January 2011.
Pat Kenny interviewed me on RTE1′s The Frontline on 29 December 2010 about the EU/IMF “bailout” and Ireland’s banking and debt crisis. Part 1 Part 2 Part 3
I was interviewed on the BBC World Service’s Business Daily programme about Ireland, the euro and Europe’s banking and sovereign debt crisis. You can listen to the interview here.
I was interviewed on BBC World News on 25 November 2010 by George Alagiah about the euro-zone crisis and whether Portugal and Spain might be affected next.
Financial Times, 18 November 2010. The government’s fatal mistake was guaranteeing all the banks’ bondholders
This is a slightly longer version of an article that appeared in the FT. Euro-phobes can scarcely contain their joy at the Irish crisis – proof positive, in their eyes, of the folly of the single currency. But while the euro-zone certainly needs reform, the notion that the euro is to blame for Ireland’s travails […]
I spent a fantastic weekend in Kilkenny, at Kilkenomics, Ireland’s first economics (and comedy) festival. Despite (and because of) the crisis, it was a sell-out. Congrats to Richard Cook and David McWilliams for putting on a superb event, hopefully the first of many. The Irish government now appears to be in talks with the EU […]
Excellent piece by Peter Sutherland in today’s FT: An honourable tradition of the European Union is that of turning a crisis into an opportunity… The past three months have provided painful lessons to the leaders of the eurozone about the design flaws of the single European currency… Without the single currency, Europe would be an economic […]