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 […]
In the Blind Spot (Nanu nanu — Loyalty sovereign debt — HODL multiplier)
Greetings, dear subscribers. Given the “we are not alone” UAP news this week, I’ve let Dario loose on his favourite subject in today’s newsletter, as there is nobody I know who has a more authoritative, informed and critical-minded understanding of the area than him. And there’s no doubt it’s a blind spot topic. He’s also […]
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 […]
In the Blind Spot (Deposit beta — AI apocalypse — Voluntary price caps)
Greetings Blind Spotters. It’s Saturday and the weather seems to have turned in the UK. Hurrah! And since the US didn’t default, we can all relax now. Sorry for the tardiness of today’s send-out, but it’s been an exceptionally busy week for me, what with the launch of Politico’s new central banker service (which you […]
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 […]
*ROLL UP ROLL UP* Politico’s Morning Central Banker has launched
Today’s the day POLITICO launches its must-read, must-not-miss, Morning Central Banker newsletter… Sign up below for a three week FREE trial: www.politico.eu/pro-central-banker-newsletter-trial-access And join a special inaugural Twitter Space for the occasion at 2pm UK time! The line-up includes former Pimco boss Mohamed A. El-Erian, the Peterson Institute for International Economics’ Nicolas Véron, and global […]
In the Blind Spot (Libor — Scarce reserves — Crypto conglomerates)
This week’s edition of the Blind Spot newsletter was compiled by me, Izabella Kaminska, with the help of Dario Garcia Giner + some of my Politico colleagues, because it features some recycled snippets (or blurbs as they call them) from the dummy runs of our new Politico Europe Central Banker newsletter, which launches on May […]