Eurozone’s real problems are hidden

The most important adjustment that needs to take place is a convergence of prices and labour costs

Eurozone QE relies on a confidence trick

Programme’s impact unknown without evidence of how the policy transmits to the real economy

Smoke and mirrors safer than cold turkey

Grexit may well work in the long run but it will bring economic misery in the short term

Danger of Mitteleuropa’s financial sector

At zero interest rates, it is very difficult for the German insurance industry to remain solvent

Europe puts future at risk playing safe

There exist perfectly rational reasons to op­pose membership both of the eurozone and the EU, writes Wolfgang Münchau

Let the Greek debt battle begin

There are creative solutions to the fiscal fight that now matters the most, writes Wolfgang Münchau

Athens must stand firm on failed policies

One of the riskiest options would be a formal exit from the currency union

All Grexit needs is a few more bad weeks

Athens and its creditors have only days to decide how Greece survives the next four months

Grexit is an avoidable catastrophe

Those who play down risks are good at counting but not at grasping the dynamics of a default

QE is an imperfect compromise for eurozone

By protecting itself from losses, the ECB recognises the possibility of European sovereign default

Why ECB should not dilute a QE programme

My plea would be to start with a big figure now. Size matters

Eurozone must act before deflation grips

A helicopter drop would work — but I fear it would be too unconventional for the European mind

Extremists may be eurozone’s saviours

The probability of at least one political upset in 2015 is very high indeed

Smart wrapping disguises policy in Europe

A delayed but well-aimed monetary stimulus blast is better than a premature sputter from cannons

Topsy-turvy EU world of power politics

The higher up the political food chain you rise, the smaller the sums you are allowed to talk about

The ECB, demigods and eurozone QE

The question is no longer whether it will happen but how it will work

Juncker fund will not revive the eurozone

I have no problems with structural finance if applied to a social purpose. My objections are practical

Radical left is right about Europe’s debt

It is logically inconsistent for the eurozone to enter secular stagnation and not restructure

Economics of Germany’s parallel universe

The Council of Economic Experts says nothing about investment. It wants Merkel to be tougher

The euro is in greater peril than ever

The eurozone has no mechanism to defend itself against a drawn-out depression


Wolfgang Münchau Wolfgang Münchau is an associate editor of the Financial Times, where he writes a weekly column about the European Union and the European economy. Before taking up this position in September 2003, he was co-editor of Financial Times Deutschland for two years.

Before joining FT Deutschland, Mr Münchau was a Frankfurt correspondent and later economics correspondent of the Financial Times, reporting on the preparation for the final stage of monetary union and the launch of the euro.

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