G7 Summits began in the crisis years of the mid-1970s, bringing Western leaders together to tackle the big issues of the day – oil price crises, the Cold War with the Soviet Union and many others. Then, as stability returned in the 1980s with the BabyBoomer-led economic SuperCycle, they became forward-looking. The agenda moved to […]
Italy was one of the 6 founding members of the European Union (EU) in 1957, along with France, the Netherlands, W Germany, Belgium and Luxembourg. Its referendum next month will therefore be a critical test of whether the Eurozone and EU can survive the pressure from the Populists. If the Populists win, then the future […]
Back in April, the blog suggested that capital controls might remain for rather longer in Cyprus than the “few days or weeks” suggested by the central bank. And a month later, the bank was still unrealistically claiming they would be lifted “as soon as possible”. Today, the blog’s own view that they could be in place “for […]
The wrong diagnosis can often make the problem worse not better, as doctors know very well. But the message hasn’t got across to policy makers. They refuse to believe that ageing populations spend less and save more – even though all the evidence con…
On 7 September 2008, in its now famous warning that a financial crisis was imminent, the blog noted that “‘Deleveraging’ is an ugly word, and it has ugly implications”.
The chart above shows just how ugly these implications are becoming for the PIIGS …
3 years ago, many hoped the G20 group of the world’s wealthiest countries might work together to solve the global financial crisis.
Last week’s Cannes meeting ended that illusion.
Instead, its decision to abandon the Doha trade round, launched in 2…