Ukraine crisis reveals Europe’s strengths

Things in Europe do not seem to be going so well these days. The Eurozone crisis is a recent memory. European politicians bicker over bailouts or make reckless threats. Unemployment is high. The Swiss are voting out the immigrants and in many European countries...

The German Constitutional Court leads by example

The differences in interpretation of the recent German Constitutional Court ruling on the legality of “bailouts” by the ECB have been extraordinary. In part this is understandable: the court, in effect, ruled that bailouts via OMT are illegal under German law, but...

Brinksmanship strategies and the US debt ceiling

Speaking of brinksmanship, the passage of a bill to raise the US debt ceiling with no strings attached makes much more sense when viewed through a strategic lens. The standard view is that partisanship has rendered Washington dysfunctional, that the differences...

The crisis that made the Eurozone

Most economists have been too pessimistic about the Eurozone crisis. The famous names who forecast a Eurozone breakup – Martin Wolf, Niall Ferguson – were generally guilty of confusing “broken” with “cannot be fixed”. There were good reasons for this confusion....