At the height of the European sovereign debt crisis, the European Central Bank decided to purchase distressed European government bonds. Even worse, and more importantly, the ECB is providing direct support of several hundred billions of euros to troubled banks via its normal monetary policy...

The Greek government budget situation plays a central role in the debt crisis in the euro area. Strong consolidation measures need to be implemented, with potential adverse effects on the Greek economy and further credit requirements. Debt conversion might therefore become a reasonable...

Early this year the US Administration made reference to "a marked improvement in the relations between the EC and the USA over the period of the last three years" - an astonishing statement in the light of the mounting non-tariff obstacles to trade between the EC and the USA.