This is my Perspective column from this week’s Fund Strategy magazine. When is a euro not a euro? The question might sound philosophical but the Cyprus crisis has posed it in brutally practical terms. Recall that the eurozone is meant to be a currency bloc. Therefore, at least in theory, a euro in, say, Germany [...]
This week’s Perspective column looks at the Cyprus deal. Although the article was submitted last Monday, with a lot happening in the interim, in some respects (such as the principle of taxing bank depositors) things have moved full circle since then. Depositors with less than €100,000 in savings will no longer be subject to the [...]
Let’s take a hypothetical example to illustrate the hopeless character of much financial punditry on recent elections. A recently formed populist party has done well in the general election in a large European country. It has won a large number of votes although not enough to form a majority government. A financial expert appears on [...]
This is my Perspective column from this week’s Fund Strategy magazine. Much of the discussion of the results of last month’s Italian general election has had a decidedly elitist tone. The pedigree of some of the successful candidates made it easy for the critics. The party of Silvio Berlusconi, who could charitably be called a [...]
It may not be as peculiar as a former comedian winning a quarter of the votes but Germany’s role in the Italian general elections was decidedly odd. German politicians had made it clear that they favoured Mario Monti, the technocrat who ruled Italy as unelected prime minister for over a year, whose party only got [...]
This is my Perspective column from this week’s Fund Strategy magazine. Bradley Wiggins and Jessica Ennis are to revoke their British citizenship in favour of Russian passports to be awarded directly by President Vladimir Putin. Fund Strategy can exclusively reveal that the Olympic stars will announce their move, a protest against the government’s economic policies, [...]
This Perspective column was first published in today’s edition of Fund Strategy. Are France and Germany having a slight tiff or are they heading for a break-up? The answer has important implications for the future of the eurozone. France’s last president, Nicolas Sarkozy, was so close to Angela Merkel, the German chancellor, they were known [...]
This article for the November issue of IPE (Investment & Pensions Europe) magazine is more technical than normal. Although many investment professionals might have missed it, the euro carry trade, by most accounts, virtually dried up over the summer. As fears about a euro-zone break-up receded, the prospects for a downward drifting euro, a key [...]
This Perspective column was first published in Monday’s edition of Fund Strategy. It was written before the publication of the latest GDP figures although these do not change the substance of the argument. Something weird seems to be happening to the economy and, despite having important implications, only a few geeky economists appear to have [...]
This is a slightly extended version of the Perspective column that was first published in today’s edition of Fund Strategy. Are there signs that the eurozone crisis is on its way to being resolved after almost three years of drama? Many euro-enthusiasts are convinced things are improving but there are good reasons to question this [...]
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