The Price of Safe Transit
A ceasefire has frozen the US‑Israel‑Iran conflict but not restored free passage through the Strait of Hormuz. Iran now proposes a per‑vessel toll in exchange for secure transit. Economic theory shows that Persian Gulf oil exporters would absorb more than eighty percent of the toll while global consumers pay almost nothing. The alternatives to a negotiated settlement are worse for Europe and the world.
The European Union’s Persistent Current Account Surplus: A Structural Autopsy and the Case for Investment-Led Reform
The European Union has run a persistent current account surplus for nearly two decades, not from export strength but because investment collapsed in southern Europe after the financial crisis and never recovered, while northern surplus countries kept saving. This surplus is not a financial stability threat but a symptom of a chronic investment deficit that suppresses productivity. The solution is aggressive, coordinated reform to channel European savings into European projects.