The ECB: Accountability Is No Longer Enough
October 26, 2026In Warsaw, the possible referral of the central bank’s governor to the State Tribunal has revived the debate on independence. The case concerns one man’s conduct. But it does not settle a separate question: who can reopen a central bank’s objectives when it acts lawfully? A Trial Is Not a Doctrine On October 9,…
Keynes: The State Before Panic Strikes
October 4, 2026Buried in times of euphoria. Dug up in times of panic. That is the best measure of Keynes’s enduring relevance. A very recent article in the Guardian about James Graham’s play The Standard of Living reminds us that Keynes was no Excel spreadsheet. A great lover of art, he belonged to the Bloomsbury Group,…