Supply disruptions, most importantly the reduced supply of gas following the Russian invasion of Ukraine, has triggered a major energy crisis across all of Europe. It appears clear that prices for gas and electricity will be elevated, remaining perhaps three times pre-crisis levels or higher for...

The official position of the financial and political authorities of Europe is that there will never be any restructuring of Euro area sovereign debt. But the ability of governments to raise sufficient domestic resources to service their debts cannot be guaranteed; so this official position implies...

The European sovereign debt crisis has triggered debate between self-styled ‘fiscal federalists' – urging loans and transfers amongst Euro area member states to support adjustment of unsustainable deficits – and ‘fiscal hawks' – proposing stronger and more rigorously enforced central...