Why there won’t be a proper EU banking union anytime soon

You have to hand it to them: European finance ministers have done a remarkable job of not fouling things up recently. They’ve managed (for the time being at least) to string together a sequence of summits ending not in discord and recrimination but in broad-based agreement. They’ve taken some genuinely encouraging steps on Greece. And while the euro is still in (possibly terminal) trouble, they have probably done enough to tide … Continue Reading ››

UK standard of living drops beneath Germany’s

A few years ago Britain’s standard of living used to be the highest in the Europe Union (save for Luxembourg, which is, anyway, a bit of a statistical anomaly).  Today it has dropped down beneath Germany and  Austria, and looks likely to continue falling. Eurostat measures something called Actual Individual Consumption – a calculation of how much people spend on goods and services. As you can see from the table, Britain's … Continue Reading ››