Kieran Kennedy led the ESRI from 1971 until 1996 and wrote extensively on Irish economic development and on the unemployment problem – an account of his career is available on the ESRI website here.
My condolences to his family.
Category: Uncategorized
Just following up on Philip’s earlier post, contrast this (gated) piece from the FT’s Wolfgang Munchau:
The resolution system likely to emerge later this year is also flawed. It will end up protecting only the taxpayer of the creditor countries from bank failures in the debtor countries. But it will not accelerate the resolution of the eurozone’s undercapitalised banks. My suspicion is that the ultimate intent of the Franco-German legislation is to secure the position of their national champion banks.
with this report on redesigning Europe’s banking system, just out from Re-Define, a think tank. Munchau highlights the national political need for renationalisation of finance, which the Re-Define paper argues exactly against this approach.
This article on the bailing in of senior bondholders (HT Eurointelligence) has the remarkable sentence:
Senior bank-creditor writedowns in the EU have been rare during the financial crisis, with Ireland refusing to take the step even as it was forced in 2010 to seek an international bailout.
There is also an interesting letter in today’s FT from the Commission’s Jonathan Faull in response to last week’s op-ed by Sinn and Hau – it is here.