Podcast appearances and mentions of isabel schnabel

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) US President Donald Trump said it would be possible to reach a fresh trade deal with China, signaling he is open to heading off a brewing trade fight between Washington and Beijing.(2) The European Union is ready to discuss cutting tariffs on autos and other goods as it seeks to head off a trade war with the US, the bloc’s top trade official said Wednesday in Washington.(3) Keir Starmer repeated his support for Volodymyr Zelenskiy in a call with the Ukrainian president on Wednesday, hours after US President Donald Trump branded him a “dictator.”(4) South Africa President Cyril Ramaphosa’s priority as Group of 20 president is overhauling the global institutions he sees as skewed in favor of the West.(5) The European Central Bank will soon have to discuss taking a break, or ending altogether, its campaign of interest-rate reductions, Executive Board member Isabel Schnabel told the Financial Times.(6) Confidence among UK households slipped to a new low under the Labour government, as consumers brace for higher prices and businesses warn of a hiring hit from rising payroll taxesSee omnystudio.com/listener for privacy information.

Los fabricantes europeos de automóviles no pueden aguantar el tipo ante la nueva amenaza del presidente Trump, que está golpeando a una industria automotriz europea que ya arrastraba sus propias dificultades, como las que tiene con el mercado chino, que supone entre el 30 y el 40% de las ventas. Por países, Alemania es el que está más expuesto a estos aranceles.. y de entre todos los fabricantes europeos, Mercedes-Benz sería el más perjudicado porque importa aproximadamente un 55% de sus ventas a EEUU desde Europa. La UE acuerda el decimosexto paquete de sanciones contra Rusia que incluye la prohibición de las importaciones de aluminio primario, la venta de consolas de videojuegos y la inclusión en la lista de 73 buques de la flota fantasma. El italiano Fabio Panetta, del BCE, se pone serio: la ralentización económica de la zona euro está durando más de lo previsto y advierte de que el hasta ahora resistente mercado laboral podría estar resquebrajándose. Mientras que la alemana Isabel Schnabel se pone aún más seria y se posiciona en el lado de los que piden “detener” las bajadas de tipos. El IPC del Reino Unido repuntó un 3% interanual en enero, el nivel más alto en diez meses. En clave empresarial, Glencore estaría considerando dejar de cotizar en la bolsa de Londres y mudarse a Nueva York o a otro lugar donde pueda "obtener" la valoración adecuada y Philips advierte de que la menor demanda en China seguirá frenando el crecimiento del grupo este año. La IA está teniendo un impacto transformador en casi todos los aspectos de la vida y el trabajo y la brecha de género adquiere una relevancia crítica. De ello hablaremos con Marta Graño, profesora de Liderazgo e Innovación de OBS Business School. Y los temas de la actualidad los debatiremos en la Tertulia de Cierre de Mercados con José Ignacio Gutiérrez, de la Confederación de Cuadros y Profesionales, y Jaime Gil Delgado, consultor independiente de Asset Management y Alternativos.

Los principales índices de Wall Street bajaban y el S&P 500 se alejaba de máximos históricos el miércoles, mientras los inversores evaluaban las últimas amenazas arancelarias del presidente estadounidense, Donald Trump, y esperaban las minutas de la reunión de enero de la Reserva Federal. Ocho de los 11 sectores del S&P 500 descendían, siendo el de materiales el que lideraba las bajas con una caída del 1,1%, mientras que el de energía era el que más subía, un 1,3%, tras el alza de los precios del petróleo. En Europa, los aranceles también agitan el sentimiento. Caen acciones de fabricantes de coches. Pero mueven también a los mercados las palabras de Isabel Schnabel. La alemana se inclina por debatir ya en el BCE la posibilidad de pausar el ciclo de recortes en los tipos de interés. Hablamos de todo ello con José Lizán, gestor de Quadriga. Le preguntamos también por Indra e Inditex.

Las acciones europeas y el dólar suben el jueves. En la mañana hubo pérdidas en los mercados asiáticos. Es una sesión con escaso volumen de negociación por la celebración de la festividad del Día de Acción de Gracias en Estados Unidos. El índice paneuropeo Stoxx 600 gana un 0,43%. El euro se deprecia un 0,24%. Ayer subió con ganas cuando Isabel Schnabel, miembro del Consejo del Banco Central Europeo, afirmó que los recortes de tipos de interés deberían ser graduales y situarse en territorio neutral, no expansivo. El rendimiento de los bonos europeos retrocede, un respiro bienvenido para el gobierno de Francia, que ayer comprobaba cómo su prima de riesgo se iba a su nivel más alto desde 2012. Los inversores han estado pendientes de los datos de inflación de los países de la zona euro. Los precios del crudo sube un 0,6%. El oro al contado gana un 0,20% pero se encamina a una caída cercana al 4% en noviembre, su peor resultado mensual en más de un año. Esta hora repasamos los mercados con Georgina Sierra, de Diverinvest.

Contención en los índices americanos. Y pérdidas que superan el 1% en alguno de los europeos. Toca hoy a los inversores valorar resultados empresariales dispares, así como datos económicos importantes. Entre ellos, PIB estadounidense, que muestra que la economía mantiene un ritmo de crecimiento estable en el tercer trimestre. Sigue al alza con ganas Alphabet. Sin embargo, los resultados decepcionantes de otras empresas, en particular de chips, limitaban las ganancias. Advanced Micro Devices se hunde un 9%. Nvidia se deja más del 2%. En Europa, hay comentarios de la alemana Isabel Schnabel, del BCE. Dice que no hay que recortar los tipos de interés hasta un nivel que empiece a estimular la economía porque es improbable que la inflación se sitúe bajo su objetivo del 2%. Tenología y lujo son los peores sectores cotizados en el Viejo Continente. En Bolsa española también se cotiza mucho resultado. Analizamos algunos de ellos con Víctor Peiro, de GVC Gaesco.

There are several ways to know that the second phase for the global recession has started. While there is never a clear demarcation between any stages or just recession, for that matter, there are telltale signs and we are getting them bigtime. Summer keeps showing up as full of warnings, including one that explains everything from the economy to central bankers' increasingly panicking reaction to it. Eurodollar University's Money & Macro AnalysisBloomberg ECB Can't Ignore Headwinds to Economic Growth, Schnabel Sayshttps://www.bloomberg.com/news/articles/2024-10-02/ecb-can-t-ignore-headwinds-to-economic-growth-schnabel-saysBloomberg ECB Momentum for an October Rate Cut Is Looking Unstoppablehttps://www.bloomberg.com/news/articles/2024-10-02/ecb-momentum-for-an-october-rate-cut-is-looking-unstoppableBloomberg ECB Should Proceed Cautiously With Rate Cuts, Schnabel Warnshttps://www.bloomberg.com/news/articles/2024-08-30/ecb-should-proceed-cautiously-with-rate-cuts-schnabel-warnsNikkei Transcript: ECB board member Isabel Schnabel speaks with Nikkeihttps://asia.nikkei.com/Editor-s-Picks/Interview/Transcript-ECB-board-member-Isabel-Schnabel-speaks-with-NikkeiFT Lower borrowing costs risk ‘flare-up' of inflation, warns ECB policymakerhttps://www.ft.com/content/bdf3bb86-8a80-4bd5-b562-0c3c47f85f50https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Caen las Bolsas europeas. SAP debilita al sector tecnológico. Investigan a la empresa de software en Estados Unidos por fijar precios. Siguen subiendo las energéticas. El crudo sube un 2% por temor sobre los suministros de Oriente Próximo. Protagonistas también las aerolíneas. KLM reducirá sus inversiones debido al aumento de los costes. La acción de AirFrance/KLM sube más de un 3%. En lo económico, la actividad empresarial de la zona euro se contrae en septiembre. Isabel Schnabel, del BCE, dice que es cada vez más probable que la inflación de la eurozona vuelva a situarse en el objetivo del BCE del 2%. Abandona su antigua advertencia sobre la dificultad de controlar el crecimiento de los precios. Aumentan un poco las apuestas a un recorte de los tipos. En Estados Unidos, hay datos de empleo. BofA cae mientras Berkshire sigue vendiendo acciones. Levi Strauss se desploma tras considerar opciones de venta de Dockers. En Bolsa española, OHLA se dispara al asegurarse una nueva línea de avales para garantizar su plan de reestructuración. Caixabank, Rovi y Grifols son las mayores subidas del Ibex 35. Lideran los recortes Sacyr, IAG y Acerinox. El análisis esta hora es de Ricardo Tomás, asesor del fondo Multigestión Basalto USA.

Global markets rallied, with the S&P 500 and Euro Stoxx 600 hitting all-time highs. China's promise of fiscal stimulus lifts the Hang Seng Index by well over 2% today, its best weekly gain since 2007. ECB rate cut expectations rise after comments from ECB member Isabel Schnabel. Swatch shares jump on speculation that the company may be taken private. The Swiss National Bank cuts its benchmark interest rate for the third time this year and hints at further rate cuts to come. Tim Gagie, Head of FX&PM Solutions Geneva, talks about what the CHF, gold/silver/platinum and the USD are doing and shares his thoughts.00:00 Introduction by Bernadette Anderko (Investment Writing)00:28 Markets wrap-up by Mike Rauber (Investment Writing)06:38 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)11:48 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Lo analizamos con Olivia Álvarez, analista de Afi. Nos centramos en: EEUU con el índice Redbook de ventas minoristas y el índice de precios de la vivienda de abril; las novedades del Banco de Japón en cuanto a su plan de ajuste cuantitativo y las declaraciones de Isabel Schnabel representante alemana en el Comité Ejecutivo del Banco Central Europeo

Alemania deja atrás la recesión al crecer un 0,2% en el primer trimestre del año. Después de la caída del PIB a finales del 2023, del 0,5%, la economía germana comenzó 2024 con un crecimiento positivo. Mientras tanto, el presidente del Bundesbank, Joachim Nagel, también está convencido de que el BCE bajará tipos en junio y la alemana Isabel Schnabel avisa de que un segundo recorte en julio podría ser precipitado. Por otra parte, Francia y Alemania quieren que la futura Comisión Europea se centre en reducir la burocracia y acelerar la unión de mercados de capitales. En clave empresarial, KKR espera el visto bueno incondicional de la UE para comprar la red de telefonía fija de Telecom Italia (TIM) y la francesa TotalEnergies celebra su asamblea general rodeada de manifestantes con pancartas de Greenpeace. Entrevistaremos a Daniel Martínez, marketing manager de WeRoad en España, para hablar de cómo planifican los millennials sus vacaciones de verano. En Expansión y Ciclo, el Ministerio de Vivienda espera tener lista antes de que acabe 2025 una plataforma única estatal que unifique datos, estudios y normativas en materia de pisos turísticos. Los temas de la actualidad nacional los debatiremos en la Tertulia de Cierre de Mercados con Juan Iranzo, catedrático de Economía Aplicada de la UNED, e Ignacio Ruiz Jarabo, exdirector general de la Agencia Tributaria.

Chinese manufacturing figures beat expectations but retail and house price figures disappoint, exposing the country's two-speed economic recovery. U.S. stocks rally with the Dow breaching the 40,000-mark briefly before falling back towards the close. ECB board member Isabel Schnabel plays down the chance of back-to-back rate cuts. The central bank's vice-president Luis De Guindos tells CNBC the forecast beyond June is murkier. And in Hong Kong, shares in HSBC tumble on reports that its largest shareholder, Ping An Insurance, is considering reducing its stake in the lender. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Het Reddit-leger stuwt niet alleen de beurskoersen van ingedutte bedrijven omhoog, gesprekken van dat leger zijn nu ook geld waard. Het forum van Reddit wordt namelijk gebruikt door OpenAI, dat gaat die data inzetten om ChatGPT te trainen. Dat Reddit-leger was een paar jaar geleden nog verantwoordelijk voor de Gamestop-hype. En deze week lijkt die digitale tulpenmanie weer terug van weggeweest. De Nederlandse Netflix-concurrent Videoland blijft mogelijk toch in Nederlandse handen. Het Belgische DPG probeert de eigenaar van Videoland te kopen, maar de ACM wil nog geen toestemming geven. Dan naar een waarschuwing afkomstig van een van de machtigste bestuurders van de Europese Centrale Bank, Isabel Schnabel. Zij denkt dat het bij één renteverlaging blijft. Historisch, zo noemt China de maatregelen die het neemt om de eigen vastgoed sector uit het slop te trekken. Gaat de overheid nu eindelijk echt doorpakken, zoals beleggers hopen? Het verdienmodel van Meta en Alphabet is aan het wankelen gebracht. In het geval van Meta omdat Brussel een onderzoek opent, het zoveelste, deze keer vanwege het verslaafd maken van kinderen. En Google staat onder druk omdat het voor het eerst in z'n bestaan een echte concurrent heeft. En dus helpt het eigenhandig - maar wel noodgedwongen - het verdienmodel om zeep.See omnystudio.com/listener for privacy information.

