By Gideon Rachman
Germany has surrendered and the euro is saved. That seems to be the markets’ interpretation of last week’s ruling by the German constitutional court on the European Central Bank’s “whatever it takes” policy to save the single currency. The judges’ ruling essentially boiled down to this: “We don’t like what the ECB is doing. We think it illegal. But only the European Court of Justice can strike it down.”
Will a slow down in Asian economies mean cancelled orders for Airbus and Boeing? Our Aerospace special report explores the possibilities and looks at how much western defence contractors such as Raytheon stand to gain from North Korean sabre-rattling and Asia’s territorial disputes.
An electoral poster opposing the "Stop Mass Immigration" referendum Getty Images
The result of the Swiss referendum - narrowly approving restrictions on free movement of people from the European Union – presents a big dilemma for the administrations in both Bern and Brussels. The Swiss now have the massive headache of trying to renegotiate their painstakingly constructed deals with the EU – a large and angry partner. The EU has to decide how to strike the balance between indulgence and punishment, in responding to the Swiss.
Having just listened to the vice-president of the European Commission, Viviane Reding, speaking on the radio, it seems likely to me that the EU will take the punitive route. But that, I think, would be a mistake.