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The problem of the day is that Cypriot banks, in effect, don’t have that money anymore: it was invested in now-depreciated Greek bonds and real estate investments that were partly illusory. Quite naturally, the European authorities are reluctant to bail out banks without getting anything in return,…

After months of reflection, the members of the now famous troika (the European Commission, the ECB, and the IMF) got the disastrous idea to tax all bank deposits

On the other hand, there are domains like financial regulation and tax havens where each country can’t do much on its own, where the right level of intervention is clearly European. At the scale of the global economy, France and Germany are hardly bigger than Greece or Ireland. By remaining divided…