La inflación de la eurozona se queda en el 2,4% en abril, al igual que en marzo cuando un año antes era del 7%. Descontando el impacto de la energía y de los alimentos, el alcohol y el tabaco, la subyacente bajó dos décimas, hasta el 2,7%. En este contexto, la alemana Isabel Schnabel avisa de que otra bajada de tipos en julio, después del más que descontado primer recorte en su reunión de junio, "no está justificada". El vicepresidente del BCE, Luis de Guindos, prevé que el banco se tomará con calma el proceso de relajación monetaria para evitar una reactivación de la inflación en la eurozona. En clave empresarial, la firma suiza de lujo Richemont anuncia un récord de ventas en el último año fiscal y nombra a un nuevo consejero delegado, Nicolas Bos. HSBC baja en bolsa tras apuntar Bloomberg que su principal accionista, Ping An Insurance, podría reducir su participación en el banco británico. Y los analistas de Deutsche Bank elevan su recomendación de "vender" a "mantener" en Roche por la mejora de las perspectivas de éxito del fármaco contra la obesidad. Entrevistaremos a David de las Heras, director general del Grupo Kapital, para hablar de los 50 años del grupo y de cómo se ha ido adaptando a los cambios de la sociedad en este medio siglo: ocio nocturno, gastronomía, etc. En Expansión y Ciclo, la deuda pública española sube a 1,61 billones de euros en marzo, el 109% del PIB. Los temas de la actualidad los debatiremos en la Tertulia de Cierre de Mercados con Javier Rodríguez, de AERI, y José Ignacio Gutiérrez, de la Confederación de Cuadros y Profesionales.

Dominio de las caídas en esta sesión de viernes. Se ven descensos en Europa después de que la Reserva Federal insinuara que los tipos de interés no bajarán pronto, mientras que las materias primas repuntan gracias al optimismo suscitado por una serie de medidas adoptadas en China para estabilizar su asediado sector inmobiliario. El crudo y el oro se han beneficiado de la evidencia de que las presiones sobre los precios no han empeorado, mientras que el cobre se encamina a su mejor rendimiento semanal en dos meses, ya que la escasez de material para entrega inmediata ha disparado los precios. En los mercados europeas manda el sesgo negativo, arrastrados por los descensos de las empresas tecnológicas e inmobiliarias. El índice paneuropeo STOXX 600 cede un 0,33%, pero se encamina a su segundo avance semanal consecutivo gracias a una sólida temporada de beneficios empresariales. Todas las miradas estaban puestas en el dato final de inflación de la zona euro después de que Isabel Schnabel, miembro del Consejo del Banco Central Europeo, recomendara cautela ante nuevos recortes de tipos tras el que probablemente se produzca en junio. El sector tecnológico, sensible a los tipos, , y el inmobiliario, son los más perjudicados, con una caída del 0,7% cada uno. Mientras tanto, los bienes personales y del hogar lideran las ganancias sectoriales, con el grupo de lujo Richemont subiendo un 6% tras sus resultados trimestrales. H&M gana un 2,5% después de que RBC elevara la calificación de la cadena de moda. Esta hora tenemos análisis con Luis Benguerel, gestor independiente.

Het Reddit-leger stuwt niet alleen de beurskoersen van ingedutte bedrijven omhoog, gesprekken van dat leger zijn nu ook geld waard. Het forum van Reddit wordt namelijk gebruikt door OpenAI, dat gaat die data inzetten om ChatGPT te trainen. Dat Reddit-leger was een paar jaar geleden nog verantwoordelijk voor de Gamestop-hype. En deze week lijkt die digitale tulpenmanie weer terug van weggeweest. De Nederlandse Netflix-concurrent Videoland blijft mogelijk toch in Nederlandse handen. Het Belgische DPG probeert de eigenaar van Videoland te kopen, maar de ACM wil nog geen toestemming geven. Dan naar een waarschuwing afkomstig van een van de machtigste bestuurders van de Europese Centrale Bank, Isabel Schnabel. Zij denkt dat het bij één renteverlaging blijft. Historisch, zo noemt China de maatregelen die het neemt om de eigen vastgoed sector uit het slop te trekken. Gaat de overheid nu eindelijk echt doorpakken, zoals beleggers hopen? Het verdienmodel van Meta en Alphabet is aan het wankelen gebracht. In het geval van Meta omdat Brussel een onderzoek opent, het zoveelste, deze keer vanwege het verslaafd maken van kinderen. En Google staat onder druk omdat het voor het eerst in z'n bestaan een echte concurrent heeft. En dus helpt het eigenhandig - maar wel noodgedwongen - het verdienmodel om zeep.See omnystudio.com/listener for privacy information.

Sin sorpresas pero dejando la puerta abierta a una bajada de tipos en junio, el Banco de Inglaterra ha decidido mantener en su reunión de este jueves los tipos en el 5,25%, por sexta reunión consecutiva. Es el nivel más alto desde 2008, cumpliendo con las expectativas de los analistas. En la votación, dos miembros del Banco han votado a favor de un recorte de tipos. Otro banco central, el de Turquía, ha decidido liberar a sus bancos: ya no tienen que comprar bonos para sostener la lira. Y el Borussia Dortumund cae en bolsa tras conocerse cuál será su rival en la final de la Champions, el Real Madrid. La economista Isabel Schnabel, del Consejo de Gobierno del BCE, no tiene dudas de que el Dortmund ganará la Champions. Entrevistaremos a José Luis García-Ochoa, de la correduria de seguros García-Ochoa, con el que hablaremos de cuáles son los seguros para particulares que más se comercializan y de igual manera para empresas. En Expansión y Ciclo, el Tesoro coloca 6.245 millones en una nueva subasta de bonos y obligaciones, en el rango medio previsto, y lo ha hecho elevando la rentabilidad a 5 y 15 años. Y casi 3.500 quejas ha recibido el Defensor del Pueblo sobre lo difícil que es realizar algunas operaciones bancarias, especialmente para los mayores. Los temas de la actualidad los debatiremos en la Tertulia de Cierre de Mercados con Pedro Fernández, empresario y abogado, y Ricardo Gómez, experto en Reputación.

Isabel Schnabel is a Member of the Executive Board of the European Central Bank, and she joins David on Macro Musings to talk about the ECB and its new operational framework. Specifically, David and Isabel also discuss the structure, operations, and monetary policy instruments of the ECB, the history of its operating framework, the details surrounding its new regime, and more.   Transcript for this week's episode.   Isabel's Twitter: @Isabel_Schnabel Isabel's ECB profile   David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *The Eurosystem's Operational Framework* - Speech by Isabel Schnabel at the Money Market Contact Group meeting   Slides for *The Eurosystem's Operational Framework* by Isabel Schnabel   *Back to Normal?* Balance Sheet Size and Interest Rate Control* - Speech by Isabel Schnabel at an event organized by Columbia University and SGH Macro Advisors   Slides for *Back to Normal? Balance Sheet Size and Interest Rate Control* by Isabel Schnabel

Las futuras decisiones de los bancos centrales vuelven al primer plano con declaraciones contradictorias por parte de varios miembros del BCE. Isabel Schnabel pide ser "cautelosos" y no bajar los tipos prematuramente porque la baja productividad de la eurozona podría frenar la caída de la inflación. El francés François Villeroy, sin embargo, ve varias razones de peso por las que el BCE no debería retrasar demasiado una primera bajada de tipos. En cuanto a datos macro, las ventas minoristas en Reino Unido traen una buena noticia tras el varapalo del PIB: repuntaron un 3,4% intermensual en enero. Sigue la presentación de resultados empresariales: Eni supera sus previsiones; Norwegian se propone volver a repartir dividendo y Natwest supera las expectativas del mercado. El presidente ucraniano Zelenski está en Berlín para participar en la Conferencia de Seguridad de Munich y ya ha firmado un acuerdo de seguridad con el canciller Olaf Scholz. Entrevistaremos a Angel David Lara, CEO de Inael Electrical Systems, Premio PYME del año 2023, un galardón del Banco Santander y de la Cámara de Comercio de España. Los temas de la actualidad los debatiremos en la Tertulia de Cierre de Mercados con Juan Iranzo, catedrático de Economía Aplicada de la UNED e Ignacio Ruiz Jarabo, exdirector de la Agencia Tributaria.

El gobernador del Banco de Italia y miembro del Consejo de Gobierno del BCE, Fabio Panetta, asegura que se acerca el momento de invertir la orientación de la política monetaria. Una declaración que contrasta con la prudencia que hizo su compañera en el BCE, la alemana Isabel Schnabel, en una entrevista con FT la semana pasada. Mientras tanto, la directora gerente del FMI, Kristalina Georgieva, "confía" en un aterrizaje suave de la economía mundial y ve bajadas de tipos a mediados de año. En Alemania, el mercado inmobiliario continúa con su crisis particular: los precios disminuyeron un 7,2% en el cuarto trimestre de 2023, es la mayor caída histórica del índice. Y el primer ministro polaco, Donald Tusk, viaja a París y Berlín para estrechar lazos ante los crecientes riesgos de seguridad cuando están a punto de cumplirse tres años de la invasión rusa a Ucrania. Entrevistaremos a Pablo Muñoz, investigador del CENIE, para hablar del informe sobre el impacto de la edad en el mercado de trabajo y en la resiliencia de las empresas en España. En Expansión y Ciclo, el ministro de Economía, Carlos Cuerpo, dice que, de momento, no están estudiando ninguna modificación del impuesto extraordinario a la banca. Por otra parte, los agricultores continúan con sus movilizaciones y cortes de carretera. Temas de la actualidad que debatiremos en la Tertulia de Cierre de Mercados con Carlos Mallo, catedrático emérito de la Universidad Carlos III, e Isabel Giménez, directora general de la Fundación de Estudios Bursátiles y Financieros.

Nossos sócios Luiz Eduardo Portella, Tomás Goulart e Yara Cordeiro debatem, no episódio de hoje, os principais acontecimentos da semana no Brasil e no mundo.⁠ ⁠No cenário internacional, já no final dessa semana, observamos a revisão do CPI (índice de preços ao consumidor) dos Estados Unidos. Entre as alterações, houve atualizações para toda série de 2023, sinalizando uma inflação de melhor composição e mais cadente. Na zona do euro, a Conselheira do Banco Central Europeu, Isabel Schnabel, concedeu entrevista dizendo ser importante evitar uma redução prematura das taxas de juros, mesmo diante dos indícios de desaceleração da economia na região com a divulgação da produção industrial. Na China, autoridades anunciaram medidas para estabilizar o mercado, além de uma série de ajustes nas regras de negociação das ações, que foram determinantes para recuperação dos ativos de risco do país.  No Brasil, a Ata do Copom não trouxe grandes novidades sobre o ritmo de cortes, porém a autoridade monetária demonstrou estar vigilante com o comportamento do mercado de trabalho. Além disso, tivemos a divulgação do IPCA de janeiro, apresentando um resultado acima das expectativas, com alguma pressão nos itens mais sensíveis à política monetária. Nos EUA, a dinâmica benigna da atividade econômica, somada às falas mais hawks por parte de alguns membros do FED, levaram a um movimento de abertura da curva de juros ao redor do mundo. A taxa de juros americana de 2 anos abriu 11bps, enquanto a taxa mais longa, de 10 anos, abriu 15bps. O S&P500 subiu 1,37%, Nasdaq 1,81%, e o dólar se manteve estável. No Brasil, os juros acompanharam o movimento de alta, e o Ibovespa subiu 0,66%. ⁠⁠⁠⁠Na próxima semana será fundamental acompanhar a divulgação do CPI nos EUA, além da fala do Christopher Waller, membro do FED, que tem sido um importante porta voz, podendo trazer mais clareza sobre a condução da política monetária norte americana. No Brasil, em função do feriado de Carnaval teremos uma agenda mais esvaziada. ⁠ Não deixe de acompanhar!

