How Europe works

This time it's Italy I used to believe that the Eurozone was undemocratic. Now I'm not so sure. The simple view is that national electorates have been neutered. When Greece votes to reject austerity, its gover...

Was austerity an insurance policy?

Some very reasonable voices have argued that fiscal tightening post-financial crisis was a prudent form of insurance. According to this line of reasoning, although financial markets were treating the bonds of c...