6/2/15: Cyprus AWOL on Troika 'Reforms'

Yes, at some point, Troika won't be able to handle all the bad news flying its way... for now, however, a new alarm at the barbwire fence of European Reformism: Cyprus is heading off the Troika Reservation:

Whatever might have made Cyprus rush for the AWOL, I'll let you discover, but judging by the foreclosure and insolvency framework reforms approved by the Troika in Ireland, one can't be too much surprised if any country would have much of faith in Troika expectations on that front. Then again, Cypriots would probably remember how EU regulators first encouraged accumulation of Greek sovereign debt in Cypriot banks, then haircut that debt, causing instant insolvency crisis across the Cypriot banks. Why would anyone listen to the same people giving advice on 'structural' reforms next, puzzles me.

22/3/2014: If we are to be democratic about EU's powers...

In February 2014, Ipsos conducted a survey across the EU states covering voters preferences for the long-term policy they saw fit their country in relation to the future of the EU. Here is the summary of the results:

So here are top conclusions:

1. Of countries covered only Hungary expressed more than 50% preference for either formation of a single European Government or enhancing powers of the EU.
2. Of countries that expressed less than 50% preference for expanding the EU powers, Italy, Germany, and Spain showed preferences of between 45% and 49%
3. There was, on average, and across Poland, Belgium, France, Netherlands, Sweden and Great Britain stronger preferences for scaling back the EU powers than for expanding them.

While it is easy to discount the UK preferences, Poland, Belgium, France, Netherlands and Sweden all showed very strong distaste for any further expansion of the EU powers. The Netherlands and Sweden were, in fact, virtually indistinguishable from Great Britain.

27/1/2014: Two Reforms, One Conclusion

Two headlines about EU policymaking, one conclusion:

EU audit reform reduced to 'paper tiger' : http://euobserver.com/economic/122815 in which the EU 'reforms' of the rules for financial audits are shown as a 'paper tiger', "unable to break up the dominant position of the world's four biggest audit firms."

EU bonus cap to have little impact on bank pay : http://euobserver.com/economic/122852 in which Fitch explains why "EU's new bank bonus rules are unlikely to have much effect on executive pay".

And the one conclusion is: for fake reforms with no teeth, tune into the EU policymaking post-crisis…