"Like a spreading disease, Europe's upheavals have transmogrified from mere upsets in the fields of twenty-first-century capitalism and economics into a larger and still more pernicious malady, infecting the continent's psyche and nervous system as well as the body. As a result, Europe faces the...

Why is the policy of no alternatives so dangerous? -- What does "crisis policy" mean and why do its consequences have a disintegrative effect? -- What are the costs of the low interest rate policy? -- How much was the debt relief for Greece really? -- To what extent do national additional money...

Where is a liability union already evident today? -- To what extent is the reconstruction fund the blueprint for a fiscal-centralist European Monetary Fund? -- Is debt relief coming? -- Are Greek "geuros" and Italian "minibots" as government money the solution? -- Why are national parallel...

Ein in gefälligem Stil, fast essayistisch verfasstes Werk eines britischen Publizisten und Ex-Bankers, der offensichtlich ein guter Kenner der deutschen Politik ist. Mit leichter Hand werden die Geschichte der europäischen Wirtschaftspolitik, des Euros und der divergierenden Interessen der am...

We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...

In this paper, we construct a single composite financial stress indicator (FSI) which aims to predict developments in the real economy in the euro area. Our FSI was shown to perform better than the Euro STOXX 50 volatility index for the recent banking crisis and the euro-area sovereign debt...