The Greek crisis is not simply the result of Athens’ inept public administration but also of an extensive carry trade on eurozone convergence by northern European banks, notably in France and Germany, which obtained short-term profits by matching northern eurozone liabilities with southern eurozone assets. For every foolish borrower there is usually a foolish lender.
29 July 2015, Financial Times
22 July 2015, Financial Times
The 2015 election was an almost unmitigated disaster for the UK Labour party. Yet there was one significant success — an intellectual one. It’s called “predistribution”. And it has already been put to use by the new Conservative administration with a 40% increase in the minimum wage.
15 July 2015, Financial Times
The empires of history have generally collapsed from overstretch, which led to restive populations on the peripheries, and then to doubts about the wisdom of the project in the home country itself. These symptoms are recognisable in Europe today.
08 July 2015, Financial Times
The logic of English votes for English laws is irresistible. But the core issue is that it is genuinely difficult to identify purely English matters in a United Kingdom of which England constitutes 85 per cent of the population.
01 July 2015, Financial Times
Projects acquire political momentum of their own. The original rationale is forgotten, if indeed it ever existed. And so it has been with HS2, the project to build a high-speed rail link from London to Birmingham and then to the north of England.
24 June 2015, Financial Times
We once suffered from Norman Angell’s “Great Illusion” that prosperity was the product of aggressive control of territory and resources — and now we know better. The wealth of Denmark is instead built on exporting bacon and drugs to control diabetes — an appropriate combination — around the world.
17 June 2015, Financial Times
Do the almost simultaneous announcements this month of a new regime at Deutsche Bank, and an extensive restructuring at HSBC, symbolise a fundamental change in the structure of financial companies?
10 June 2015, Financial Times
More than twenty years have passed since the creation of the single European market and the Schengen common travel area. And yet while much appears to have changed, more has remained the same.
03 June 2015, Financial Times
David Swensen, Yale’s endowment manager, recently claimed that the choice between broad asset classes is the only investment decision that adds value. But the evidence is shaky because most institutions hold very similar equity portfolios.
27 May 2015, Financial Times
The Conservative prime minister is making the same mistake as Lord Robertson did in 1995 with plans to make Scotland “the strongest devolved government anywhere in the world”. The concept of the union is gradually being drained of any content.
14 January 2011, Scottish Affairs
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