ECB

Spain finally bounces back – after nine years

At some point before the summer Spain will regain its pre-crisis (2008) GDP level. This will doubtless be the cause of some celebration in the conservative Popular Party (PP) government, which for the last six years has been getting to grips with the problems. Spain’s Great Recession, following the [...]

Brexit talk is pushing the City of London closer to Frankfurt

My five years as a PhD student, first in Oxford (Brookes) and then as a post-doc at LSE, have told me that the smart people from the UK, especially those working in the City, see the Euro project thus: European Economic and Monetary Union (EMU) is like a ship [...]

Global Spectator, by Andrés Ortega Goodbye to an ever closer EU, or perhaps not?

The Maastricht Treaty (1992) enshrined a formula that was to be repeated in all subsequent basic EU documents: to move towards ‘an ever closer union among the peoples of Europe’. David Cameron wants the principle to be removed the next time the treaties are reformed and, in a reverse [...]

Global Spectator, by Andrés Ortega Tsipras seeks some leeway

The Tsipras’ government has soon discovered what sharing sovereignty means in the Eurozone, especially in a country being rescued by “the institutions” (we no longer call them the Troika). Many comments, especially from outside Greece (but even from Syriza’s more leftist factions) consider that the concessions made by the [...]

Global Spectator, by Andrés Ortega Greece can’t leave the euro without leaving the EU

When the European Commission says Greece’s membership of the euro is ‘irrevocable’ it is not expressing a political position but a legal reality. Such an eventuality is not foreseen in the treaties: it is legally impossible. The only way out of the Economic and Monetary Union (EMU) would be [...]
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