Europe’s sovereign credit default flop

Greek profligacy and ill-handled eurozone rules caused the debt crisis, not CDS buyers. The only punishment leaders should consider meting out to them is to ensure that Greece does not default

• Gillian Tett: Common sense eludes ECB
• Call for ban on CDS speculation

Rally shows moral hazard is still alive

What the recovery really shows is the scale of the moral hazard problem the world still faces. Bank investors were not made to pay a big enough price for their folly during the credit boom

• Bank preferred shares hold out despite odds
• Doomsday regulation scenario laid out

Stormont’s milestone

The vote to devolve control of Northern Ireland’s law and order apparatus to local politicians is welcome progress towards stability

EADS’ bumpy ride

The aerospace group is hobbled by its core industrial shareholders. The underlying answer must be to change the shareholder base

Beijing balances

Letting the renminbi appreciate from its current value would be good for the world because it would forestall a resurgence of the cheap credit tsunami that helped to cause the subprime bubble

What Iraq deserves

Ordinary Iraqis braved the bombers to vote in a second general election for something. The least they deserve is working institutions, including a genuinely national government

The burden of German thrift

Europe is more in need of a system to press surplus countries to consume than it is of further punishments for its already pummelled debtors. One reason to have an EMF would be to do this

Quantitative easing

Quantitative easing is an ugly name for an important task: the need to make monetary policy effective when rates are close to zero. Central banks have taken such actions. But is UK policy working?

Hard-up entente

China’s migrants need more help

Europe needs to make up its mind

Macavity Brown

Not its own reward

Obama’s gamble on healthcare

Exit this way

Lessons from Ineos

German liberties

Dodd’s dilemma