Browsing Tag


The European Bank Run

What will the Europeans do here then? I am anticipating bailouts, liquidity injections and capital injections. But this is looking pretty dismal now so it is not clear if that will be enough.

The European Bank Bailout

Central banks are taking on quasi-fiscal roles because the fiscal agent is lacking as in Europe or is unwilling to take bold steps toward a permanent solution to a systemic problem. What we need is ring fencing of core deposit-taking…

A Glimmer of Hope

European stocks rally for a fourth day ahead of outcome from ECOFIN meeting; US futures tread lower. Coordinated policy action good step; further support for EFSF/Greece needed to hold momentum. CNY continues to be used by Beijing as a tool…

Some Thoughts On The ECB/Fed Announcement

Today’s announcement that the ECB has coordinated with the Fed to give unlimited US dollar access to European banks through year-end was taken positively by markets. The euro strengthened and equities rallied. Clearly, this was something…

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