Sir Mervyn King has warned that the continuing crisis in the eurozone is hampering Britain’s efforts to recover from financial meltdown. The governor of the Bank of England has said that Britain is recovering from the biggest financial crisis in its history, but is being held back by a eurozone that is “tearing itself apart”. [...]
Eurozone is ‘tearing itself apart’, says Mervyn King. True, but the UK’s problems are as intractable as ever
Sir Mervyn King has always been wonderfully pithy in his analysis of complex economic situations. But he surpassed himself at today’s Bank of England Inflation Report press conference. The eurozone is “tearing itself apart”, he said. In three little words, he summed up Europe’s crisis as well as anyone. As for blame, he took a [...]
The eurozone crisis is back with a bang
The eurozone crisis is back with a bang, with the pain, once again, most visible in Spain. The Spanish IBEX is being hammered on the latest PMI data, which points to an ever deepening recession. But it’s not just Spain. The data on the eurozone labour market and manufacturing sector as a whole is appalling, [...]
£44billion chit-chat threatens eurozone predicament bailout
By Dan Atkinson PUBLISHED: 13:16 EST, 21 Apr 2012 | UPDATED: 16:40 EST, 21 Apr 2012 A appropriation opening of nearly £44billion has thrown into doubt a destiny of a outrageous tellurian bailout intrigue to rescue uneasy members of a eurozone, it has emerged. The shortfall means some-more debate for a scheme, denounced with good [...]
IMF scratches at the surface of the eurozone debt crisis
So has Christine Lagarde, managing director of the International Monetary Fund, achieved the “Washington moment” she hoped for? In her own mind, she believes she has. The IMF’s spring meeting in Washington has succeeded in getting members to cough up more than $ 400bn of additional funding, which roughly doubles the amount the IMF has [...]
Austerity is not the problem in the eurozone – the euro is
There is what seems to me to be a false debate about austerity in certain parts of Europe at the moment. Commentators ask: “If growth is very slow, is austerity self-defeating?” The thought is that by cutting back on spending and deficits, governments in Spain, Ireland, Portugal and elsewhere might be causing their economies to [...]
How can we break up the eurozone? Some of the ideas from the Wolfson Prize
Together with Policy Exchange, I’ve been helping to sift entries for the Wolfson Prize and collate feedback from our illustrious and hard-working judging panel. The Wolfson Prize asked entrants: “If member states leave the Economic and Monetary Union, what is the best way for the economic process to be managed to provide the soundest foundation [...]
Do eurozone voters really want a ‘United States of Europe’?
If judged solely on the British public debate on the future of the EU, one could be forgiven for thinking that – driven by eurozone crisis – everyone else in “Europe” is now happily storming towards a European superstate, leaving the UK behind. It’s sort of inevitable, the logic goes. Such a narrative is deceptively [...]
Now even the eurozone admits it has condemned Greece to never-ending austerity
There’s a general view out there that with private creditors having agreed their 50pc haircut, the “Greek problem” has been solved, at least for now. Unfortunately, it has not. According to Reuters, an unpublished “Compliance Report” by EU executives has concluded that Greece will have to impose a further fiscal squeeze in 2013/14 amounting to [...]
We’re formulation a holiday to Greece
By Linda Mckay Last updated during 10:37 AM on 25th Feb 2012 We are formulation a holiday in Greece this year. If Greece drops out of a eurozone how competence it impact us and a pound? BP, Croydon. Linda Mckay, This is Money, replies: Greece has not been out of a news in a final [...]