What is democracy? Well, usually democracy is when the people vote in an election and the winner then happens to form a government. Read more

If markets are anything to go by, last weekend’s elections to the European Parliament delivered a good outcome, promising stability and predictability for the continent. Across Europe, stock indices soared on Monday: up 3.4 per cent in Italy, up 2 percent in Greece. Read more

Budget day last week was dominated by the usual focus on the return to surplus, some new spending pledges and discussions around potential future tax cuts. Soon afterward, however, commentators and politicians discovered that the Treasury papers contained some political dynamite outside the core of fiscal policy: a projected rise in net migration figures. Read more

Finance Minister Bill English can be pleased that his 6th budget is the first in which he is able to deliver a (modest) surplus. That in itself is no small achievement. Read more

In a couple of weeks’ time, over 413 million European voters in 28 countries will be asked to vote for the European Parliament. Hundreds of parties, divided by political orientation and nationality, are competing for the 751 seats. Read more

When Labour announced its so-called “Monetary Policy Upgrade” this week, their finance spokesperson David Parker was aware of what a radical departure from conventional monetary practice it was. When asked whether one of its key proposals, a compulsory variable savings rate (VSR), was in place anywhere else in the world, Parker had to admit that “nowhere currently” was such a scheme practised. Read more

You may find Russian President Vladimir Putin’s behaviour in the Ukraine crisis objectionable; you may deplore his blatant disregard of international law and condemn his brutal ruthlessness in the pursuit of Russia’s interests. However, one thing Putin’s behaviour is not: irrational. Read more

New Zealand affords itself the luxury of treating overseas investment as a privilege rather than as a necessary and desirable means of better integrating ourselves with the world, so as to make the most of what it has to offer. That blinkered attitude permeates our regulatory regime, which the Organisation of Economic Co-operation and Development assesses to be more restrictive than the regimes of 47 other countries out of a total of 53 countries. Read more

After fighting the weakness of its euro currency for the past five years, the European Central Bank now seemingly has an even more fearsome opponent to tackle: the strength of the euro. At least this is the narrative that the ECB is trying to establish. Read more

If there was a ranking for the most self-righteous nation in Europe, Germany would have a good chance of topping the list. Sure, without Germany’s support the euro may have already gone under, but the Germans are extremely good at coupling such help to their neighbours with unrequited advice on how to run their countries. Read more

Imagine a business that could charge anyone who just happened to pass by its shop window. Does that sound like a business that would strive to become better, more customer-friendly, and more service-oriented? Read more

New Zealand’s supermarket chains often get bad press and are suspiciously eyed by the public because, allegedly, they form a duopoly. With this characterisation comes the innuendo that they might be ripping off either their customers, their suppliers or both. Read more

In that faraway wonderland that it is the eurozone, nothing is quite what it seems. It is a strange place where half-bankrupt governments can plan a return to capital markets at moderate yields, and a central bank is able to impress analysts by talking about things it cannot do. Both instances are patently absurd, but just because something is absurd has never stopped it from happening in Europe. Read more

If you are familiar with Harry Enfield’s legendary BBC television series, there was a character called Jürgen the German. A tourist to London, he started every conversation with an apology “for my country’s disgraceful behaviour during ze war” – only to then rant on about what’s wrong with Britain. Read more

By all measures, it was a defeat of historic proportions for President François Hollande and his Socialist Party. Last weekend’s French local elections have turned the country upside down, or rather shifted it to the political right. Read more