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the leadership to break those rules. the past leadership to break those rules. in the past hour, the leader of the scottish conservatives set the prime minister position is untenable and says he will vote against it. boris johnson will meet the backing of 180 of his mps if he is to stay leader of the conservative party. today he told both mps he would win for them again as he met them in a private meeting. the hour began an hour ago. six p:m.. it will continue all the way through until 8pm so we have another hour to go. then they would be an hour of counting. we are expecting the res...

A European Debt Agency could greatly help in implementing a new fiscal policy strategy in Europe. This column identifies fluctuations in bond prices over the past 20 years that such an agency could have prevented, and argues that the agency could absorb the entire euro area debt while reducing its size due to less volatile price dynamics. A European Debt Agency could be used

The EU has responded forcefully to the economic crisis brought about by COVID-19. The ECB’s aggressive easing and exceptional national fiscal stimulus measures have been complemented by unprecedented action at the EU level, thereby providing extensive support to vulnerable member states and broadening fiscal space. Exigent circumstances justify exigent measures. But while responding strongly and effectively to the imminent risk of something resembling the euro crisis, the COVID-19 measures risk leaving the EU more vulnerable in the longer run. While explained as exceptional and temporary, t...

The EU’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to be modified, if only because of the high levels of debt. Proposals have been made suggesting various changes and simplifications. The gist of most proposals is to retain the 60% debt ratio as a long-term debt anchor and a dividing line between the fiscal rules that apply for countries with debts above and below, while replacing the plethora of existing rules and procedures with an expenditure rule that allows fluctuations in the deficit driven by cyclical changes in revenue.