No more euro area bank bail-outs allowed -- but most banks have been bailed out already.
Lorcan Roche Kelly
Dubious Timing, Obvious Truth
Thursday, March 28, 2013
On the ECB's Move Against Cyprus
Thursday, March 21, 2013
Cypriot hardball is met with ECB hardball. It's the ECB's ball, but still a threat to the euro.
On the Cypriot Depositor Bail-in
Sunday, March 17, 2013
Making depositors take a hair-cut is a risky precedent for the world's most fiat currency.
On The March ECB Policy Decisions
Thursday, March 7, 2013
The ECB hints at a rate cut -- but admits it would be ineffective. It probably won't happen.
Italy Gets Hung
Tuesday, February 26, 2013
An uprising of populism is a blow to Italy's growth, but not an existential threat to the euro.
Thursday, February 14, 2013
Italy's byzantine election laws sow uncertainty. Berlusconi is a tail risk, but not a fat one.
On The February ECB Policy Decision
Thursday, February 7, 2013
Markets now see the ECB is still highly accommodative, and Ireland's ELA comes to an end.
Correction, Not Crisis
Monday, February 4, 2013
Politics and policy have paused Europe's rally -- but this is not a return to the bad old days.
On The First LTRO Payback
Friday, January 25, 2013
Banks are set to repay 137bn of LTRO. Don't worry -- this is not ECB tightening.
On Cameron's EU Speech
Wednesday, January 23, 2013
A referendum that won't happen on treaty changes that won't be made.