Brothers In Arms

The European armament dynamics of the late-19th century/early 20th century are eerily reminiscent of the current post-Great Recession global arms race. Back then Germany, Austria-Hungary and Italy on one side, and Britain, France and Russia on the … [Continue reading]

The ECB’s Dilemma

At today's zero or near-zero interest rates in the euro area, a small loosening of monetary policy risks stalling the banking system and the economy. Rock bottom interest rates have clearly hurt net interest margins. Whilst bank can respond by … [Continue reading]