Hoy tenemos datos de EEUU y de Alemania y declaraciones de Isabel Schnabel, del BCE. Lo comentamos todo con Joaquín Robles, analista de XTB.

Should the world's central banks (Fed, ECB, BoE...) launch a coordinated "green quantitative easing" programme to simply print the $3.5 trillion a year needed to finance the energy transition? Is this a realistic solution or too green to be true?This episode of the 2050 investors podcast puts the 'central' back in central banks. Since their creation in the 17th century, central banks have been tasked with managing monetary policy, overseeing the banking system and the core mandate of maintaining 'price stability'. But climate change is becoming a major threat to their mandate, posing a real risk to economic and financial stability in the medium to long term.In this latest episode, Kokou explores the delicate balancing act that central banks must perform as they seek to be independent in ensuring that inflation remains under control, while at the same time contributing to economic and financial stability and playing a central role in the fight against climate change. There is more to central banking than meets the eye.Don't worry if you've forgotten your Economics 101 course, or if you've never taken one, because we're going to give you a quick crash course in the complicated role of the central bank, using references from the series Money Heist (La Casa de Papel) and the wonderful and magical world of Lord of the Rings.And, of course, we take you down memory lane with a brief history of central banks and their evolution from World War I through 20th century Japan to the recent 'inflation outbreak' following the Covid19 pandemic.Later in the episode you will hear extracts from an episode of "The ECB Podcast" entitled "Tackling climate change as a central bank, between motivation, obligation and limitation". Isabel Schnabel and Frank Elderson, Executive Board members of the European Central Bank, explain the role of the ECB's Corporate Sector Purchase Programme (CSPP), which buys green bonds issued by companies in order to reduce their carbon footprint.About this showWelcome to the exciting world of 2050 Investors, the podcast that's your ultimate guide to conquering the ever-evolving landscapes of Finance, Sustainability, Globalization, and ESG!Join Kokou Agbo-Bloua, Societe Generale's Head of Economics, Cross-Asset & Quant Research, as he investigates the economic and market megatrends shaping both our present and the future, aligning with 2050's global sustainability objectives. If you're looking for a swift and entertaining overview of markets-related topics and their business implications, this podcast is for you!Each episode will get you a comprehensive grasp of current affairs and the impending evolution of markets and economics as Kokou Agbo-Bloua engages analysts, educators and entrepreneurs in insightful conversations. Explore critical topics including Climate Change, ESG goals, Mobility, Globalization, Energy Transition, Health Care, Inflation, Artificial Intelligence, Smart finance, Labor Development, and more. Don't miss out on this engaging show!Subscribe now to stay informed about our latest episodes, dropping each month. If you find our content valuable, please leave a five-star review on Apple Podcasts or Spotify. Your support helps us raise awareness of the podcast and reach new audiences.CreditsPresenter & Writer: Kokou Agbo-Bloua. Editors: Vincent Nickelsen, Jovaney Ashman, Linda Isker and Théodora David. Production Designer: Emmanuel Minelle, Radio K7 Creative. Executive Producer : Fanny Giniès. Sound Director: Marc Valenduc. Music: Rone. Graphic Design: Cédric Cazaly.Whilst the following podcast discusses the financial markets, it does not recommend any particular investment decision. If you are unsure of the merits of any investment decision, please seek professional advice.

De meeste bedrijven verliezen geld aan ziektes en oorlogen. Maar één bedrijf verdient er goud geld mee, en het is nog onschuldig ook: Maersk. Het aandeel van de containervervoerder schoot deze week met dubbele cijfers de lucht in en liet zo alle Europese aandelen achter zich. Met dank aan Houthi-rebellen die containerschepen bestoken met raketten. McDonald's lijdt dan weer wel onder de oorlog in Gaza. Restauranthouders boden Israëlische militairen gratis maaltijden aan. Die hulpactie schoot bij sommige klanten in het verkeerde keelgat en daarom boycotten ze McDonald's. Op het hoofdkantoor waren ze ook niet blij met deze franchisers. Sterker nog: topman Kempczinski spreekt van desinformatie. Tesla wordt verslagen door het Chinese BYD. En precies in die week moet Tesla ook nog eens 1,6 miljoen auto's in China terugroepen. Geluk bij een ongeluk: ze hoeven niet naar de garage. Een software-update blijkt genoeg om gebruikers beter te beveiligen bij het gebruik van de automatische piloot. Jerome Powell van de Amerikaanse centrale bank hintte vorige maand vanuit het niets op renteverlagingen. Maar uit de notulen blijkt dat Powell voor z'n beurt heeft gepraat en dat andere Fed-leden helemaal niet zo overtuigd zijn van een snelle verlaging. Toen werd het Payroll Friday en viel het Amerikaanse banenrapport op de mat. De kater komt later: het zou wel eens maanden kunnen duren voordat de beloofde renteverlagingen een feit worden.See omnystudio.com/listener for privacy information.

De meeste bedrijven verliezen geld aan ziektes en oorlogen. Maar één bedrijf verdient er goud geld mee, en het is nog onschuldig ook: Maersk. Het aandeel van de containervervoerder schoot deze week met dubbele cijfers de lucht in en liet zo alle Europese aandelen achter zich. Met dank aan Houthi-rebellen die containerschepen bestoken met raketten. McDonald's lijdt dan weer wel onder de oorlog in Gaza. Restauranthouders boden Israëlische militairen gratis maaltijden aan. Die hulpactie schoot bij sommige klanten in het verkeerde keelgat en daarom boycotten ze McDonald's. Op het hoofdkantoor waren ze ook niet blij met deze franchisers. Sterker nog: topman Kempczinski spreekt van desinformatie. Tesla wordt verslagen door het Chinese BYD. En precies in die week moet Tesla ook nog eens 1,6 miljoen auto's in China terugroepen. Geluk bij een ongeluk: ze hoeven niet naar de garage. Een software-update blijkt genoeg om gebruikers beter te beveiligen bij het gebruik van de automatische piloot. Jerome Powell van de Amerikaanse centrale bank hintte vorige maand vanuit het niets op renteverlagingen. Maar uit de notulen blijkt dat Powell voor z'n beurt heeft gepraat en dat andere Fed-leden helemaal niet zo overtuigd zijn van een snelle verlaging. Toen werd het Payroll Friday en viel het Amerikaanse banenrapport op de mat. De kater komt later: het zou wel eens maanden kunnen duren voordat de beloofde renteverlagingen een feit worden.See omnystudio.com/listener for privacy information.

McDonald's dijt flink uit de komende paar jaar. Niet alleen 10.000 nieuwe restaurants, maar ook een compleet nieuw merk wordt opgetuigd: CosMc's. Dat moet de concurrentie aangaan met Starbucks. Dat kost wel een hoop geld, 500 miljoen dollar extra per jaar. Maar hoeveel extra omzet levert het McDonald's op? En hoeveel  verandering kunnen McDonald's en z'n klanten aan?  Hebzuchtige bedrijven hebben de torenhoge inflatie verergerd. Toen de prijzen hard stegen, konden ze makkelijk wat extra winst maken. En dat deden ze ook, weten we sinds vandaag.  Inflatie en rente zijn als water en vuur. Vlak voordat de centrale bank van Amerika vergadert, valt er een nieuw banenrapport op de mat. Wéér viel het mee en dus lijkt de rente wéér langer hoog te blijven. Verder bespreken we wanneer Spotify eindelijk geld gaat verdienen. Is het verdienmodel stuk? Het bedrijf kondigt voor de derde keer dit jaar een ontslagronde aan. In de 17 jaar dat Spotify bestaat, heeft het nog nooit een jaarwinst gemaakt.See omnystudio.com/listener for privacy information.

McDonald's dijt flink uit de komende paar jaar. Niet alleen 10.000 nieuwe restaurants, maar ook een compleet nieuw merk wordt opgetuigd: CosMc's. Dat moet de concurrentie aangaan met Starbucks. Dat kost wel een hoop geld, 500 miljoen dollar extra per jaar. Maar hoeveel extra omzet levert het McDonald's op? En hoeveel  verandering kunnen McDonald's en z'n klanten aan?  Hebzuchtige bedrijven hebben de torenhoge inflatie verergerd. Toen de prijzen hard stegen, konden ze makkelijk wat extra winst maken. En dat deden ze ook, weten we sinds vandaag.  Inflatie en rente zijn als water en vuur. Vlak voordat de centrale bank van Amerika vergadert, valt er een nieuw banenrapport op de mat. Wéér viel het mee en dus lijkt de rente wéér langer hoog te blijven. Verder bespreken we wanneer Spotify eindelijk geld gaat verdienen. Is het verdienmodel stuk? Het bedrijf kondigt voor de derde keer dit jaar een ontslagronde aan. In de 17 jaar dat Spotify bestaat, heeft het nog nooit een jaarwinst gemaakt.See omnystudio.com/listener for privacy information.

Parto dalle parole di una definita vero falco della Bce, Isabel Schnabel. Per la prima volta si esprime sul calo significativo dell'inflazione facendo capire al mercato che potrebbero esserci dei tagli dei tassi già l'anno prossimo. Vado poi sulla Fed perché i dati macro potrebbero far capire la stessa cosa. E intanto l'euro che aveva corso nei confronti del dollaro, inizia proprio a causa di quanto sopra a frenare la sua corsa. Vi racconto come queste cose siano legate. Vi aspetto.

Germany's Dax index, arguably the most cyclical market in Europe, closed at a record high after Isabel Schnabel, a prominent official at the European Central Bank, said the slowdown in inflation was ‘remarkable'. Dario Messi, Fixed Income Research, says that the bond rally may have gone a little too far for now, but there is still plenty of value to be found.00:00 Introduction by Bernadette Anderko (Investment Writing)00:21 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:14 Bond market update by Dario Messi (Fixed Income Strategy)10:21 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

Die Börse ist auf einmal wieder im Rausch! Der Dax springt über die Marke von 15.000 Punkten und die Strategen von Stifel sehen weiter Luft nach oben auch für den S&P 500. Die Strategen von der Wall Street sprechen von einer “Wand der Sorgen”, an der wir hochklettern. Aber wie weit können Deine Aktien jetzt steigen? Wahrscheinlich so weit, bis die Zinsangst wiederkehrt. Erst mal gab es aber Entwarnung in dieser Woche. Denn die amerikanische Notenbank FED verlängerte ihre Zinspause und Jerome Powell distanzierte sich vom Dot Plot aus dem September. Eine weitere Zinserhöhung in diesem Jahr ist also sehr unwahrscheinlich geworden und genau das spielt der Markt auch gerade! Zudem gab es gute Nachrichten zu den Schulden der USA. Man hat sich nämlich eher am kurzen Ende verschuldet und das deutet daraufhin, dass auch das Finanzministerium in den USA mit fallenden Zinsen rechnet. Genau wie Bill Gross, der investiert deswegen jetzt sogar in Regionalbanken. Stanley Druckenmiller beschwert sich dagegen, dass Janet Yellen einen Riesenfehler begangen habe und bei Nullzinsen nicht mehr Schulden aufgenommen habe. Die Weltbank warnt unterdessen vor einem möglichen Ölpreisschock und Isabel Schnabel von der EZB bringt weitere Zinserhöhungen ins Spiel. Robert Habeck hat diese Woche eine bemerkenswerte Rede gehalten, doch die Industrie in Deutschland schwächelt weiter und wir verbrauchen 2023 wahrscheinlich so wenig Strom wie noch nie. Besser sieht es da schon bei Palantir aus. Das Unternehmen legte den größten Gewinn der Firmengeschichte vor und Wall Street feierte das ab. Enttäuscht waren Investoren dagegen von Apple. Der Konzern mit iPhones und iMacs blieb hinter den Erwartungen zurück und gab vor allem einen schwachen Ausblick fürs kommende Quartal. Vor allem das Geschäft in China kühlte sich zuletzt ab und Maersk macht auch auf einen schwachen Welthandel aufmerksam und streicht 10.000 Stellen

Alemania va de mal en peor tras publicar este viernes la balanza comercial de septiembre que descendió a 16.500 millones de euros. Para los expertos, quizás el único aspecto positivo del dato sea que las cosas "difícilmente pueden empeorar" en Alemania. Eurostat también ha dado a conocer el desempleo en la eurozona que sube levemente al 6,5%, una décima más en comparación con el mes anterior. Mientras hay voces que se atreven a poner fecha a la primera bajada de tipos en la eurozona, Isabel Schnabel, miembro del Comité Ejecutivo del BCE, avisa de que podría haber más subidas de tipos. E Italia ha aprobado un proyecto de ley de reforma constitucional para la elección directa del primer ministro. El gigante naviero Maersk despedirá a 10.000 personas para prepararse para una era de menores ventas internacionales. En nuestra entrevista, hablaremos con Teresa Arizi, CMO Chief Marketing Officer de Soltour, del nuevo rumbo que tomará la compañía en 2024. En Expansión y Ciclo, hoy hemos conocido que el paro subió en España en 36.936 personas en octubre y el total de desempleos se sitúa en 2,7 millones mientras que la afiliación a la Seguridad Social aumentó en 92.862 personas de media. Banco Santander ficha al exdirector de banca de inversión Credit Suisse, David Miller. De todo ello hablaremos en la tertulia de Cierre de Mercados con Juan Iranzo, catedrático de Economía Aplicada de la UNED e Ignacio Ruiz Jarabo, exdirector de la Agencia Tributaria.

