Europe and the refugees: a crisis of values. EPC Commentary, June 20 2016

20 June is World Refugee Day. This offers an opportunity for the European Union (EU) and its members to reflect on how the EU’s approach towards the current crisis is having an impact on its cohesion and image.

Why an ESM programme could be a kiss of death: Recovery values and subordination. CEPS Commentary, 27 June 2012

Spain, needing a bailout for its banks, was granted a vague promise by EZ leaders for up to €100 billion. The details remain obscure, yet they matter enormously. This column argues that the so-called ‘subordination effect’ of fresh official lending could put Spain on the slippery road to ruin. It argues that if sovereign bonds must be bought, this should be done in the secondary market which, would be on an equal footing with private investors and thus avoid the subordination trap.