Iceland entered a period of financial crisis in 2008, with the country subsequently involved in a prolonged dispute over losses generated in the Netherlands and the UK by an Icelandic bank. Jon Danielsson writes that the crisis in Iceland has much in common with the ongoing crisis in Greece, not least the heavy pressure exerted on both countries by […]
Europe’s proposed capital markets union: how disruptive technologies will drive investment and innovation
An EU capital markets union (CMU) has been proposed with the aim of revitalising Europe’s economy by creating efficient funding channels between providers of loanable funds and the firms best placed to use them. Jon Danielsson, Eva Micheler, Katja Neugebauer, Andreas Uthemann and Jean-Pierre Zigrand argue that a successful capital markets union would deliver investment, innovation and growth, but […]
European leaders have let their own hubris dominate their response to the Greek crisis. A total bailout of Greece would only cost the European Union 2 per cent of its GDP.
The European leaders who established the Euro were guilty of political hubris, which blinded their vision of the common good. Jon Danielsson argues that their successors are repeating the same mistake of ‘hubrisk’ in trying to resolve the sovereign debt crisis. What makes the European sovereign debt crisis so intractable is that it is not just another crisis. It is […]