The Italian Lira: the exchange rate and employment in the ERM
In the decades before Italy joined the Euro, the Lira was devalued many times relative to the Deutschmark. Were these re-alignments...
QE and its impact on bank profitability
The quantitative easing (QE) programs that started in the second quarter of 2015 remain controversial, especially in Germany. The sums...
A framework for thinking about bad loans
The attempt to address the problem of non-performing loans in the EU should tackle both sides of credit creation at once. On the demand...