Howard Davies

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

/ Jun 24, 2010

The European Central Bank has no clothes

LONDON — The crisis in the euro zone remains far from resolution. Investor worries are now concentrated on the health of European banks, many of which have large exposures to Greece and the other southern European countries with severe fiscal problems. Europe's leaders have so ...

/ Apr 22, 2010

A pig's breakfast in Europe

LONDON — The Greek debt problem has been poorly handled by Europe's decision-makers. European Union heads of government, and the European Central Bank, initially rejected the idea of involving the International Monetary Fund, but without a fall-back plan. It is hard to avoid the ...

/ Oct 20, 2009

Mistrust carries economic consequences

LONDON — Public trust in financial institutions, and in the authorities that are supposed to regulate them, was an early casualty of the financial crisis. That is hardly surprising, as previously revered firms revealed that they did not fully understand the very instruments they ...

/ Jul 22, 2009

Are the finance sector's halcyon days over?

LONDON — For at least a quarter-century, the financial sector has grown far more rapidly than the economy as a whole, both in developed and in most developing countries. The ratio of total financial assets (stocks, bonds, and bank deposits) to gross domestic product ...