De afname van de geldhoeveelheid in de eurozone is in augustus verder gedaald. En dat is heerlijk nieuws in het kader van de inflatiebestrijding, zegt macro-econoom Edin Mujagic. 'Geldgroei is de brandstof voor meer inflatie en we hebben het nu inderdaad over afname van de geldhoeveelheid. Het lijkt wel of het thema geldgroei in de lucht hangt. Tot Mujagic' zeer aangename verrassing kwam de Duitse ESB-bestuurder Isabel Schnabel met een hele toespraak die aan het onderwerp gewijd was. Een heel andere invalshoek dan de gemiddelde toespraak van een ECB'er van de laatste tijd. 'Je hebt al heel gauw het idee dat je naar de directeur van het Wereld Natuur Fonds luistert: het gaat over klimaat en het redden van vogels, maar nauwelijks over geldgroei.' Een centrale bankier die het over de geldhoeveelheid heeft, dat kan ook helemaal verkeerd uitpakken. Maar Schnabel leek het te snappen: sinds de coronapandemie was de geldgroei zo'n 30 procent, terwijl de inflatie over dezelfde periode van 1 procent naar zo'n 10 procent steeg. 'Dat zie je ook buiten de muntunie, zegt ze, dus is de conclusie: geld doet ertoe. En dat is nogal een conclusie, dat hebben we heel lang niet gehoord van de ECB.'   See omnystudio.com/listener for privacy information.

The deflation and banking crisis which really began last fall that has now become a full-blown credit crunch and recession was far more about collateral shortages than anything else. It sure wasn't rate hikes. Not only have yield curves and interest rates told the truth, one central banker in Europe admits to it, too. Eurodollar University's Money & Macro AnalysisSpeech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Money Market Contact Group meetinghttps://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230302~41273ad467.en.htmlTwitter: https://twitter.com/JeffSnider_AIPhttps://www.eurodollar.universityhttps://www.marketsinsiderpro.comhttps://www.PortfolioShield.netRealClearMarkets Essays: https://bit.ly/38tL5a7THE EPISODESYouTube: https://bit.ly/310yisLVurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39XjrPodcastRepublic:https://bit.ly/3LH8JlVDISCLOSURESJeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.

De Amerikaanse beurswaakhond SEC opent de aanval op crypto-platformen. Binance en Coinbase worden beide aangeklaagd. De beschuldigingen zijn niet mals. Dus hoe konden ze zolang uit handen van de toezichthouders blijven? En wat als je belegt in dit soort bedrijven?  Verder: de wereldwijde economie groeit dit jaar in het traagste tempo sinds de financiële crisis van 2008. In ieder geval als je de corona-pandemie niet mee rekent. Volgend jaar doet de wereldeconomie het niet veel beter. Welke bedrijven zijn de pineut?  Tot slot krijg je een vooruitblik op de beursdag van morgen.See omnystudio.com/listener for privacy information.

Wat zit er in De 7 vandaag?Een Zwitsers glasbedrijf plant een giga-fabriek in Lommel, goed voor honderden banen en een investering van honderden miljoenen.De Belgische topministers komen vandaag samen voor een Overlegcomité over de Europese Natuurherstelwet. Gaan ze 'r uit geraken? En zo niet: wat voor figuur slaat ons land dan?En De Tijd heeft in primeur Isabel Schnabel kunnen interviewen, de tweede 'leading lady' van de Europese Centrale Bank. We spraken met haar over de vooruitzichten voor de inflatie, voedselprijzen en de spaarrentes. Genoten van De 7? Check dan ook de nieuwste podcastreeks van De Tijd: 'De AIonauten' Daarin gaat host Erwin Deckers op ontdekkingstocht door de wondere wereld van AI en wat dat al allemaal kan doen. De tweede aflevering staat net online: 'Het einde van de literatuur'En er is ook nog altijd  'Wat dit land nodig heeft'In vijf afleveringen neemt host Bert Rymen je mee naar de op zoektocht naar de oplossingen die dit land nodig heeft om er weer te staan. Of het nu gaat over werk, onderwijs of gezondheidszorg, het komt allemaal aan bod.See omnystudio.com/listener for privacy information.

De Amerikaanse beurswaakhond SEC opent de aanval op crypto-platformen. Binance en Coinbase worden beide aangeklaagd. De beschuldigingen zijn niet mals. Dus hoe konden ze zolang uit handen van de toezichthouders blijven? En wat als je belegt in dit soort bedrijven?  Verder: de wereldwijde economie groeit dit jaar in het traagste tempo sinds de financiële crisis van 2008. In ieder geval als je de corona-pandemie niet mee rekent. Volgend jaar doet de wereldeconomie het niet veel beter. Welke bedrijven zijn de pineut?  Tot slot krijg je een vooruitblik op de beursdag van morgen.See omnystudio.com/listener for privacy information.

Seit wann gibt es eigentlich Inflation und warum drücken die Zentralbanken nach Jahrzehnten Forschung und Praxis sie nicht einfach auf null? Isabel Schnabel arbeitet bei der EZB und erklärt's uns. Isabel Schnabel ist Ökonomin und Mitglied des Direktoriums der Europäischen Zentralbank. Isabel auf Twitter.Zur entgeltlichen Einschaltung: Das FLiP am Hauptbahnhof. 

Host Alix Steel and guest host Kristine Aquino are joined by Bloomberg Cross-Asset Strategist Ven Ram to discuss the ECB's path forward, including recent comments by ECB executive board member Isabel Schnabel. They also speak with Bloomberg UK economy reporter Lucy White about the surprising UK retail sales numbers, and hear from Bloomberg European correspondent Maria Tadeo, who will be attending the Munich Security Conference.

El tipo de cambio abre en $805,50, bajo el cierre de ayer, con los mercados negativos. Esta mañana, Rusia anuncia que recortará sus envíos de combustible en 500.000 barriles diarios a partir de marzo como protesta al límite de precio establecido por EEUU y la UE a los combustibles rusos. Lo anterior, atenta contra las expectativas de una moderación de la inflación este año, con lo cual los futuros de Wall Street transan en terreno negativo y los rendimientos de los bonos operan al alza. Por otro lado, en Asia se publicó el dato de inflación de enero en China, el cual estuvo en línea con lo esperado por el mercado con un avance de +2,1% YoY, y reportes en Japón apuntan al académico Kazuzo Ueda, considerado más “hawkish”, como favorito para reemplazar a Harruhiko Kuroda en el Banco Central, impulsando al yen frente al dólar. Adicionalmente, el Reino Unido registra un crecimiento plano en su actividad económica el cuarto trimestre de 2022, evitando una recesión. En Latinoamérica, ayer Banxico subió la tasa de política monetaria 50 bps cuando el mercado esperaba 25 bps y el Banco Central en Perú sorprendió manteniendo la tasa en 7,75%. El día de hoy tenemos la publicación del índice de confianza del consumidor de la Universidad de Michigan (12:00 hrs) y posteriormente los inversionistas estarán atentos a comentarios de Christopher Waller, gobernador de la Fed, seguido por la conferencia de Isabel Schnabel, gobernadora del BCE a las 14:30 hrs.

Trevor Allen, Head of Sustainability Research   Paola Lamedica, Head of Credit ESG and Derivatives Strategy Sumati Semavoine-Jain, Sustainability Research Analyst  Trevor, Paola and Sumati respond to Isabel Schnabel's recent speech on greening the ECB bond portfolio.  The ECB's tilt towards Green and sustainable bonds will remain strong.  Within the most polluting sectors, they expect the highest emitters to come under increased scrutiny by the ECB, as they wish to incentivise corporates to aim for the best-in-class in their sector.  In the public sector space, they think the ECB to buy a larger share of sustainable bonds issued by supranationals and tilt sovereign and agency purchases towards Green bonds.  BNP Paribas London Branch | Global Markets (Recorded 26 January 2023)     For more information, please refer to : https://bnpp.lk/EyODgb   For country-specific disclaimers and legal notices, please refer to https://globalmarkets.bnpparibas.com/gm/home/Markets_360_Country_Specific_Notices.pdf   

Covid cases in China hit fresh record highs as new local infections top 30,000, weighing on investor sentiment in the region. The ECB stresses further rate rises are needed to prevent inflation from becoming entrenched, with Board Member Isabel Schnabel signaling the central bank is not yet planning to slow the pace of hikes. EU states remain deadlocked over a price cap on Russian oil, while energy ministers in Brussels agree to revisit a price cap on gas next month. Retailers brace for one of the busiest shopping days of the year. U.S. consumers are expected to increase their Black Friday spending, while European shoppers face a downturn.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Von Beruf ist Isabel Schnabel Inflationsbekämpferin – als Direktorin der Europäischen Zentralbank. Da hat sie derzeit viel zu tun. Energisch wolle die EZB gegen die Preissteigerungen einschreiten, sagt Schnabel. Dabei geht es auch um Psychologie.Timm, Ulrikewww.deutschlandfunkkultur.de, Im GesprächDirekter Link zur Audiodatei

Tipo de cambio abre en $894,85, levemente sobre el cierre de del viernes, con los mercados negativos incorporando las declaraciones de Jerome Powell el viernes y de Isabel Schnabel por el BCE el sábado reforzando la idea que están dispuestos a sacrificar crecimiento a cambio de controlar la inflación. El peso chileno es la peor moneda de la región, el cobre cae con fuerza y el dollar index retrocede.

Diario de Una Guerra. Repasamos cada día el conflicto de Ucrania y las implicaciones económicas que tiene en el resto del mundo. ¿Qué índices están más cerca de sus mínimos anuales? Crisis energética en Europa. Topes al gas generalizados, vuelta a la nuclear... ¿Qué nos espera el futuro cercano en cuanto a la energía en la Unión Europea? Los bancos centrales se han unido en torno a un simple mensaje en Jackson Hole este fin de semana: están listos para continuar con tipos de interés más altos, incluso si causa daño a la economía. El presidente de la Reserva Federal, Jerome Powell, decía el viernes en el foro annual de Wyomin que el camino a seguir "traerá algo de dolor a los hogares y las empresas". Isabel Schnabel, del Banco Central Europeo, reconocía que no hay más opción que seguir endureciendo la política, incluso si la economía europea cae en recesión, lo que es cada vez más probable.

