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In the US, in the UK, in the eurozone, in the EU, the inflation surpasses even the worst-case scenarios. The reasons behind it are presented as “exogenous”, namely they are somehow extrinsic, beyond the central banks’ control. But are they…
Read moreMore often than not, economic crises are the product of excesses: prolonged periods of low interest rates despite the overheating economy, exchange rates that do not mirror the economic competitiveness of the issuing country, excessive indebtedness resulting in default, budget…
Read moreAfter a long period of “blue sky” when any sign of a dark cloud was removed by the extremely low central bank interest rates and by investors’ frantic exhilaration (irrational, some would venture to say), emerging markets have started to…
Read moreA recent interview given to the journalist George Buhnici touched among other things upon the cryptocurrency issue. The explanations that I provided of why cryptocurrencies are in fact speculative cryptoassets that anyone can invest in as long as they know what…
Read moreFollowing decisions expected with some concern, Standard&Poor’s and Moody’s rating agencies have reaffirmed Romania’s rating. The concern was coming from the fact that a lower rating would have downgraded us to the non-investment grade category (junk). Such a label would…
Read moreThe gas market crisis in Romania, despite the existing reserves in the Black Sea, makes us wonder if the situation was avoidable and how quickly it will be resolved. In order to shed light on these issues, I invited this…
Read moreMuch has already been said and much ink has been spilled about the rushed and poorly planned American pullout from Afghanistan. And rightly so. There is a large consensus that the withdrawal could have been gradual, better organized and more…
Read moreOne theory tried to explain the 2008 financial crisis by referring back to the end of the cold war. The new geopolitical development meant lower defense spending and, consequently, fewer contracts between the defence industry and the US government. As…
Read more(R*) Much is being written about the impact that the pandemic is set to have on globalization and about international capital relocation. It refers to a return to regionalization, to the detriment of globalization, a process whereby people who put…
Read moreWe are increasingly convinced that we have left the pandemic behind. What was worse is now behind us and returning to normal life is just a matter of time. We are so convinced, that willingness to vaccinate is going down…
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