Howard Davies

For Howard Davies's latest contributions to The Japan Times, see below:

Sep 7, 2012

Economists in denial as conventional tools fail

In an exasperated outburst, just before he left the presidency of the European Central Bank, Jean-Claude Trichet complained that, “as a policymaker during the crisis, I found the available [economic and financial] models of limited help. I would go further: In the face of ...

Sep 4, 2012

Making the eurozone work

Some economists believe that this summer could mark the moment when some of the eurozone’s peripheral members may begin to be forced out; others think that such a scenario is inconceivable. All agree that, at least in the short term, a eurozone breakup would ...

Jul 16, 2012

Finessing one big banking union for Europe

In the last few weeks, the idea of establishing a European banking union has become the latest remedy advanced as a solution to the long-running euro crisis. But whatever the merits of a banking union — and there are many — proposals to establish ...

Dec 17, 2011

London versus the eurozone: The game is on

Ever since the United Kingdom joined the European Economic Community in 1973, after the French withdrew Charles de Gaulle’s veto of its membership, Britain’s relationship with the European integration process has been strained. The British are reluctant Europeans, for historical and cultural reasons. For ...

Aug 25, 2011

Negotiating Europe's financial wasteland

“April is the cruelest month,” wrote T.S. Eliot at the beginning of his great poem, “The Waste Land.” But if Eliot had been a professional investor who had observed European financial markets over the last few years, I am quite certain that his choice ...

Jun 29, 2011

Chinese finance comes of age

The Chinese financial system’s evolution in recent years has been extraordinary. I have observed its transformation as a member of the International Advisory Council of the China Banking Regulatory Commission (CBRC). Back in 2002, all of China’s major banks were awash in nonperforming loans ...

Nov 3, 2010

A moveable financial feast

LONDON — There was a time when league tables were to be found only on the sports pages of newspapers. Now they are a global obsession. There are school and university league tables, rankings of companies on profitability or corporate social responsibility, tables of ...