Morality is no soft issue but touches the core of a healthy economic system. In finance, trust is even more important, as without it, liquidity is absent.

Greece has imported the last decennium tens of billions of capital but unfortunately this has not been employed productively.

Marc De Vos nuances the new doomsday-scenario from the Club of Rome. No one can know how the world will look in 2052. But it is much more likely to be much better than worse.

Policy makers need to bury the Greenspan doctrine that says it would be impossible to identify bubbles and one can only clean up after bubbles burst. The currency union needs macroprudential policy to fight excesses.

Spain is too big to be saved from outside. The reforms the country needs are deep and will take time to be effective.