October 10, 2018
Europe at a Crossroads - Alberto Gallo - Algebris Investments
Europe is at a crossroads. With ECB quantitative easing about to end, markets are bearing the weight of uncertainty from populist governments confronting the EU in Italy and the UK. Here is how we think things will play out. Click here to read the article.
October 8, 2018
With these accounts the next crisis will be worse than the one of 2008 - Carlo Bastasin - Il Sole 24 Ore
The article analyzes the negative effect that the proposed state budget, with its 2.4% deficit, will have on the EU’s Stability Pact, Italy’s relation with the European Commission and the Council, and most importantly, the markets. Click here to read the...
October 4, 2018
The Too Many “Ifs” That Weigh on the Sustainability of the Debt - Lorenzo Codogno and Giampaolo Galli - Il Sole 24 Ore
The interview with Italian Economy Minister Giovanni Tria published on Sunday in Il Sole 24 Ore helped clarify some crucial aspects of the logic behind the government’s proposed budget. The question is whether it was enough to dispel the doubts concerning...
September 25, 2018
The State Budget is Not a Theater - Massimo Bordignon - lavoce.info
No one is impeding the government from realizing everything it promised during the election campaign. It just has to reduce expenditure and increase certain taxes. But the idea of deficit spending is terrible. And a conflict with Europe would have serious...
September 21, 2018
Don't Rush, Savona - Pier Carlo Padoan - Il Foglio
Italy’s former economy minister, Pier Carlo Padoan, lists the pros and cons of Italian Minister for European Affairs Paolo Savona’s proposal for reforming the European Union, “A Politeia for a Different Europe, Stronger and More Just.” Click here to read...
September 11, 2018
The Economics of Populism - Alberto Gallo - Algebris Investments
Ten years after the crisis, the quantitative easing music is fading. As the lights turn on, a scary reality is emerging for investors still dancing to the tune of monetary policy: the imbalances which caused the crisis are still present, there is less...
September 6, 2018
Squaring The Circle Of The Budget And The Yield Spread - Lorenzo Codogno and Giampaolo Galli - Il Sole 24 Ore
The authors explain the contradictions between Minister of Economy and Finance Giovanni Tria’s reassuring messages concerning the 2019 Budget Law and the declarations made by other exponents of the majority government. Click HERE to view the article...
July 31, 2018
Sovereign risk and banking risk are always connected - Lorenzo Codogno and Giampaolo Galli - Il Sole 24 Ore
The authors conclude that with the lack of significant progress towards a banking union in the EU, the connection between the sovereign risk and the banking risk remains an issue of major concern. Click HERE to view the article (in Italian)
July 10, 2018
"EU’s future and the sovereign option” - speech by Pier Carlo Padoan
The European economy has been growing at a satisfactory pace and it is close to or about to go back to pre-crisis performance. This is turning attention to the longer term agenda: what is the post crisis Europe going to look like? To address this...