Merkel Blinks on Italy Bailout
New York – Ever heard of the European Monetary Authority? Hold that thought. For more than a decade now, banks in Europe have been free-riding on sovereign credit support, a fact that has attracted more than a few foreign investors. With the political devolution now underway in Rome, however, Eurobanks have begun to trade again on their intrinsic credit. In an important new paper from The Institute for New Economic Thinking, Professor Ed Kane of Boston College states the p