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It was evident from the beginning of the eurozone crisis that the only way to discipline recalcitrant member states in the face of enormous budget deficits was to involve the International Monetary Fund, an independent, external organization which was definitely not part of the family, a body which could lay down tough conditions for winning […]

Posted by Michael Berendt

It was evident from the beginning of the eurozone crisis that the only way to discipline recalcitrant member states in the face of enormous budget deficits was to involve the International Monetary Fund, an independent, external organization which was definitely not part of the family, a body which could lay down tough conditions for winning… » read more

Posted by Michael Berendt

The markets have been bowled over by the scale of the eurozone bail-out package announced this morning, after agreement by G-7 finance ministers, the ECB, the European Commission, the 16 eurozone governments and the International Monetary Fund. An emergency funding facility of up to €720 billion is designed to protect weaker eurozone members and save […]

Posted by Michael Berendt

The markets have been bowled over by the scale of the eurozone bail-out package announced this morning, after agreement by G-7 finance ministers, the European Commission, the 16 eurozone governments and the International Monetary Fund. An emergency funding facility of up to €720 billion is designed to protect weaker eurozone members and save the integrity… » read more

Posted by Michael Berendt

It should be a time for celebration. The Lisbon Treaty has come into force, a new European Commission has been convincingly approved by the Parliament, the European Council has a permanent president and a European foreign policy structure has been created. Yet it feels as if Europe’s clock has been turned back ten years, to… » read more

Posted by Michael Berendt

We’ve heard a lot about banks that are “too big to fail”. Perhaps a more immediate question is whether the sovereign nation of Greece is too big to fail. The risk of default and the threat of Greece quitting the eurozone would have profound implications for Europe’s monetary union, for other European countries wrestling with… » read more

Posted by Michael Berendt

At last a touch of balance in Britain’s Daily Telegraph over the nomination of Michel Barnier to the internal market portfolio, with responsibility for financial services! I guess it’s no coincidence that the writer, eurosceptic Ambrose Evans-Pritchard, was the newspaper’s correspondent in Brussels from 1999 until 2004 – the same time span as Barnier’s former […]

Posted by Michael Berendt

People have been grumbling over the last year or so that Barroso’s presidency of the European Commission has been too much influenced by hope of a second term, and that he has leant over backwards not to upset the big member states. I’m not convinced of the evidence for that, but the Commission president has […]

Posted by Michael Berendt

Don’t pile up new decisions, but execute what has already been decided. That’s the basic approach of ECB President Trichet as expressed in Sunday’s interviews with Japanese newspapers. He thinks the policy-makers have done what it takes to restore global growth, but, he warns, it won’t happen until 2010.
Some commentators had complained that the ECB […]

Posted by Michael Berendt