By Paul GOLDSCHMIDT, former Director at Goldman Sachs International, former director at the European Commission, member of the Advisory Board of the Thomas More Institute.

The recent controversies between the UK Government, the Bank of England on the one hand and the European Commission and the ECB on the other concerning several aspects of the regulatory framework of the “single European financial markets” are but one aspect of the looming disaster that can lead to the breakup of the Eurozone.

Rather than to rejoice in such a calamitous outcome, Euro sceptics – and particularly MPs and MEPs – should consider carefully the consequences of such a development that they are helping to bring about. In the present (...)

By Paul GOLDSCHMIDT, former Director at Goldman Sachs International, former director at the European Commission, member of the Advisory Board of the Thomas More Institute.

I have been relatively silent over the last few weeks as I have witnessed with horror some of my worst fears – described in earlier papers – become the subject of daily media debate, and acquire progressively outright acceptance of their inevitability.

The only positive note seems to be a growing consensus over the fact that EMU (and EU) survival is unequivocally dependant on deeper economic and political integration. This inescapable conclusion has the merit of “clarity”. At the same time it puts European citizens in front of a stark choice: either (...)

On the eve of the opening of the G20 summit in Cannes (France), as the European debt crisis and the responses of the Brussels summit on October, 26th keeps undermining the international community. Other issues, however, have the same urgency; development funding and the support to poor countries are among the major issues. With a scarcity of ODA (Official Development Assistance) background, discussions on innovative financing became more frequent. France and other European countries, support the creation of a tax on financial transactions. Is it feasible? Other solutions are nevertheless possible. The new Thomas More Institute's Benchmarking Note, available in French, puts to the test twelve innovative financing mechanisms.

By Paul GOLDSCHMIDT, former director at Goldman Sachs International, former director at the European Commission, member of the Advisory Board of the Thomas More Institute. 

If rumours concerning the Commission’s intent to enter the rating arena have – thankfully – proved unfounded, the announced overhaul of the regulatory/supervisory framework for Rating Agencies could not have come at a worse time. As the EU struggles to bring credible answers to its sovereign debt and interrelated banking crisis, proposing radical measures to further regulate the Agencies can only be interpreted as an attempt to identify scapegoats as well as to hide the deep disarray in which the authorities find themselves.

Once again, policymakers (...)

By Paul GOLDSCHMIDT, former director at Goldman Sachs International, former director at the European Commission, member of the Advisory Board of the Thomas More Institute. 

The latest meeting between Chancellor Merkel and President Sarkosy seems to confirm that – at last – the leaders of the main EMU members have woken up to the urgency of the situation. They have overcome their pride and, in line with Christine Lagarde, have acknowledged that the strong appeals for action by the main world economic powers, including the United States, China and the United Kingdom are fully justified. They require the rapid implementation of measures aimed at preventing a worldwide 1930’s style depression. One can only welcome the tight (...)