The battle over strengthening ESMA shows how the interests of national authorities continue to hold back the integration of European financial markets. Between powers to be defended and stock exchanges excluded from common supervision, Europe remains fragmented, whilst companies struggle to grow (and shift capital to Wall Street).

The only way forward is to reduce the overall level of spending and improve its quality. Promising more spending ultimately means raising taxes. For everyone

The reduction in Italy’s deficit is good news, even if it does not yet allow the country to exit the infringement procedure. It should serve as an encouragement to do better next year, without looking for shortcuts

The debate over whether to deepen or enlarge the Union cannot be sidestepped, particularly in the new geopolitical context. Admitting further countries at a time when the aim is to strengthen integration and overcome national resistance in order to foster the creation of European sovereignty risks being a serious mistake

The cause of populism does not lie with European institutions and policies, but rather in the inability of governments and the business community to adopt policies that promote innovation and strengthen the social fabric in order to help the most vulnerable

Government bond yields are rising in advanced economies, driven by inflation and growing public debt. China is an exception and is keeping rates low thanks to its control over the banking system, albeit at the cost of weaker consumption and growth.

If necessary, the new Chairman of the Federal Reserve, Kevin Warsh, will raise interest rates. Whether the US President likes it or not

Amid the debate on the Budget Bill, discussion has returned to the infamous tax, which, however, raises problems from various perspectives: it is not only unjustified, it is a mistake in economic policy