Following a few technical problems I post very belatedly this interview by Pedro da Costa, in which I discuss the entry into force of important new bank crisis resolution legislation in the European Union and euro area on January 1, 2016. The EU has shifted to a model of "bail-in" (imposition of losses on creditors when a bank fails) from its earlier practices of systematic bail-out, but large uncertainties remain as to how this will work in practice.
Steve Weisman conducted a joint interview of Jacob Kirkegaard and me on the French budget and its possible non-compliance with European fiscal policy arrangements. This was posted yesterday on the Peterson Institute's website, in both audio and video formats.
In a freshly recorded interview with Steve Weisman, I comment on today's announcement of a government reshuffle in France, especially the appointment of Emmanuel Macron to replace Arnaud Montebourg as Economics Minister.
In this new podcast interview with Steve Weisman, I comment on GE's bid for Alstom's power operations, Pfizer's offer on AstraZeneca, and the ambiguities and ironies of economic nationalism and corporate nationality.
Last night, negotiators from member states and the European Parliament found a political compromise on the EU legislation creating a Single Resolution Mechanism and also unlocked the adoption of the Bank Recovery and Resolution Directive, which creates or harmonizes national banking resolution frameworks. I comment on the agreement, its importance, and its articulation with the ongoing review of European Banks by the ECB in this interview with Steve Weisman.
Following President François Hollande's state visit to the US last week, Steve Weisman quizzed me about France's reform prospects in this interview. My response boils down to identifying economic nationalism, and the extraordinary strength of government support of "national champions," as a key obstacle to economic openness, on which the government's thinking needs to change in order to unlock France's growth and employment potential.