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Today's Spain's Minister of Industry, Energy and Tourism José Manuel Soria has stepped down "after his conflicting explanations inflamed a scandal over links to an offshore company listed in the Panama leaks." (quoted from Bloomberg)
Take a look at the graph below. It is the level of real GDP in Denmark during the 1930s and over the past decade.
The horrible terror attacks in Belgium has further escalated the fears of terror in Europe and policy makers from all over the continent are calling for new measures to fight extremism and populist politicians have been fast to call for closing Europe’s borders. However, the clear risk is that the economic costs of such measures easily could be larger than what can be justified by the actual risks from terror.
I strongly believe in reason and sound economic analysis and strongly object to economic and social policies being based on "emotions" and the sentiment of the day.
In 2008 Iceland was hit by a massive banking crisis and the economy went into a tailspin. However, the Icelandic economy has since then recovered strongly and continues to grow robustly.
Yesterday we got the news that the Egyptian central bank had devalued the pound and announced that the country is moving closer to a freely floating exchange rate.