Tel. +44 (0)20 7287 4414
Email. info@brugesgroup.com
Tel. +44 (0)20 7287 4414
Email. info@brugesgroup.com
The Bruges Group spearheaded the intellectual battle to win a vote to leave the European Union and, above all, against the emergence of a centralised EU state.
The Bruges Group spearheaded the intellectual battle to win a vote to leave the European Union and, above all, against the emergence of a centralised EU state.
Image
Image
Image
Image

Bruges Group Blog

Spearheading the intellectual battle against the EU. And for new thinking in international affairs.
Piggy-Bank Breaking the Bank

Eurozone’s ‘shadow debts’ start to become real ones, and threaten the Bundesbank with bankruptcy

The German Federal Audit Office ('Bundesrechnungshof') has warned that the Bundesbank may need a bailout due to losses on the EUR650 billion of bonds it bought as part of the Eurozone's equivalent of Quantitative Easing. The Daily Telegraph reported on this on 26 June. Of course the risk is not for the entire EUR650 billion but for the fraction by ...

  1651 Hits
cloaked-liabilities Hidden Debts

Totality of on- and off-balance sheet liabilities of the EU public sector is cloaked in obscurity

The totality of the public sector liabilities of EU and Eurozone member states is clouded in obscurity. The key measure tracked by Eurostat - 'General government gross debt' – is circumvented to such an extent that, based on year-end 2021 figures, debts of around €6.4 trillion failed to be registered, and contingent liabilities of around €3.8 trill...

  1547 Hits
eu-liabilities-behemoth Hidden EU Debts

The archipelago of EU public sector entities with borrowing powers has created a behemoth of liabilities

The EU member states contain numerous public sector entities with borrowing powers, and whose debts fall outside the definition of member state debt as reported by Eurostat. The responsibility for the debts tracks back, one way or another, to the member state but the amounts involved are opaque. All that can be said with complete certainty is that ...

  1674 Hits
target-2-risks Target 2 - Enormous Hidden Risk

TARGET2 harbours risks even greater than the enormous ones acknowledged by the European Central Bank

There has been long and ongoing debate about the nature of the sizable loans and deposits that the Eurozone national central banks (NCBs) run with one another within the TARGET2 payment system. The debate has overlooked that the balances are nearly double what the European Central Bank (ECB) reports, and that the report only shows the amounts at th...

  1560 Hits
ecb-major-funding-risk Major funding risk for Eurozone member states

The European Central Bank's programmes have created a major funding risk for Eurozone member states

The programmes of the European Central Bank (ECB) are extensive, and involve greater risks than the ECB can bear, it being very thinly capitalised. Even modest losses on its programmes would require it to be recapitalised by its Eurozone shareholders – the national central banks (NCBs) of the Eurozone member states. This is laid out in the newly-re...

  1241 Hits
netzero-eib-liabilities Net Zero Liabilities

Net Zero is the Rationale for the European Investment Bank to Help Manufacture Enormous Public Sector Liabilities

Net Zero is proving to be a good cover story for the European Investment Bank Group to create huge financial liabilities for the EU taxpayer. The amount looks set to exceed €1.2 trillion by the end of the current EU budget period in 2027. This is laid out in the newly-released book 'The shadow liabilities of EU Member States, and the threat they po...

  1417 Hits
eu-supranational-liabilities EU Debts

EU supranational entities harbour major unacknowledged liabilities for member states

The structures of the EU and Eurozone have allowed the creation of a series of supranational entities that have taken on debts whilst having little financial strength of their own: their creditworthiness depends on guarantees or capital calls from member states, without the extent of the member states' liabilities being transparent and being added ...

  1376 Hits
unrecognised-debt EU and EZ Debts ignored

Scope of EU and Eurozone Debts is Unrecognised by Public Credit Rating Agencies

The public credit ratings of EU/Eurozone member states are inflated, because the credit rating agencies have not factored in the significant shadow debts and other financial liabilities bearing down on the respective member state's debt service capacity. Total financial liabilities are much higher than these agencies appear to recognise. This is th...

