In the Blind Spot (The economic costs of reopening old war wounds)
Our one-stop source for central banking & monetary policy news. SNEAK PEEK — We take a closer look at what exactly constitutes the bulk of the Russian assets under Western control and explain why this matters. — Russian propaganda takes the denazification claim beyond Ukrainian borders. Dario provides the relevant context. — Dario finally gets […]
Spotlight: What the great neo-medievalisation will look like
In the conduct of states, as in the conduct of individuals, appearances constantly shift while the fundamentals always remain unchanged. One of our recurring Blind Spot themes has been the neo-medievalisation of the world. Originally associated with Hedley Bull since the late 70s, the trend described the globalised world as analogous to high-medieval Europe. In […]
ECB sees no fault in Elderson’s mission to ‘train’ staff minds on climate (POLITICO)
By Geoffrey Smith · Mar 6, 2024 The European Central Bank (ECB) is refusing to back down in a row with staff over perceived “disrespect” by top management toward staff. Earlier this week, the bank’s staff committee wrote to President Christine Lagarde to protest at comments at an internal event last month, where board member […]
Asset purchases won’t exclusively mean ‘easing’ for much longer (POLITICO)
By Johanna Treeck, Carlo Boffa · Mar 6, 2024 FRANKFURT — Since large-scale liquidity operations became the norm, markets have become accustomed to treating asset purchases of any sort as a signal that authorities are in monetary easing mode. But that is set to change. Central bank liquidity is now in retreat, which means the […]
ECB eyes floor system with ample liquidity for its new framework (POLITICO)
By Johanna Treeck · Mar 1, 2024 FRANKFURT – European Central Bank policymakers are approaching a “broad consensus” on a new way of steering short-term interest rates and, indirectly, the eurozone economy, people familiar with the discussion told POLITICO. According to central bank officials, the ECB will maintain a so-called “floor system” where “ample” central […]
Critics blast outgoing SNB chief for maintaining bank’s opaque structures (POLITICO)
By Ben Munster · Mar 5, 2024 The acclaimed 12-year run of Switzerland’s retiring central bank governor was tainted by autocratic processes enabled by the opaque decision-making structures of the Swiss National Bank, three prominent economists have said. Thomas Jordan unexpectedly announced Friday that he plans to leave the Swiss National Bank (SNB) in September, […]
In the Blind Spot (A Weekend of Mistakes in Hay-on-Wye)
Our one-stop source for central banking & monetary policy news. SNEAK PEEK — Izzy gives an update from Hay on Wye’s Weekend of Mistakes. — This week’s big blind spot argues CBDCs won’t be able to handle authorised push payment fraud. — Dario takes a deep dive into what exactly the UAE’s land deal with […]
ALTIF Transcripts: The price is wrong: Why free markets and climate don’t mix
TBS Note: Here’s a one-off transcript from Jonathan Ford and Neil Collins’ “A long time in finance” podcast. We were carrying these weekly in our first year, but had to discontinue them due to insufficient transcription resources (automatic ones just aren’t good enough to post without having to double check them manually). But apparently, the […]
EU plans to create war-ready defense-industrial complex (POLITICO)
By Jacopo Barigazzi, Laura Kayali, Joshua Posaner · Feb 27, 2024 BRUSSELS — The EU wants to shift its defense industry onto a war footing, laying out its plan in a 27-page draft of a European Defence Industry Strategy seen by POLITICO. A few of the most far-reaching proposals made during the consultation process — […]
US tech giants refuse to work with Britain’s top secret military censorship board (POLITICO)
By Laurie Clarke, Tamlin Magee · Feb 27, 2024 LONDON — Britain’s media censorship board is trying to woo Big Tech. But the Silicon Valley giants aren’t interested. Tech firms including Google, Meta, and X have repeatedly spurned the British media censorship board in its mission to prevent state secrets spreading across social platforms. The […]