The Norwegian central bank raised the interest rates by 50bp yesterday and said that there will be a similar move in September, to tackle the soaring inflation in Norway. The Philippines hiked by 50bp as well, to cool inflation. The Federal Reserve (Fed) minutes released this Wednesday showed that the US will continue raising the rates and tightening the monetary conditions to bring inflation back toward the 2% level in the US. The European Central Bank (ECB) board member Isabel Schnabel said that the eurozone inflation outlook has failed to improve since the rate hike in July and that she will favour another large interest rate hike next month, even as recession risks harden. But Turkey cut its rate by 100bp yesterday, although consumer prices rose 80% year-to-date, and near 180% since a year. The USDTRY jumped past the 18, although the selloff remained under controlled because of central bank intervention. The US dollar index gained, the euro, sterling and yen weakened. Gold extended losses to $1750 on the back of a stronger US dollar, while crude oil rallied near 4% yesterday on 7-mio decline in US crude inventories last week. US stock indices closed slightly high on better-than-expected retailer earnings, and encouraging economic data, while the Bed Bath and Beyond dived 20% as Ryan Cohen exited his position. Listen to find out more!

Het inflatiepercentage in de Eurozone over 2022 is officieel vastgesteld op 8,9 procent, en dat is een getal dat op vele manieren te framen is aldus Chief Investment Strategist Hans Stegeman van Triodos Bank.Zo zou je het bijvoorbeeld kunnen framen als een nieuw record, denkt hij. 'Want het is ook een nieuw record', aldus Stegeman. 'Het is hoger dan de 8,1 procent van vorige maand. Ook de kerninflatie - de inflatie waar je naar kijkt als je de volatiele componenten eruit haalt - staat op 5,1 procent, en dat is ongekend hoog. Maar het is géén verrassing. Het is niet dat het hoger is dan markten hadden verwacht zoals in het Verenigd Koninkrijk, want je kan vaak wel enigszins uitrekenen wat alles doet.' Volgens Stegeman zit het daarom nog allemaal precies in lijn met wat iedereen verwacht had. Al heeft hij er wel een kanttekening bij. 'ECB-directielid Isabel Schnabel hield een toespraak waarbij ze zei dat de hoge inflatie mogelijk langer aanhoudt. En dat hebben markten minder verwacht, want iedereen ging ervan uit dat de piek nu ongeveer bereikt is. Daarna zou hij moeten dalen, maar daar ontstaat ook direct de twijfel.'See omnystudio.com/listener for privacy information.

G-7 leaders mull the feasibility of a price cap on Russian oil as French President Macron admits he faces reluctance from major international producers to boost supply. NATO announces it will increase the number of troops on high alert from 40,000 to 300,000. We are live in Madrid ahead of the bloc's summit. A Swiss court finds Credit Suisse guilty in a high-profile Bulgarian money-laundering case. CEO Thomas Gottstein is due to face investors at the lender's Investor Deep Dive today. Central bank governors arrive in Sintra, Portugal at the ECB Forum where ECB board member Isabel Schnabel warns that fragilities are beginning to show between nations over inflation. And in crypto news, Robinhood shares are in the red in extended trade after cryptocurrency exchange FTX denies rumours it is looking to buy the trading app.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

La puntata parte con gli occhi puntati al vertice di emergenza della Bce - in corso di svolgimento mentre siamo in onda - convocato per discutere le attuali condizioni dei mercati. Dopo un balzo degli spread e dei rendimenti dei titoli pubblici, specie quelli italiani, Isabel Schnabel, membro del comitato esecutivo, ha dichiarato che la banca non tollererà "cambiamenti alle condizioni finanziarie che vadano oltre i fondamentali e minaccino la trasmissione della politica monetaria ed è pronta a mettere in campo rapidamente gli strumenti a sua disposizione". È anche il giorno dello Speciale Telefisco, la versione estiva del convegno de L'esperto risponde-Il Sole 24 ORE dedicata alle principali novità fiscali. Ci colleghiamo per l'occasione con il nostro Mauro Meazza, eccezionalmente in veste di inviato. Collegandosi all'apposita pagina sul sito web del Sole 24 ORE è possibile recuperare i contenuti, con diverse formule. Oggi, inoltre, si sta svolgendo il cosiddetto "sciopero dei buoni pasto". I ticket non vengono accettati nei bar, ristoranti, alimentari, supermercati e ipermercati aderenti alle principali associazioni di categoria della distribuzione e del commercio. L'obiettivo dell'iniziativa è quello di chiedere con urgenza al Governo una riforma radicale del sistema delle commissioni previste sui buoni, con l'obiettivo di salvaguardare un servizio importante per milioni di lavoratori e renderlo economicamente sostenibile. Ci colleghiamo in diretta con Alberto Frausin, presidente di Federdistribuzione. Il nostro approfondimento è dedicato ai mutui per l'acquisto di una casa e si rivolge in particolare agli ascoltatori che stanno cercando di ottenerne uno, o di modificarne le condizioni. L'annuncio da parte della presidente della Bce Christine Lagarde di un rialzo dei tassi di interesse a luglio e a settembre potrebbe avere un effetto importante anche sul costo dei mutui. Stando all'ultimo osservatorio di Mutuionline aumenta significativamente la forbice dello spread tra tasso fisso e variabile e cresce l'interesse per il variabile e per la formula con CAP. Facciamo il punto della situazione e ci chiediamo come gestire, in questa fase, il nostro rapporto con la banca.Intervengono Alessio Santarelli - Direttore Generale Broking del Gruppo MutuiOnline - e Anna Vizzari, esperta di Altroconsumo.

Persistently higher inflation and interest rates are probably in the offing as the world transitions to a greener economy. That's hardly a selling point for politicians pushing climate-friendly policies, but it's one they'll have to cozy up to, says Isabel Schnabel, an executive board member of the European Central Bank. Unfortunately, she adds, before politicians will show enough urgency toward the threat of global warming, “it really seems that bad things have to happen.” On this week's episode, Schnabel tells Stephanie about the financial consequences of the green transition, as the world moves away from fossil fuels and toward renewable energy. Eventually, she sees energy costs from solar, wind and other renewable sources falling below today's prices for oil, gas and coal. But in the interim, people can expect traditional energy prices to rise as producers have less and less incentive to invest in fossil fuels. There's also likely to be a spike in lithium, copper and nickel prices as green energy companies expand, Schnabel says. Finally, the massive investment needed from governments and the private sector to make the transition happen will probably lead to higher interest rates. Still, procrastinating isn't an option. “Waiting makes everything much worse, much more costly in economic terms,” Schnabel says. In a related report, Bloomberg Opinion columnist Jonathan Levin shares how people in Miami don't seem to be heeding the looming threat posed by the climate crisis. Despite rising sea levels, the tourist mecca's real estate market is soaring and buyers seldom see disclosures about future flood risk. See omnystudio.com/listener for privacy information.

Angesichts der Rekordinflation im Euroraum von 7,5 Prozent hat Isabel Schnabel, Direktorin der Europäischen Zentralbank (EZB) angekündigt, den Leitzins im Juli erhöhen zu wollen. Web: https://www.epochtimes.de Probeabo der Epoch Times Wochenzeitung: https://bit.ly/EpochProbeabo Twitter: https://twitter.com/EpochTimesDE YouTube: https://www.youtube.com/channel/UC81ACRSbWNgmnVSK6M1p_Ug Telegram: https://t.me/epochtimesde Gettr: https://gettr.com/user/epochtimesde Facebook: https://www.facebook.com/EpochTimesWelt/ Unseren Podcast finden Sie unter anderem auch hier: iTunes: https://podcasts.apple.com/at/podcast/etdpodcast/id1496589910 Spotify: https://open.spotify.com/show/277zmVduHgYooQyFIxPH97 Unterstützen Sie unabhängigen Journalismus: Per Paypal: http://bit.ly/SpendenEpochTimesDeutsch Per Banküberweisung (Epoch Times Europe GmbH, IBAN: DE 2110 0700 2405 2550 5400, BIC/SWIFT: DEUTDEDBBER, Verwendungszweck: Spenden) Vielen Dank! (c) 2022 Epoch Times

Über die Modern Monetary Theory (MMT) kursieren viele Mythen. Auch unter hochrangigen Funktionären wie der EZB-Direktorin Prof. Isabel Schnabel oder bekannten Ökonomen wie dem Ifo-Präsidenten Clemens Fuest. NEWSLETTER ✍️ Geld für die Welt gibt es mit exklusiven Texten auch im Newsletter. Jetzt anmelden: https://mauricehoefgen.substack.com/welcome MEIN ONLINE KURS

Zu Gast im Studio: Ökonomin Isabel Schnabel. Seit 2020 ist sie Mitglied des Direktoriums der Europäischen Zentralbank (EZB) sowie seit 2015 Professorin für Finanzmarktökonomie an der Rheinischen Friedrich-Wilhelms-Universität in Bonn. Von 2014 bis 2019 war sie zudem Mitglied im Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung („Wirtschaftsweise“). Ihre Forschungsgebiete sind Finanzkrisen, Wirtschaftsgeschichte und das Bankenwesen. Ein Gespräch über ihren Werdegang, Kapitalismus, die EZB und ihr Job, Inflation, Leitzins, Geld und Geldmenge, Wirtschaftswachstum, Green Growth, Pandemie & Ukraine sowie Kryptowährungen wie Bitcoin vs. den neuen "digitalen Euro" + eure Fragen Bitte unterstützt unsere Arbeit finanziell: Konto: Jung & Naiv IBAN: DE854 3060 967 104 779 2900 GLS Gemeinschaftsbank PayPal ► http://www.paypal.me/JungNaiv

