Nigel Farage and the great anti-Brexit unbanking plot (POLITICO)
By Izabella Kaminska, Dan Bloom · Jul 5, 2023 LONDON — Like most banks these days, the Strand offices of Coutts, one of the U.K.’s most prestigious private banks known for banking British royalty, are open plan and mostly devoid of custom. Real-life engagement with its wealthy clientele, if it happens, is by appointment only. […]
Shake on it: The utterly scientific Sintra guide to central bank governor toughness (POLITICO)
By Ben Munster · Jun 29, 2023 The ECB and other central banks famously communicate monetary policy almost entirely through covert signals and coded messaging. “More ground to cover” means rate hikes will probably continue after the summer. “Persistent” inflation means previous hikes have failed. “Data-driven approach” means the bank is just making it up […]
EU’s trade ideals face ‘economic security’ reality check (POLITICO)
By Barbara Moens, Sarah Anne Aarup · Jun 19, 2023 The European Commission is preparing to ditch its long-held free-market ideals as geopolitics and U.S.-China competition elbow their way into the picture. On Tuesday, the EU’s executive will propose its economic security strategy, a new political paper which will be discussed by EU leaders at […]
Non-performing banker: The mysterious swindling of the EU and the Bank of Italy (POLITICO)
By Ben Munster · Jun 16, 2023 ROME — Italian courts are nearing the end of a puzzling and long-running drama around an elusive former Bank of Italy economist who plundered hundreds of thousands of euros while advising an EU committee. From 2009 to 2012, the economist, referred to here as “G.” as his name […]
Aviation’s rebound clouded by COVID hangover (POLITICO)
By Mari Eccles · Jun 15, 2023 BRUSSELS — Airlines are falling over themselves to trumpet what a great summer they’re expecting. “The message from the top is that aviation is back,” Lufthansa CEO Carsten Spohr told POLITICO this week. “We’ve seen nothing like this in 100 years in terms of the turnaround. Demand is […]
Poland pays a steep price for its power (POLITICO)
By Wojciech Kość · Jun 13, 2023 WARSAW — For years Poland boasted that its vast coal reserves helped keep power prices down, but that’s no longer the case and the country now consistently has the EU’s most expensive electricity. The coal-dominated energy mix — it generates about two-thirds of Poland’s power — as well […]
Secrecy around von der Leyen’s vaccine texts hurting EU reputation, say campaigners (POLITICO)
By Carlo Martuscelli · Jun 12, 2023, MEPs in the European Parliament’s special committee tasked with learning lessons from the COVID-19 pandemic (COVI) approved the committee’s draft report in a vote Monday evening. There were 23 votes in favor of the text, 13 against, and one abstention. MEPs from the European People’s Party, Socialist and […]
World needs a CBDC treaty, Cecchetti tells cbankers
By Izabella Kaminska · Jun 8, 2023 LONDON — Governments should consider an international moratorium on the development of central bank digital currencies (CBDCs) due to the financial stability risk they could pose for small jurisdictions, the former director of research at the Federal Reserve Bank of New York, Stephen Cecchetti, told central bankers in […]
Error alert! A key formula that underpins bank stability may be acting up (POLITICO)
By Izabella Kaminska · Jun 1, 2023 Protecting their business from interest-rate risk is supposed to be what banks specialize in. But a report from Goldman Sachs suggests the calculation most banks use to manage the process could be way off, due to an overestimation in how resilient their ‘deposit franchises’ are to rising interest […]
The race to govern the Bank of Italy is on (POLITICO)
By Ben Munster · May 30, 2023 ROME — Massive and imposing, Italy’s central bank looms behind a barbed perimeter of black iron and angular palm trees on the via Nazionale, minutes from Rome’s famous ancient heart. Built to project the economic potential of the new Italian state in the late 19th century, its grandeur […]
