Tag Archives: Spain

3 lessons from the Scottish referendum: the insult, the fear and the pork – where to from here?

Posted on October 17, 2014 by fmpdea

This post could have also been named “How to campaign: confirmation bias, framework effects and the flypaper effect“. But I’m trying to go for a less academic tone these days, so I thought I should at least give the post … Continue reading →

Posted in European Integration, European National Politics, History, Uncategorized, Visions of the Political Future of Europe | Tagged 2014 Scottish Independence Referendum, Aquitaine, Balkanisation of Europe, Brittany, Buying Votes, Catalonia, Confirmation Bias, Corsica, Elite assimilation, fear, Framing Effects, France, HIghland Clearances, Independentism, insult, Irish Potato Famine, Languedoc, Occitanie, Pork Barrel, Portugal, Referendum, Regionalism, Scotland, Scottish Independence, Spain, UK, UK membership of the EU | Leave a comment

How Will Europe’s Crisis End? And When?

Posted on September 13, 2013 by fmpdea

This post is based on a report I wrote some time ago about the future of the Euro-Zone crisis. It is divided in four parts: The first offers a recap of the crisis until May 2013. No details as to … Continue reading →

Posted in European Integration, Finance, Risk Scenario Analysis, Sovereign debt Crisis, Uncategorized, Visions of the Political Future of Europe | Tagged Crisis, Cyprus, ECB, EU, Euro-zone, Euro-Zone breakup, European Central Bank, European Fiscal Federalism, European Union, EZ, Fiscal Federalism, France, Future of the Euro-Zone, Germany, Greece, How Will Europe’s Crisis End?, Ireland, Italy, Portugal, Sovereign debt, Sovereign Debt Crisis, Sovereign debt Yields, Spain, Stealth Mutualisation, When will the Euro-Zone Crisis end? | Leave a comment

The European Banking Union Negotiations – Supervision

Posted on December 9, 2012 by fmpdea

The banking union is a particularly important item in the long term reform agenda of the EU/Euro-Zone, and one that has often been neglected. In a crisis that is characterised by the linkages between public finances and the banking sectors, … Continue reading →

Posted in Banking, ECB, European Integration, European Interdependences, Finance, Inflation, Sovereign debt Crisis, Week Ahead | Tagged Banking Union, Denmark, ECB, European Bank Deposit Guarantee, European Bank Deposit Guarantee Scheme, European Banking debt resolution, European Banking Supervision, European Banking Union, European Banking Union Negotiations, Financial Stability, France, Germany, Landesbank, Landesbanken, Price Stability, Scope of supervision, Spain, Sweden, UK, Voting rights | Leave a comment

A Brief Review of the Eurosystem’s TARGET2 Imbalances

Posted on November 5, 2012 by fmpdea

This post is a long overdue look at the infamous TARGET2 (im)balances, which are yet another symptom of the ongoing malaise in the Euro-Zone. I do not claim to make any new contribution in this post, whose motivation was exclusively … Continue reading →

Posted in Aides Memoire, Banking, ECB, Economic Concepts, Finance, Indicators, Inflation | Tagged Accounting, Assets, Balance of Payments, Banking Union, Banks, Buiter, Capital Flight, Central Banks, Clearing, Core, Corporates, Current Account Deficits, Deposit Facility, Deposit Flight, ECB, ECB Longer Term Refinancing Operations, ECB's Main Refinancing Operations, Equity, Euro, Euro-zone, Euro-Zone Banking Union, Eurosystem, Foreign deposit flight, Former Soviet Union Republic, Former Soviet Union Republics, FSURs, Germany, Households, ISA, Koning, Liabilities, LTRO, MRO, OMTs, Outright Monetary Transactions, overdrafts, Periphery, Ruble-Zone, Seignioreage, Settlements, Sinn, SOMA, Spain, Target2, TARGET2 imbalances | 5 Comments

Will Catalonia Become Independent Soon?

