Category Archives: Articles

Why the Debate About EZ ‘Fiscal Union’ Is Wrongheaded, Focus on Growth Is Ill-Conceived And Ms Merkel Is Right

Posted on July 9, 2012 by macrohart

A fiscal union in the Eurozone (EZ) – whether in the form of additional financing or debt mutualization – is not only politically unrealistic but also counter-productive in dealing with the issues at hand. Transfers or grants would work, but … Continue reading →

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Grading the 12th Eurozone Crisis Summit: Still in Search of ‘New Eurozone Man’

Posted on July 8, 2012 by macrohart

The changes to the modus operandi of the ESM agreed at the latest summit appear significant at first (sovereign bond purchase, non-preferred creditor status, direct lending to banks plus the quid pro quo of ECB-led banking supervision) and can help … Continue reading →

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Currency Implications of a China Slowdown

Posted on May 14, 2012 by macrohart

Risk sentiment and commodity prices bode ill for AUD in the event of a Chinese slowdown. Effects on other G10 currencies are more ambiguous: A reduction in global liquidity and redressing of global imbalances will likely be positive for USD, … Continue reading →

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