Earlier this year we did an analysis of Turkish economic potential and closely linked to it the prospect of joining the European Union. Now, roughly half a year later, it is time for an update. “Quo vadis, Turkey?” had been the question that we concluded on, asking us whether the comet-like ascent would continue. Since … Continue reading
A few years ago, bank secrecy seemed sacrosanct and comparably typical as cheese, watches and chocolate for Switzerland. Today, everything appears to have shifted a bit in the alpine country: the new tax-agreement with the US will allow far-reaching intervention into bank data and in so doing cost banks a fortune. However, this change isn’t … Continue reading
Nigel Farage is overjoyed. His United Kingdom Independence Party, UKIP, came second in the South Shields by-election of early May 2013. In the local elections of 2 May, it increased its number of councillors by 1738% (to 147, up from 8). It gained 23% of the overall popular vote, narrowly behind the Tories’ 25% and … Continue reading
The British economist John Maynard Keynes once said that “there are three things that drive mankind to madness: love, jealousy and the study of stock market prices”. Looking at the stock market at least, his last point seems to be right. Prices have been rising for months although large parts of Europe continue to be … Continue reading
Not at all surprising: Europeans lose confidence in the EU, they are worried about the economic situation and the ability of their rulers to change their situation. How else could it be, the European Union has been pushing the blues of the crisis for years. But at the same time, the people from North to … Continue reading
Rapid economic growth leads to environmental degradation and thus by definition a decrease in the quantity of natural capital, thereby directly hampering sustainable development by reducing future generations’ ability to produce the same level of output produced today. This is a particularly pressing concern for Estonia, which ranks twenty-third among EU states in terms of … Continue reading
Rapid economic growth is the largest constraint on the sustainable economic, social and environmental development of Estonia as it directly counteracts the first, third and fourth objectives of the Estonian government’s plan for sustainable development, or the aims of achieving a coherent society, ecological balance and a viable cultural space. In the immediate future, the … Continue reading
In a very memorable scene of the 2010 movie ‘Wall Street: Money Never Sleeps’, a Michael Douglas aka Gordon Gekko (‘Greed is good’) visibly suffering from cancer gives a speech about the 2008 crash and the ‘NINJA generation’ in front of a college audience. The catchy acronym stands for: ‘No income, no job, no assets.’ … Continue reading
In the age of an impotent World Trade Organisation, Chinese currency manipulation and tariffs and quotas galore, such a ray of sunshine as the proposed American-European free trade pact should be greeted with fanfares and salutations. Such a deal might cement the predominance of the Western free market capitalism over the protected state capitalism of … Continue reading
Cyprus, a small island divided into a Turkish-occupied north and a Greek-Cypriot south, might be a rather odd reason to fear for the Eurozone again. The economy of the Greek-Cypriot south measures a paltry €17 billion, or 0.2% of Eurozone output. The first Cypriot bailout proposal numbered a mere €10 billion – a rather laughable … Continue reading
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