Hey all, our little newsletter hits a 150 with this edition! That’s about 600,000+ words. We also completed two years of bringing you Anticipating The Unintended last month. The process has been rewarding for us (heh, what else can we say about a free newsletter, really?). We hope it’s been of use to you. Thank you for your attention and time. We will be grateful to hear from you.India Policy Watch #1: Two Indias Insights on burning policy issues in India— RSJIn the old debate between growth versus equality, we have consistently batted for growth in the Indian context. Like we have written earlier (“What Drives Rapid Economic Growth”), economic growth is a moral imperative for policymaking in India. Other things, like equality, climate impact or anything else, are important but if you have to make the trade-offs like it is inevitable in policymaking, you should accord a higher priority to growth over them. This doesn’t endear us to many. How can you not think of carbon emissions, sustainability or the planet for future generations, they ask? Our point remains simple. You need to prioritise when you have limited resources and a thin state capacity. There are millions of great causes to serve in this world but the state cannot be expected to solve all of them. Falling for such demands that are more appropriate for an economy more advanced than India will distract us from our core objective - lifting millions of Indians out of poverty. And trust us, if you don’t do this, you won’t achieve any of the other exalted goals too. In the three decades since the reforms of 1991, we have achieved more on this objective than the previous four. Maybe in the process, we have got a few more billionaires in India. It shouldn’t matter so long as competition is free and individual liberty is sacrosanct. Those should be the only limiting conditions for acting on growth. DoubtBut there are weeks when I question this. This is one of those weeks. You see, the underlying assumption in our argument is that there should be growth. Not just any growth. But one that’s sustainable with expectations of trickle-down benefits. So, when the latest GDP print for the quarter ended September 2021 came out last week, it made me pause. The GDP grew at 8.4 per cent over the same period last year and it is likely (unless a third wave hits us) if this trend continues, we might see double-digit full-year growth. The usual chest-thumping about being the world's fastest-growing economy followed soon after. However, parsing the GDP data a bit more and also taking a broader view of the macroeconomy might be useful in appreciating what kind of growth we are seeing here.The real GDP at ₹35.7 lakh crores is about 0.33 per cent higher than the period ended September 2019. That is we have lost two years of growth in the pandemic. And remember, we were already slowing down considerably at this time two years ago. So, it wasn’t a great base, to begin with. But this isn’t all. A significant part of this growth has been contributed by government spending in public administration and defence which grew by over 17 per cent. The capital spending by the union government this year is up almost 25 per cent over the last year. Private consumption which has been a significant driver of the Indian economy over the last two decades is still below pandemic levels. So are other sectors like construction, travel, hospitality and logistics that employ the bulk of semi and low skilled labour. There are a few bright spots but with caveats. Agriculture grew at a healthy rate of 4.5 per cent but it is likely the rural spending power is getting negated by the rise in inflation. The recovery has been good so far but it isn’t as robust as in the US and China who recovered to pre-pandemic levels earlier than India by a few quarters. The US is expected to grow at 6 per cent while China will likely end up with 8 per cent growth this year on their kind of GDP base. On the other hand, the GST collections continue to be at over Rs 1.2 lakh crores and growing at a steady clip of over 25 per cent. The direct collections are expected to beat the annual target of Rs. 11 lakh crores. That apart, the companies belonging to the Nifty 50 index have seen record profits in H1 of this fiscal. How does one reconcile the almost no growth scenario of the last two years and the lower than pre-pandemic levels of consumption with the record tax collections and profits? The Voiceless Informal EconomyOne reason is possibly better tax compliance because of digitisation and surveillance tools now available that make evasion difficult. The other and more compelling reason is the formalisation of the economy. The pandemic has had a disproportionate impact on the informal economy who struggled to cope with frequent lockdowns, lack of migrant labour to run their establishments and health risks of the pandemic. You perhaps bought your vegetables and fruits from a stall in the local market earlier. The lockdown meant neither of you could transact. You then shifted to an online vendor who delivers it to your doorsteps in less than ten minutes. And you never went back to your older routine. The earlier transactions of this kind were mostly going below the radar. Now they are captured as part of the formal economy and show up in GST numbers. But what about that vegetable vendor? They have lost their livelihood. And this isn’t just an isolated instance. A large shift to the formal economy has happened across sectors among the consuming class. This has hit the informal economy hard. No wonder the labour participation rates at this moment are the lowest in over a decade. We had seen a similar trend in GDP right after the initial shock of demonetisation where the formal economy which gets measured easily and more frequently showed robust growth while the drag of the informal economy showed up later. This time around the pain in the informal economy could be worse. The GDP growth and record GST collections and corporate profits must be seen in this light. The overall pie might have shrunk while the formal economy part has grown. This might not be the growth of the moral imperative kind that we argue for here. Monetary Policy FTWThe other point to consider is the monetary policy India has followed through the pandemic. The fiscal space was constrained even before the pandemic. All the ‘₹20 lakh crores package’ grandstanding aside, it was clear that barring the free food provided from the central PDS and a few other sops, there wasn’t much fiscal support coming from the union government. The heavy lifting was done by the RBI and its skillful management of the monetary policy. RBI has maintained price stability and supported small and medium enterprises through a loan moratorium which gave them a much-needed breather during lockdowns. It continued to keep liquidity high in the system to support credit offtake with added incentives and loan guarantees given to financial institutions to support the most impacted and vulnerable sectors and households. This is all good but this masks the impact of loose monetary policies followed by central banks all over the world including India. Central banks have purchased sovereign and corporate bonds in record quantities over the past few years. This went on overdrive during the pandemic. The buying of these longer-term assets benefit the higher-income households more. The simultaneous loosening of monetary policies around the world has created asset price bubbles all over. In India, these assets are held disproportionately by the same 30-40 million wealthy, high consuming class households that drive most of the public opinion in India. The benefits of such policies to the remaining Indians who don’t participate in the bond or equity markets and keep most of their wealth in safe havens like savings or fixed deposits is minimal. Also, as we come out of the pandemic, the same class of wealthy households have the opportunity to use the low yield regimes to diversify away from financial markets into real estate, crypto and other assets provided to them by wealth advisory firms. There are two Indias here. The other India has hardly any access to these and continues to wonder what those CoinSwitch Kuber ads during IPL are all about. This is setting the stage for deepening inequality over future decades.  Importantly, as the Omicron threat starts to become real, any possibility of tightening of monetary policy, reeling back of Quantitative Easing (QE), ending net asset purchases and likely control of inflation through rate hikes have receded. This means the gravy train of easy money for investors and intermediaries will continue for the foreseeable future.Fiscal Stimulus For The FewLastly, there’s a lot that’s been made about the fundraising by Indian startups during this year. The numbers bear this out. In the first nine months of this year, startups (mostly B2C) raised about $25 billion of funding, about 90 per cent of which was from investors outside India. To put this in perspective, in the six years before, the total funding was about $50 billion put together. The large consumer class that’s going digital rapidly, the enterprising spirit of founders and the availability of tech talent are driving this unprecedented surge in investments. Also, China seems to have closed its doors for now with its ham-fisted clamp down on its national digital champions. Apart from startups, there has been a further inflow of about $30 billion of global liquidity looking for returns into Indian markets and companies during the year. This inflow that’s about 2 per cent of GDP, some argue, is like a fiscal stimulus to the Indian economy. According to this logic, the government didn’t loosen its purse strings to stimulate the economy; instead, it made it attractive for foreign funds to invest directly. Quite clever, eh?There are two problems with this. First, this is a hugely convenient post facto logic. Nobody could have predicted this inflow at the start of the year, nor could anyone have foretold China’s bizarre moves on its digital economy. Second, even if this were a kind of fiscal stimulus, it is different from what a government stimulus would have been. The B2C startups burn their cash in three ways. One, they use it for customer acquisition. This is the money spent on discounts, cashbacks, in high decibel advertising during cricket matches or on digital marketing when they are looking for blitz scaling their business. Quite simply, this money goes as a stimulus to the same 30-40 million wealthy, mostly urban households that have smartphones, transact on these B2C platforms and watch these programmes. A family of a driver or of a cleaning lady isn’t using the Zomato Gold discount coupon. Two, the startups invest in the infrastructure needed to scale up. This means spending on their tech platforms. Most of these startups tend to be asset-light. They don’t have plants and production lines where any additional investment has a multiplier effect. Their money is spent on cloud service providers and IT infrastructure and hardware companies. Three, they spend it on hiring people and investing in their capabilities. This is largely tech talent where the demand right now outstrips supply. This has meant war for talent and a sharp rise in the salaries of good quality programmers for the same kind of roles they were previously doing. The ongoing merry-go-round of ‘great resignation’ has meant no real change in deepening the talent pool in India. It is the same set of people who are already in that upper tier moving across companies demanding higher wages. Anecdotal evidence suggests average salaries have gone up by 30-50 per cent for those in the ₹10-30 lakhs band. Of course, there is some ancillary hiring of drivers, delivery boys (always boys) and other temporary jobs going on but that’s not where the real money is being spent. So, yes, this is a kind of stimulus but it is meant for the same lot that’s already benefiting from the formalisation of the economy and loose monetary policy. It is a triple whammy for them. Sometime during the pandemic, it was clear that we were seeing a K shaped recovery. We wrote about it in a few past editions (here and here). The trend has only exacerbated globally and more so in India. While there’s a widespread sense of strong recovery among the opinion-making classes that are benefitting from this triple whammy, it is difficult to see how the other India is benefiting from it. The lopsided impact of the pandemic on the education of students from poorer families in government schools is another worry. A couple of academic years have been lost for families that have no access to devices for their children and online content from their school. In the long term, this will worsen inequality. I don’t think politicians are unaware of this. The repeal of farm laws, the extension of the free food grains scheme and the queering of the pitch on ‘cultural’ issues in the run-up to UP elections suggest that the BJP is aware of the hardships in that other India. Good politicians always have their ears to the ground. The well-fed, working from home, smug class can be easily swayed by the narrative wars on Twitter and Whatsapp with fake photographs of airports and bridges from China and South Korea passing off as India. But it is difficult to do the same to those whose prospects have materially diminished in the past two years. They will call out the propaganda. It is that India now that’s being wooed in the UP elections. And it will remain the focus of this government till 2024. The real solution lies in a genuine commitment to reforms and free markets. That, as we have seen, is difficult. So, we will be left with a strange mix of India Shining and majoritarianism as means to show progress and win over voters. That kind of growth cannot be our moral imperative.    Matsyanyaaya: A Thank You Note to Xi DadaBig fish eating small fish = Foreign Policy in action— Pranay Kotasthane"Choose your enemies carefully, 'cause they will define you.." Thus went a U2 song. In the strategic realm, Pakistan was long the primary adversary that defined India and vice versa. This hyphenation had a foundational impact on India’s strategic approach. The centre of gravity of our armed forces moved to India's northwest. All three strike corps of the Indian army were created to execute a land grab as a bargaining chip, should Pakistan misbehave. Over time, the military was also made responsible for preventing Pakistan-sponsored terrorism in J&K. Nevertheless, a small and weak primary adversary, one that kept becoming smaller and weaker over time, meant that India was able to wing it. All it needed to do was be better than Pakistan, which was not much of an ask. Arguments for modernising armed forces, collaborating with the US, or building a stronger navy, failed to move the needle because none of them was essential to tackle the adversary. Today, things appear quite different. Pakistan is no longer the adversary that defines India. It continues to remain an irritant, but not the reference point. At the level of serious discourse, I've seen this shift using my own extremely unscientific methodology. I maintain a Pakistan Mention Time (PMT) for discussions. PMT is defined as the time elapsed since the start of a discussion on India's geopolitics until Pakistan first makes an appearance. Until about four years ago, PMT was dangerously low; Pakistan often came up within the first ten minutes of a discussion and like a good Bollywood villain, its shadow loomed large throughout the discussion. That has changed sharply over the last four years. The PMT has increased significantly. Pakistan does make an appearance in most discussions but only briefly. More like Bob Christo, less like Amrish Puri.Quite clearly, Pakistan has been displaced by China as the primary adversary in our minds and actions. And India has no option but to punch up to a bigger, more-powerful adversary rather than punch down to a much-weaker one. The strategic establishment knows that we just can't wing it this time around. Consequently, structural changes such as a deeper collaboration with the US and other Quad countries, a shift of the centre of gravity from the northwest to the north, and integration of the various force elements, is happening at a much faster pace.And of course, the credit for all this goes to Xi Dada and the PRC's international conduct. PRC has made it a point to antagonise many of its neighbours. Its stance has made reconciliation difficult and reignited old conflicts to a point of no return. Disengagement with the PRC hurts India more. But increasingly, India has no choice but to absorb the costs by collaborating with other countries. The old notion of keeping equal distance from the major powers seems untenable, even foolish. The strategic challenge before India has never been more clear. The game is on. But as India navigates the China challenge, there's a critical point that needs to be internalised. That there's a difference between being defined by your adversary and becoming like your adversary. While India was hyphenated with Pakistan for most of its independent history, it managed to not be like Pakistan quite well. The difference between a secular democratic republic and a rabidly religious, majoritarian, military-jihadi-complex-run country couldn't have been starker. But that difference is fast narrowing. Unfortunately, we have become a bit like our adversary on some counts. Religion has become a primary domain of State action and majoritarianism has weakened the Republic like never before. Thus, an important element of responding to the PRC has to be to avoid becoming like the PRC. As it takes centre-stage in our national imagination as the primary adversary, the tendency to become like it will keep growing stronger. Keeping the society above the individual, prioritising stability over freedom, and elevating one-party, one-leader above everything else, will start to seem attractive propositions. That's precisely what we have to be wary of. The ideology of the PRC can’t be defeated by becoming like it. Instead, PRC can only be defeated by rejecting China's hierarchical worldview. As the famous Marcus Aurelius quote goes - "the best revenge is not to be like your enemy".If you find the content here useful, consider taking a deep dive into the world of public policy. Takshashila’s PGP — a 48-week certificate course will allow you to learn public policy analysis from the best practitioners, academics, and teachers. And that too, while you continue to work. In other words, the opportunity costs are low and the benefits are life-changing. Do check out.PolicyWTF: Auto-debit Cancel CultureThis section looks at egregious public policies. Policies that make you go: WTF, Did that really happen?— Pranay KotasthaneBy now, RBI’s new rules on auto-debit of recurring payments have fried my brain and I’m sure yours too. Whether it’s the phone bill or online digital subscriptions, these rules have added friction to even the most trivial payments. Not just individuals, smaller knowledge-based organisations that rely on digital subscriptions need to sacrifice a good chunk of one person’s workday every month to manually purchase email software, team communication software, and e-paper subscriptions. And that’s just the demand side. On the supply side, companies that rely on product subscriptions are suffering from a drop in revenues due to declined transactions.To understand the details of the issue, take a look at this comprehensive note by our friend Anupam Manur. In short, some consumers were not able to exit from subscription cycles easily. Some were auto-subscribed to lifelong subscriptions they couldn’t cancel. Then there was the ever-present issue of fakesters stealing people’s money - all three genuine issues requiring better consumer protection enforcement by the Ministry of Consumer Affairs, Food, and Public Distribution by punishing wrongdoers.But that’s not what happened. Instead, the RBI asked banks, card companies and merchants to register e-mandates. These organisations in turn simply declined existing mandates. The RBI could well have fined the banks and card companies until they did not register the e-mandates. Instead, it chose a blunt instrument hurting every consumer using an auto-debit facility.RBI’s intentions aside, this move is symptomatic of what I call hyper-multiobjective optimisation — the bane of policymaking in India. One institution tries to perform so many functions that it does neither of them well. This is particularly the case with agencies that are relatively better. They soon start using their powers in other domains, regardless of their purpose. And thus, the courts make executive decisions, the executive short-circuits the legislature, and the RBI becomes a consumer protection forum.India Policy Watch #2: Friedman on IndiaInsights on burning policy issues in India— Pranay KotasthaneIt amazes me that in the early years of the republic when the planning mindset was at its peak, the Indian government invited leading experts from other countries to comment on India’s governance choices. It seems unimaginable in today’s times that the Indian state was so open to ideas from outside. Anyway, as part of that exercise, Milton Friedman visited India twice in the 1950s and wrote two stunning articles on “Indian Economic Planning” and “A Memorandum to the Government of India 1955”. Some ideas from these two articles continue to remain relevant today. I’m annotating them below for your reading.What struck me was that Friedman was largely optimistic about India’s prospects at a time when the world thought India was destined to fail and Indians were destined to die from hunger. He put India’s human power in perspective through these words:“Most people everywhere are simply hewers of wood and drawers of water. But their hewing of wood and drawing of water is made far more productive by the activities of the minority of industrial and commercial innovators and the much larger but still tiny minority of imitators. And there is no doubt that India has an adequate supply of potential entrepreneurs, both innovators and imitators.”“In any economy, the major source of productive power is not machinery, equipment, buildings and other physical capital; it is the productive capacity of the human beings who compose the society. Yet what we call investment refers only to expenditures on physical capital; expenditures that improve the productive capacity of human beings are generally left entirely out of account. In the United States, for example, only about one-fifth of the total income is return to physical capital, four- fifths to human capital …. Destroy the physical plant of the United States and leave the skills of the people and it would take but a few years to restore the initial position. Destroy the skills and leave the plant and the level of output would sink irretrievably. The cathedrals of medieval Europe, the pyramids of Egypt, the monuments of the Moghul Empire in India are all testimony to the possibility of a high rate of investment in physical capital without a growth in the standard of living of the masses of the people. These considerations are especially important for India, precisely because its frontier is the frontier of technical knowledge and skill.He then links India’s policies of protecting public sector enterprises with wastage of human power as follows: “India’s basic problem is the inefficient use of manpower; it is no solution to protect inefficiency, and the attempt to do so leads to a waste not only of human resources but also of physical capital. The extra money consumers have to pay for the products, let alone direct subsidies to producers could be channelled at least in part into investment.”His insight on where the Indian planning approach goes wrong is quite nuanced:“Planning” does not by itself have any very specific content. It can refer to a wide range of arrangements: to a largely laissez-faire society, in which individuals plan the use of their own resources and government’s role is limited to preserving law and order, enforcing private contracts, and constructing public works; to the recent French policy of mixing exhortation, prediction, and cooperative guesstimating ; to centralized control by a totalitarian government of the details of economic activity. Along still different dimension, Mark Spade (Nigel Balchin), in his wonderful book on How to Run a Bassoon Factory and Business defined the difference between a planned and an unplanned business in a way that often seems letter-perfect for India. “In an unplanned business”, he writes, “things just happen, i.e. they crop up. Life is full of unforeseen happenings and circumstances over which you have no control. On the other hand: In a planned business things still happen and crop up and so on, but you know exactly what would have been the state of affairs if they hadn’t”.In India, planning has come to have a very specific meaning, one that is patterned largely on the Russian model. It has meant a sequence of five-year plans, each attempting to specify the allocation of investment expenditures and productive capacity to different lines of activity, with great emphasis being placed on the expansion of the so-called “heavy” or “basic” industries. A Planning Commission in New Delhi is charged with drawing up the plans and supervising their implementation. There is some decentralization to the separate states but the general idea is centralized governmental control of the allocation of physical resources.He predicted that the Indian way of planning ignored time dynamics, and was doomed to fail for this reason.“So-called plans are laid out long in advance and it is exceedingly difficult to modify them as circumstances change. Inevitable and necessary bureaucratic procedures mean that the right hand does not know what the left hand is doing, that a long process of files going up the channels of communication and then coming back down is involved in adjusting to changing circumstances.”Of course, the Indian government’s obsession with exchange rate management caught his attention. There’s a long section on why overvaluation of the currency is counterproductive.“The attempt to maintain an over-valued rupee has had far reaching effects –as similar attempts have had in every other country that has tried to maintain an overvalued currency. The rise in internal prices without a change in the official price of foreign currency has made foreign goods seem cheap relative to domestic goods and so has encouraged attempts to increase imports; it has also made domestic goods seem expensive to foreign purchasers and so has discouraged exports. As a result, India’s recorded exports have risen much less than world trade on the whole, while the demand for imports has steadily expanded…The fact is that the planners cannot possibly know what they would have to know to ration exchange intelligently. Instead, they resort to the blunt axe of cutting out whole categories of imports; to the dead hand of the past, in allocating a certain percentage of imports in some base years; and to submission to influence, political and economic, which is brought to bear on them. And they have no alternative, since there is no sensible way they can do what they set out to do.The elimination of the exchange-controls and import and export restrictions is thus a most desirable objective of policy. It must be recognized, however, that it would probably increase the demand for foreign exchange, but the likelihood of an increase means that elimination of controls would have to be accompanied by the introduction of some other means of rationing exchange. It should be emphasized that this increase in the demand for foreign exchange is not a fresh problem that would be created by the elimination of exchange-controls. The problem is there now. That is why controls are deemed necessary. The question is whether there are not less harmful ways of solving it.Do read the two essays that the good folks at Centre for Civil Society have compiled into a small book. Thanks for reading Anticipating The Unintended! Subscribe for free to receive new posts and support my work.HomeWorkReading and listening recommendations on public policy matters[Speech] Monetary policy and inequality: Speech by Isabel Schnabel, Member of the Executive Board of the ECB. [Article] “The optimal way forward (for climate transition) is a combination of electricity regulation at state governments, a carbon tax led by the union government, and a private electricity sector organised around the price system.” argue Akshay Jaitly and Ajay Shah.[Podcast] Over at Puliyabaazi, Pranay and Saurabh discuss the only election manifesto BR Ambedkar ever wrote. [Article] Pranay and Arjun opine in Hindustan Times that India needs one 20-year semiconductor strategy, not twenty 1-year incentive schemes. Subscribe at publicpolicy.substack.com

