The Experience of Free Banking outlines a monetary system where private banks issue competing banknotes, usually anchored to a commodity like gold or silver, replacing the central bank’s role.
The fear that the UK-based financial industry will not be able to fully conduct all its current post-Brexit pan-European operations has prompted several London-based institutions to make plans to move some jobs to the continent or to Ireland.
The conventional account of the Eurozone crisis is one of reckless bankers lending to households and governments far beyond their ability to face those debts.
One of the main objectives of post-crisis financial regulation has been the severing of the nexus between large banks and national sovereigns, such that private losses do not lead to taxpayer bailouts.
Martin Wolf meditates on the possible causes of substandard growth performance by many European economies in the aftermath of the 2008 financial crisis.