  1848 Hits
germany-cannot-pay False assumptions of global debt markets.

Germany Cannot Pay Totality of EU/Eurozone Debts

Global debt markets appear comfortable to absorb all of the bonds issued by the European Union for its €750 billion Coronavirus Recovery Fund on the basis that 'it all tracks back onto Germany'. This is true: the guarantee structure behind the EU's debts makes each member state liable for the entirety of them. The same debt markets do not seem to h...

  1173 Hits
breaking-debt-rules_1 EZ break Spirit and Letter of Global Debt Rules

EU and Eurozone break both spirit and letter of global debt rules

The EU and its member states position themselves as a cornerstone of the rules-based international order, but they break its financial rules in both letter and spirit by failing to fully report their financial liabilities. The key measure tracked by Eurostat - 'General government gross debt' – is circumvented to such an extent that, based on year-e...

  1236 Hits
obscuring-over-indebtedness EU Obscure over indebtedness

EU and Eurozone are massively over-indebted - but official figures obscure it

EU and Eurozone member states fail to fully report their financial liabilities. The key measure tracked by Eurostat - 'General government gross debt' – is circumvented to such an extent that, based on year-end 2021 figures, debts of around €6.4 trillion failed to be registered, and contingent liabilities of around €3.8 trillion. This discrepancy is...

  1466 Hits
Burn The Euro Zone is a Threat to Financial Stability

EU and Eurozone are Massively Over-Indebted - but official figures obscure it

 EU and Eurozone member states fail to fully report their financial liabilities. The key measure tracked by Eurostat - 'General government gross debt' – is circumvented to such an extent that, based on year-end 2021 figures, debts of around €6.4 trillion failed to be registered, and contingent liabilities of around €3.8 trillion. This discrepa...

  1452 Hits
Shadow The Shadow Liabilities Of EU Member States

The Shadow Liabilities Of EU Member States And The Threat They Pose To Global Financial Stability

BUY THIS BOOK                                                                                                &...

  1563 Hits
Tags:
A-Coughlan A festschrift for Anthony Coughlan

A festschrift for Anthony Coughlan: Essays on sovereignty and democracy, edited by Frank Keoghan, Ruan O’Donnell & Michael Quinn, hardback, 159 pages, ISBN 978-0-09955975-2-5, Iontas Press, 2018.

Anthony Coughlan is known to most of us for his heroic work for the National Platform of Ireland, which campaigns for Ireland's independence from the EU. As Michael Quinn writes, "He has tirelessly campaigned against the centralising and unaccountable EU bureaucracy; articulating instead the alternative case for a Europe of independent and co-opera...

  4593 Hits
Von-der-Leyen-elbow-pump

The EU’s Pandemic Recovery Fund is a Leap Towards Ever Closer Union

Marathon talks have concluded between EU leaders as they battled over the details of its multibillion-euro pandemic recovery fund. With France and Germany head-to-head against the frugal four of Austria, Denmark, the Netherlands and Sweden over grants, veto rights and funding criteria, you could be mistaken for seeing the talks as the break-up of t...

  2955 Hits

We Aren't Out of the Woods Yet

The absence of a pan-European fiscal union combined with the departure of the United Kingdom have left European finances is disarray. This has been exacerbated by a crisis that has sown divisions in a frail union with poorer states demanding that richer countries foot the bill to save the Union. When Germany's constitutional court questioned t...

  3030 Hits
Euro-collapse

Das Ende?

Almost four years after we voted to leave the European Union (EU), Boris Johnson delivered on his promise to 'GET BREXIT DONE'. Little did we know at the time (on 31st January 2020) that the year was going to bring its own woes, which are now threatening to bring down the European dream of unity, solidarity, and borderless territory. In addition to...

  3927 Hits

Contact us

Director : Robert Oulds
Tel: 020 7287 4414
Chairman: Barry Legg
 
The Bruges Group
246 Linen Hall, 162-168 Regent Street
London W1B 5TB
United Kingdom
KEY PERSONNEL
 
Founder President :
The Rt Hon. the Baroness Thatcher of Kesteven LG, OM, FRS 
Vice-President : The Rt Hon. the Lord Lamont of Lerwick,
Chairman: Barry Legg
Director : Robert Oulds MA, FRSA
Washington D.C. Representative : John O'Sullivan CBE
Founder Chairman : Lord Harris of High Cross
Head of Media: Jack Soames