As if controlling spiraling inflation wasn't enough to worry about, the world's central bankers are under increasing pressure to help solve climate change, income inequality and myriad other societal ills. What's more, elected officials in some nations are trying to exert more power over bankers for political ends. Stephanie Flanders debates the proper role of a central banker with three esteemed women economists, Isabel Schnabel of the European Central Bank, Carmen Reinhart of the World Bank and Minouche Shafik of the London School of Economics and Political Science. While bankers can't be the “white knight” who rushes in to save the world from global warming or income inequality, they can use their bully pulpit to prod slow-moving politicians to act, Shafik says. Schnabel goes a step further, arguing that tough talk alone won't suffice, and that central bankers should use what economic levers they have available to advance important causes. Of the three economists, Reinhart raised the most concern about inflation, currently running at an annual rate of 5.4% in the U.S. and 4.1% in the euro area. Yes, the world needs to address the climate crisis, she says, but nothing will stop the green economy faster than high prices, which may lead to tighter monetary policies and a steep drop in financing in developing nations. See omnystudio.com/listener for privacy information.

Inflation risks are rising in Europe. But will the region's bond markets take note? European Central Bank member Isabel Schnabel said in a speech this week that while much of the recent rise in prices is transitory, the mood in financial markets is changing and there are growing signs that supply disruptions and commodity shortages may be more prolonged than first thought. In this podcast, ING's Antoine Bouvet shares his thoughts.

Dax-Briefing: Die EZB äußert sich zur Inflationsentwicklung.Die Inflation in den USA ist im August minimal zurückgegangen. Jetzt bleibt die Frage, ob damit der Abwärtstrend begonnen hat oder nur eine Atempause eingelegt wurde. Vor diesem Hintergrund auch der Blick zur Europäischen Zentralbank, wo sich heute Isabel Schnabel und Philip Lane aus der Chefetage melden werden.Von Unternehmensseite steht heute natürlich Apple im Mittelpunkt. Ihr hört, ob die Neuigkeiten aus Cupertino das Zeug haben, um auf die Märkte auszustrahlen. Millionen von Fans, Anlegern und Investoren haben am Abend die Herbst-Keynote live an den Bildschirmen in aller Welt verfolgt.Die Aktie des Tages ist die von Wells Fargo, nachdem deren Zerschlagung gefordert wird. Elizabeth Warren, Senatorin der US-Demokraten, appelliert in einem Brief an die Fed, dass die viertgrößte Bank der USA einen entscheidenden Teil ihrer Geschäfte abtreten müsse. See acast.com/privacy for privacy and opt-out information.

Der Einfluss der Europäischen Zentralbank (EZB) auf die Kapitalmärkte hat in den letzten 24 Monaten stark zugenommen. Die Bilanzsumme der EZB liegt mittlerweile bei über 8.000 Milliarden Euro.  Wie legen EZB-Funktionäre ihr Geld privat an? Wie legt Christine Lagarde - die Chefin der EZB - ihr Geld an? Wir besprechen die gemeldeten Portfolios von Christine Lagarde, Isabel Schnabel und Jens Weidmann.  Sichere Dir wöchentlich meine besten Anlagetipps in Dein Postfach: Kostenfreie wöchentliche Anlagetipps (jeden Sonntag)

Do you think women are referenced enough in the history of economic thought? Given there have only been two female Nobel prize winners, could a lack of role models be contributing to this gender divide? A recent FT article, titled “fixing economics' gender problem,” argued that change to make economics more representative is overdue. Two of Europe's top female economists, Isabel Schnabel of the European Central Bank and Margarita Delgado, deputy governor of the Bank of Spain, told the paper that the profession needed to do more to help women advance. To discuss this, IEA Director of Communications Annabel Denham spoke to Vicky Pryce, economist, author and chief economic adviser at the Centre for Economics and Business Research, Rachel Cole Head of Economics and Business at St Edward's School in Cheltenham and the IEA's Editorial and Research Fellow Professor Len Shackleton. Support the IEA on Patreon, where we give you the opportunity to directly help us continue producing stimulating and educational online content, whilst subscribing to exclusive IEA perks, benefits and priority access to our content https://www.patreon.com/iealondon   FOLLOW US: TWITTER - https://twitter.com/iealondon INSTAGRAM - https://www.instagram.com/ieauk/ FACEBOOK - https://www.facebook.com/ieauk WEBSITE - https://iea.org.uk/

How can we as a central bank contribute to tackling climate change? What's our role as a central bank and supervisor? Our new host Katie Ranger discusses these questions with Executive Board members Isabel Schnabel and Frank Elderson in this episode of The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 12 May 2021 and recorded on 7 May 2021. In this episode: 01:14 – Where we stand in the fight against climate change What motivates our guests Isabel Schnabel and Frank Elderson to be vocal in the fight against climate change, what has been achieved so far and where we need to go from here. 13:10 – Legal aspects and the price stability mandate What our price stability mandate tells us about our commitment to tackling climate change, and what our obligations and limitations are. 20:41 – What monetary policy can do How climate change affects our mandate to maintain price stability, how our asset purchases could become greener, and why this is easier said than done and what market neutrality has to do with it. 35:16 – What banking supervisors can do Why banks play a key role in the transition towards a green economy, how supervisors support banks to manage climate risks, and why good data and thorough stress tests play a key role. Further reading: Christine Lagarde: Towards a green capital markets union for Europe https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210506~4ec98730ee.en.html Frank Elderson: All the way to zero: guiding banks towards a carbon-neutral Europe https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210429~3f8606edca.en.html Frank Elderson: Greening monetary policy https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210213~7e26af8606.en.html Isabel Schnabel: From green neglect to green dominance? https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210303_1~f3df48854e.en.html Isabel Schnabel: Never waste a crisis: COVID-19, climate change and monetary policy https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200717~1556b0f988.en.html Isabel Schnabel: When markets fail – the need for collective action in tackling climate change https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200928_1~268b0b672f.en.html Luis de Guindos: Shining a light on climate risks: the ECB's economy-wide climate stress test https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.en.html Climate change and the ECB https://www.ecb.europa.eu/ecb/climate/html/index.en.html European Central Bank www.ecb.europa.eu European Banking Supervision www.www.bankingsupervision.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: https://pod.link/ecbpodcast

