By Paul GOLDSCHMIDT, former Director at Goldman Sachs International, former Director at the European Commission (1993-2002), member of the Advisory Board of the Thomas More Institute | Published in French on Atlantico.fr, on March 7th, 2012 | Available in French

François Hollande a répété ce dimanche que, s’il est élu, il compte renégocier certains aspects du Traité intergouvernemental signé vendredi dernier à Bruxelles par 25 gouvernements de l’UE. Cette attitude soulève plusieurs questions.

S’agit-t-il d’une simple posture électorale ? Si c’est le cas, et qu’une fois élu, il procède à la ratification, les conséquences seront limitées à une perte de crédibilité. On peut déjà anticiper que les (...)

Article by Paul GOLDSCHMIDT, former Director at Goldman Sachs International, former Director at the European Commission (1993-2002), member of the Advisory Board of the Thomas More Institute | Published in French on Atlantico.fr, on 21th February, 2012

France should be the first country to adopt legislation covering the creation of the ESM. It will, however, only become operational after ratification of the Intergovernmental Treaty (EU 25) on budget discipline which should be signed early next March. Indeed, access to the ESM is subject to the ratification by the applicant of the Treaty which will only enter into force after its adoption by at least 12 of the 17 EMU Member States. This can only be envisaged for the end of the (...)

By Paul GOLDSCHMIDT, former Director at Goldman Sachs International, former Director at the European Commission (1993-2002), member of the Advisory Board of the Thomas More Institute.

When Philippe Maystadt or Michel Rocard recommend that the ECB consider loans to Eurozone Governments, it is necessary to examine carefully such proposals. Indeed, the increasing role of the ECB in the management of the financial crisis raises questions concerning the appropriateness of its mandate and the limits imposed on its interventions.

Initiated already under the presidency of Jean-Claude Trichet, through both standard and non-standard measures of implementing monetary policy, the interventions of the ECB have gathered momentum (...)

Presse Release, Thomas More Institute, December 9th, 2011, Brussels-Paris, available in English and in French.

President Mario Draghi struck yesterday in Frankfurt the right balance between the responsibilities of the EU political authorities (fiscal compact - Treaty reform) and those of the ECB (full respect for and compliance with the existing Treaty together with full support for the banking sector).

He acted boldly on his side of the bargain by cutting the ECB base rate to record lows and by providing medium term liquidity to the beleaguered banking system. By accepting to act as "Agent" for the EFSF he also indicated the willingness of the ECB to provide technical assistance to the inexperienced and under staffed EFSF, (...)