Essays & News

Europe’s economy has recovered from the dislocations and restrictions related to the Covid-19 pandemic, but the overall picture remains disappointing. During the past decade, the average annual growth rate of gross domestic product (GDP) in the European Union was about 1.5 percent, and preliminary estimates for 2023 are below 1 percent. Some believe that the […]

Last week, the European Central Bank (ECB) held a session where they chose to keep the key interest rates unchanged. This decision came as a disappointment to many who were hoping for a slight reduction, given that inflation seemed to be under control. However, the situation may not be that straightforward. Across the eurozone, unions […]

  Until only a few months ago, inflation dominated the headlines and monopolized the attention of the financial press. Ordinary consumers and savers were extremely worried about its impact on their household budgets and shrinking paychecks. These concerns appear to have somewhat eased now that official consumer price index (CPI) data is on a downward […]

  Murphy’s law says: “Anything that can go wrong will go wrong.” The German government gave proof last week of this adage. The so-called traffic-light coalition headed by German Chancellor Olaf Scholz did not miss an opportunity to become ridiculous in its behavior concerning the war in Ukraine. Mr. Scholz has now managed this in the political […]

  First, the rule of law is also – or even foremost – about people.   Douglas North, Nobelpreisträger der ökonomischen Theorie und überzeugter Liberaler, dachte viel über Institutionen nach. Institutionen sind die «Spielregeln» einer Gruppe: des Markts, der Gemeinschaft, der Gesellschaft oder des Staates. Spielregeln können entstehen und sich als Konvention etablieren – etwa, […]