Die Europäische Zentralbank (EZB) habe auf die wirtschaftlichen Folgen der Coronakrise "zum Glück sehr schnell reagiert", sagte EZB-Direktorin Isabel Schnabel im Dlf. Wieviel Wachstum es 2021 geben werde, hänge vom Tempo der Impfkampagnen ab. Isabel Schnabel im Gespräch mit Klemens Kindermann www.deutschlandfunk.de, Interview der Woche Hören bis: 19.01.2038 04:14 Direkter Link zur Audiodatei

Die Europäische Zentralbank (EZB) habe auf die wirtschaftlichen Folgen der Coronakrise "zum Glück sehr schnell reagiert", sagte EZB-Direktorin Isabel Schnabel im Dlf. Wieviel Wachstum es 2021 geben werde, hänge vom Tempo der Impfkampagnen ab. Isabel Schnabel im Gespräch mit Klemens Kindermann www.deutschlandfunk.de, Interview der Woche Hören bis: 19.01.2038 04:14 Direkter Link zur Audiodatei

Die Europäische Zentralbank (EZB) habe auf die wirtschaftlichen Folgen der Coronakrise "zum Glück sehr schnell reagiert", sagte EZB-Direktorin Isabel Schnabel im Dlf. Wieviel Wachstum es 2021 geben werde, hänge vom Tempo der Impfkampagnen ab. Isabel Schnabel im Gespräch mit Klemens Kindermann www.deutschlandfunk.de, Interview der Woche Hören bis: 19.01.2038 04:14 Direkter Link zur Audiodatei

Ist das schlechte Image der Europäischen Zentralbank ein Missverständnis? Wir haben in dieser Podcast-Folge mit Gabriel Glöckler, dem Chefberater für Kommunikation der EZB gesprochen und Ana fragt ihn darüber aus, welche Herausforderungen die öffentliche Kommunikation in einer supranationalen Organisation, die teils auch unliebsame Entscheidungen treffen und durchsetzen muss, mit sich bringt. Beantwortet werden außerdem die Fragen, was die EZB eigentlich macht, wie oft man sich trifft um über die europäische Geldpolitik zu entscheiden und wer daran teilnimmt, wann die Niedrigzinspolitik enden könnte und ob die EZB überhaupt ein Interesse daran hat, ihr Image in Deutschland aufzupolieren. Dieses Interview ist eine sehr gute Ergänzung zu unserem Interview mit Isabel Schnabel von Folge #136! • Homepage der EZB: https://www.ecb.europa.eu/ecb/html/index.de.html

Auf dieses Interview haben wir einige Monate hingearbeitet, deswegen freuen wir uns sehr, es euch heute auch als Podcast präsentieren zu dürfen. Wir waren zu Besuch bei der Europäischen Zentralbank und Thomas hatte die Möglichkeit, mit der seit Anfang 2020 ins Direktorium gewählten Isabel Schnabel zu sprechen. Gemeinsam mit Christine Lagarde und weiteren europäischen Kollegen ist sie Teil des sechsköpfigen Gremiums. Besonders seit den Corona-Maßnahmen und dem massiven Anleihekaufprogramm steht die Europäische Zentralbank in Deutschland in der Kritik, weshalb es uns wichtig war, diese Institution einmal auf unserem Kanal zu Wort kommen zu lassen. Wir haben mit Frau Schnabel über die Geldpolitik der EZB gesprochen, ob der Leitzins als geldpolitisches Instrument seine Wirkungskraft verloren hat, warum Deflation sehr viel gefährlicher ist als Inflation, wie sie selbst ihr Gel anlegt und vieles mehr.

The S&P 500 loses most of the week's vaccine-based gains after Fed Chair Jerome Powell cautions on a quick return to pre-covid growth rates, while cases stateside hit another daily record. Central bank chiefs hail their joint response at a European Central Bank forum. ECB Executive Board member Isabel Schnabel tells CNBC exclusively that agility will be key for the second wave. And, NBC News projects Joe Biden is the winner in Arizona, nine days after polls closed, further cementing his presidential win as Democrats flip the state for the first time since 1996. China vows to defend the rights of its companies, after President Trump issues an order banning American investment into Chinese firms with ties to the military. And CNBC's East Tech West conference continues with the CEO of Prudential talking health technology, saying his business model will never be the same after Covid.

What is the role of financial markets in the economy? How does the coronavirus pandemic affect markets? Is the current crisis also a financial crisis? Our host Michael Steen discusses these questions with ECB Executive Board member Isabel Schnabel. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 May 2020 and recorded on 15 May 2020. In this episode: (01:57) The role of financial markets in the economy How they act as intermediaries between savers and borrowers, how they react in case of a shock and why their stability is key to ensuring a well-functioning economy. (05:14) The coronavirus and financial markets How financial markets have responded to the coronavirus shock and why this is different from the 2008 financial crisis. (10:26) The ECB's measures to ease lending How our targeted lending measures aim to help people and businesses, the particular role of the Pandemic Emergency Purchase Programme and how the ECB works with other central banks to keep financial systems working smoothly. (17:03) International cooperation in times of crisis: swap lines How swap lines between central banks work and how these agreements help keep financial systems around the world working smoothly. Further reading: The ECB's response to the coronavirus pandemic https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html Explainer: Tell me more: What are currency swap lines? https://www.ecb.europa.eu/explainers/tell-me-more/html/currency_swap_lines.en.html European Central Bank website www.ecb.europa.eu

Interview 1: Wie guckt die Union rückblickend auf den SPD Parteitag? Ein Gespräch mit CSU-Chef Markus Söder Interview 2: Die Wirtschaftsweise Prof. Dr. Isabel Schnabel zum “Grünen - Anleihekaufprogramm” der EZB Die GroKo klebt zusammen! Drei Gründe für den Fortbestand. Wall-Street Reporterin Sophie Schimansky über die "Woche der Notenbanken". Ralf Stegner von der SPD fällt auf Telefonstreich herein. Künstliche Intelligenz im Dienste der Klassik: Beethovens unvollendete 10. Sinfonie wird fertig komponiert!

Der DAX macht nach all den guten Tagen und Kursen inklusive Jahreshoch mal wieder Pause. Aber die 0,5 % Minus und 13.158 Punkte sind gar nicht so schlimm, denn es sah heute schon ein Stück schlechter aus und selbst die 13.000 war schon fast wieder getestet. Stärkster Verlierer im DAX war Wirecard nach erneuten Irritationen um die Singapur-Tochter, außerdem Daimler und Lufthansa, außerdem Alibaba, die in Hongkong an die Börse wollen. Sie hören von der Euro Finance Week Gespräche mit der Wirtschaftsweisen Prof. Isabel Schnabel und dem globalen Anlagestrategen Heiko Thieme mitgebracht, außerdem Thorsten Polleit Chefvolkswirt von Degussa über die dunkle Macht im Eurotower, Fondsmanager Frank Fischer von Shareholder Value zum Thema Nachhaltigkeit, Rohstoffexperte Markus Grüne zu Rohstoffinvestments als Alternative zur Aktie und Christian Schwarzkopf von Optionsuniversum zum Handel mit Optionen.

Ihr könnt uns per direkter Überweisung unterstützen: Marco Herack IBAN: DE07 4306 0967 2065 2209 02 BIC: GENODEM1GLS Weitere Spendenmöglichkeiten findet ihr hier: https://mikrooekonomen.de/spenden/ Unser Alexa-Skill Sendet uns Hinweise und Audiokommentare per Mail an Mikronomen (ät) posteo.de Die Kommentare der Hörerinnen und Links zu den Quellen findet ihr auf www.mikrooekonomen.de. Dort sind auch die Shownotes mit Verlinkungen, Bildern und ggf. Videos. Wir haben ein Subreddit. Die Mikroökonomen sind ein unabhängiger Podcast über Wirtschaft, der sich Zeit nimmt. Wir wollen ein dauerhaft unabhängiges Informationsangebot aufbauen, das die Dinge anders macht. Möglich wird dies erst durch Euch und eure regelmäßigen Spenden. Vielen Dank dafür!

Die Wirtschaftswissenschaftlerin und Wirtschaftsweise Frau Prof. Isabel Schnabel über die Besetzung von Christine Lagarde als EZB Chefin. Die Geldpolitik der EZB vertiefen wir thematisch mit dem Volkswirt und Gründungsdirektor des Flossbach von Storch Research Institute Prof. Thomas Mayer Sophie Schimansky meldet sich von der Wall Street und berichtet vom Konzernumbau der Deutschen Bank Die USA gewinnen die Fußball-WM der Frauen

Patrick Jenkins and guests discuss Warren Buffett's views on banks, JP Morgan's decision to boycott Brunei-owned hotels over the kingdom's anti-gay laws and why the merger talks between Germany's Deutsche Bank and Commerzbank failed. Contributors: Patrick Jenkins, financial editor, Laura Noonan, US banking editor, Oliver Ralph, insurance correspondent, Stephen Morris, European banking correspondent and Olaf Storbeck, Frankfurt correspondent. With special guest Isabel Schnabel, economics professor at Bonn University. Producer: Fiona Symon See acast.com/privacy for privacy and opt-out information.

Merger talks between Germany's two biggest banks have failed, leaving Deutsche Bank alone to address problems of underperformance and falling revenues. Patrick Jenkins discusses what went wrong and what happens next with Olaf Storbeck, FT correspondent in Frankfurt, and economist Isabel Schnabel.Contributors: Suzanne Blumsom, executive editor, Patrick Jenkins, financial editor, Olaf Storbeck, Frankfurt correspondent, and Isabel Schnabel, economics professor at Bonn University. See acast.com/privacy for privacy and opt-out information.

Das Ökonomische Quartett ist eine Co-Produktion der Mikroökonomen und des ökonomischen Debattenportals Makronom, in dem Ökonomen aktuelle Themen diskutieren. Ihr könnt uns per direkter Überweisung unterstützen: Marco Herack IBAN: DE07 4306 0967 2065 2209 02 BIC: GENODEM1GLS Weitere Spendenmöglichkeiten findet ihr hier: https://mikrooekonomen.de/spenden/ Unser Alexa-Skill Sendet uns Hinweise und Audiokommentare per Mail an Mikronomen ät posteo .de Die Kommentare der Hörerinnen und Links zu den Quellen findet ihr auf www.mikrooekonomen.de. Dort sind auch die Shownotes mit Verlinkungen, Bildern und ggf. Videos. Die Mikroökonomen sind ein unabhängiger Podcast über Wirtschaft, der sich Zeit nimmt. Wir wollen ein dauerhaft unabhängiges Informationsangebot aufbauen, das die Dinge anders macht. Möglich wird dies erst durch Euch und eure regelmäßigen Spenden. Vielen Dank dafür!

**Bruegel senior fellow Nicolas Véron joins Sean Gibson to delve into the recent Policy Contribution on how to better the European Union anti-money laundering (AML) regime, a paper he has co-written with Joshua Kirschenbaum.** The study offers a response to the evident flaws of the present system, exemplified by a series of banking scandals in multiple European Union countries, and amplified by changing geopolitics. The shortcomings of the current legal framework are identified by the authors as systemic in nature – the combination of an enforceable single market and national supervision of banks fails to meet the AML objectives. In their analysis, the authors propose a new European AML authority that would work on the basis of deep relationships with national authorities such as financial intelligence units and law enforcement agencies. For further reading, you might consider [a blog post](http://bruegel.org/2018/05/completing-europes-banking-union-means-breaking-the-bank-sovereign-vicious-circle/) by Isabel Schnabel and Nicolas Véron discussing the need to "complete the banking union" by breaking the bank-sovereign vicious circle.