Finnegan's Take

Archives for Financial Services

While closer fiscal union can help solve today’s crisis, the public backlash will cause some Member States to pull away over the next decade. Still, it’s better to separate the currency crisis from the political crisis as simultaneous catastrophes would be unbearable. The future remains uncertain but key elements of a plan to end the… » read more

Posted by Gary Finnegan

Let’s predict the headlines for the next EU summit: – Day before the summit: EU leaders divided ahead of crunch summit This one comes with stories of how impossible it will be to come to any agreement and how Obama has been on the phone screaming at Sarkozy to recapitalise French banks – Night of… » read more

Posted by Gary Finnegan

With Greece on the brink, Brussels is dangerously distracted by efforts to invent new European rules and institutions which will help prevent future sovereign debt crises. After protracted negotiations, MEPs and the European Council – which represents EU Member States – came to an agreement on the so-called “Six Pack” economic governance package. The deal… » read more

Posted by Gary Finnegan

Always say never

Over the past 18 months, observers have noted the alarming frequency with which things that were once ruled out of hand by EU leaders have become the norm. It began with the mantra-esque refrain of “We won’t bail out Greece”, which ultimately morphed into a commitment to back Athens to whatever extent becomes necessary. This… » read more

Posted by Gary Finnegan

At every turn the euro crisis gets harder to solve. With every emergency meeting; with every short-term fix, a credible solution to the eurozone’s debt mountain becomes less likely. Europeans are sick of living in a state of permacrisis. We have grown numb to the real urgency that surrounds the problem because the news headlines… » read more

Posted by Gary Finnegan

When words like “subprime” and “credit crunch” entered the public lexicon in 2007, commentators said it would pass within a few months. Once banks published their annual reports, they said, we’d know who had toxic assets on their balance sheets and confidence would return to the markets. That was two years ago. Now, as the… » read more

Posted by Gary Finnegan

€228 million for entrepreneurs in Cyprus, €300 million for Dutch SMEs, and €200 million for a train in Spain: The European Investment Bank promised three quarters of a billion Euro in loans to help keep economies moving during the credit crunch – and that was just Friday! The Bank has pledged to make €30 billion… » read more

Posted by Gary Finnegan