We examine how the Euro crisis continues to haunt the Mediterranean region of the European Union. Its legacies and the region's particular economic exposure make it especially vulnerable to the economic shock from the COVID-19 crisis. Without concerted EU-wide and regional action, the exposures of the region's banks can again throw the EU into crisis. This research is in honor of our late friend and Private Debt Project editor, Sherle Schwenniger.

The crisis of the Eurozone seems to have abetted. However, the problems that triggered the Eurozone crisis that dominated the financial headlines continue to haunt the region's recovery. Without a rebalancing of inter-European debt loads, Europe will continue to be a weight on the recovery of the global economy.

This paper will explore the ideas that money is created by debt, and that new money is necessary for economic growth, and that therefore, absent calamity, debt will always grow faster than GDP.

In a joint report with the Centre for Cities, Anthony Breach examines how restrictions in British housing supply drives wealth inequality and can have negative effects on household financial stability. These dynamics drive the economic geography of Britain and the North-South divide.

This paper examines the risks associated with an increase in non-financial corporate debt. It breaks down the sustainability of debt by sector and their resilience to financial shocks along standard sustainability metrics and improved measures of leverage that take into account the composition of debt. In doing so, it hopes to provide different parameters for authorities to create macroprudential policy.