Europe's democracy deficit contributing to crisis

The democracy deficit


"A spectre is haunting Europe – the spectre of communism” (Karl Marx, The Communist Manifesto).

Once again a spectre is haunting Europe. Not communism this time – which stands badly discredited by the millions of lives it has blighted or destroyed – but a democracy deficit that is hampering the continent’s ability to address economic and fiscal imbalances that have been accumulating in the eurozone over the past 12 years.

In July 2005, I argued that “history will not be rushed” (Risk July 2005

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Dmitry Pugachevsky, director of research at Quantifi, explores why building an accurate and robust interest rate curve has considerable implications for a broad range of financial operations – from setting benchmark rates to managing risk – and hinges on…

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