The failure of a medium-size Austrian bank raises questions about the resilience of the Austrian-German banking system.
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There is much talk about the sovereign-bank "doom loop". But the bank-to-bank relationship is just as widespread - and just as dangerous.
Portugal's Espirito Santo Group shows that complex, opaque corporate structures with embedded banks create moral hazard and the risk of fraud.
Almost nobody actually understands how payment systems work. That is: if you “wire” funds to a supplier or “make a payment” to a friend, how does the money get from your account to theirs?
Acharya and Steffen (A&S), authors of “Falling short of expectations? Stress-testing the European banking system”, have written a confusing paper whose results are biased. Here's why.
For about five years now, Greece has been giving the euro area authorities a test in economics and politics. The test must be retaken until the authorities produce the right answers.
Visiting Professor of International Economic Policy, Princeton University12 articles | View profile
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