Posted on September 29, 2012 by fmpdea

My answer to the question is no. Eventually I think it will, but not soon. Here’s why:

Posted in Current Events, European Integration, European National Politics, Risk Scenario Analysis | Tagged 30 years war, Artur Mas, Catalonia, Financial Crisis and Catalonian Independence, Independent Catalonia, Portugal, Segadores revolt, Spain, Thirty Years War, War of Portuguese Restauration, Will Catalonia become independent | 15 Comments

Divergence in the Euro-Zone: Famous, Obscure and Predictable Facts

Posted on June 26, 2012 by fmpdea

In a previous post about the theory of optimum currency areas (OCA), asymmetric shocks, structural problems and the intrinsic need that this creates for the institution of a fiscal union, I argued that incomplete by monetary unions (i.e.: lacking a … Continue reading →

Posted in Economic Concepts, Euro-zone Update, European Interdependences, Uncategorized | Tagged Divergence, Euro-zone divergence, France, GDP, Germany, Government Bond Yields, Greece, Inflation, Ireland, Portugal, Potential GDP, real Exchange Rate, Spain, ULB, Unemployment, Unit Labour Costs | Leave a comment

Revisiting and correcting my comments on Spanish financing conditions – Primary Market Conditions and CDSs

Posted on April 13, 2012 by fmpdea

So I noticed I had made some embarrassing mistakes on my post about recent developments in the Spanish Sovereign debt market. However, while looking for an alternative illustration of Spanish woes, and blatantly engaging in confirmation bias, I came across … Continue reading →

Posted in Sovereign debt Crisis | Tagged 5 year CDSs, Adjudicated amounts, Ammounts bidded, Bid-to-Cover Ratios, Corrections, Italian CDSs, Italian Credit Default Swaps, Italy, Primary Market for Spanish Sovereign Debt, Solicited amounts, Sovereign debt crisis in Spain April 2012, Sovereign debt crisis in Spain March 2012, Spain, Spain Sovereign Debt Auctions, Spanish CDSs, Spanish Credit Default Swaps | Leave a comment

What’s going on in Spain? – Demand shocks, hysteria and forgetting the ECB

Posted on April 4, 2012 by fmpdea

UPDATE (13/04/2012): While the overall tone of this post holds, in the view of its author, there are some errors that were identified an addressed in a followup post. You are highly recommended to read these. The relevant sections are … Continue reading →

Posted in Risk Scenario Analysis, Sovereign debt Crisis | Tagged ECB, EUREPO, EURIBOR, Game of Chicken, Liquidity demand, Liquidity shocks, Liquidity supply, Mariano Rajoy, Monetary intervention, Sovereign debt crisis in Spain April 2012, Sovereign debt crisis in Spain March 2012, Sovereign debt Yields, Spain, Spanish Eurepo, Spanish Euribor, Spanish Financial sector assets, Spanish public deficit, Spanish sovereign debt, Spanish Sovereign debt yields | Leave a comment

Week ahead Calendar – 02/04/2012 to 06/04/2012: Spanish Auction Fears, PMIs and ECB Council Meeting

Posted on April 2, 2012 by fmpdea

Once again, please find below a list of the eventful days ahead. The main sources are Unicredit’s Weekly Focus, Forex Trading weekly calendar, the EU’s general calendar, the EU’s national issuance calendar and many others, all of which I advise you to consult directly. I found Unicredit’s … Continue reading →

Posted in Uncategorized, Week Ahead | Tagged Bonds, Calendar, Debt, ECB, ECB Governing Council Meeting, ECB meeting, EMU, EU, Euro, Euro-zone, eurozone, Monetary Policy, MRO, PMIs, Policy rates, Sovereign bonds, Sovereign debt, Sovereign Debt Bond auctions, Spain, Week Ahead | Leave a comment

Weekly Bond Yield developments in the Euro Area (W13.2012): Spain and EFSF/ESM reform – But what about Italy?

Posted on April 2, 2012 by fmpdea

Once again, please find below the most recent developments in selected Euro-Zone sovereign bond markets. You may notice that there’s a change from previous versions. For the sake of facilitating the comparison across maturities these are all presented in the … Continue reading →

Posted in Weekly Bond Yield developments in the Euro Area | Tagged Bonds, ECB, EFSF, ESM, Greece, Ireland, Italy, Spain | Leave a comment