spain public finances

Perseverare Diabolicum

Last week the Council decided that Spain and Portugal’s recent efforts to reduce deficit were not enough. This lead to the two countries being fined, the first time this happens since the inception of the euro.



Why All Currencies Are National

By Jean Pisani-Ferry via CaixinActions by America’s Justice Department launching a probe against BNP Paribas are a reminder that the major international currency – the U.S. dollar – brings with it legal, judicial and political dimensions. 

eonia chart

ECB’s package aftertaste: Will money flow into the real economy?

MADRID | By J.P. Marín Arrese | Euphoria is back in the markets following the ECB substantive package. The prospect that money will flood the financial system has significantly reduced the rate differentials between the Eurozone peripheral and core countries. Squeezing the channel for overnight interbank lending has brought the Eonia to fresh lows. [Graph: Eonia’s evolution in the past year]