Hungary’s Viktor Orban has long been criticised for his war against the country’s troubled banks – since 2010, he has imposed Europe’s highest bank tax, introduced financial transaction levies and has forced banks to pay out billions of euros in compensation to borrowers for mispriced foreign currency loans.
But as the SNB decision to scrap the ceiling on the Swiss franc on Thursday sent the forint sliding a record low against the franc on currency markets, Mr Orban’s policies came in for some rare praise. Read more
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. Read more
Here’s our reading to take you through to the weekend Read more