The central bank digital currency (CBDC), or digital dollar, would not be anonymous, according to Federal Reserve Chairman Jerome Powell, thereby eliminating one of the main advantages of using cryptocurrencies. If the Fed were to pursue such an option, said Powell, there would be four minimum CBDC characteristics. The first would be intermediaries—it wouldn’t be…
The Digital Dollar Will Not Be ‘Anonymous,’ Says Fed Chair Powell
September 28, 2022
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The European Union Is About to Rupture
September 16, 2022
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Commentary The possible, even likely, collapse of the European economy would inflict some heavy costs to present European institutions. In this entry, Dr. Peter Nyberg and I detail why we believe we are likely to see some rupturing of the European Union (EU) as originally conceived. This may occur in two ways: Either the European…
High Inflation, Recession Risk Widen ECB Dilemma
August 31, 2022
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FRANKFURT—Eurozone inflation jumped to another record high and will soon hit double-digit territory, heralding a string of big interest rate hikes even as a painful recession appears increasingly certain. Driven by expensive gas and a devastating drought, consumer prices jumped more than expected in August and further rises are already in the pipeline, suggesting more…
ECB’s Lane Sees Euro Area Slowdown, Does Not Rule out Technical Recession
MADRID—The eurozone’s economy is likely to experience an economic slowdown, European Central Bank’s chief economist Philip Lane said on Tuesday, adding however that he did not rule out a mild, temporary, and technical recession. Lane told Spanish broadcaster TVE that the ECB should raise interest rates on a step-by-step basis. The institution raised rates by…
Central Banks Must Tighten Policy Even Into a Recession, ECB’s Schnabel Says
August 29, 2022
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JACKSON HOLE, Wyo.—Central banks around the world risk losing public trust and must now act forcefully to combat inflation, even if that drags their economies into a recession, European Central Bank board member Isabel Schnabel said on Saturday. Inflation is close to double-digit territory in many of the world’s top economies and any decline is…
Euro Area to Get Back Half What It’s Spending on War Fallout: ECB
August 2, 2022
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FRANKFURT—Eurozone countries are spending more than they will get back to cushion the economic hit from the Ukraine war via fuel subsidies and other support measures, the European Central Bank said on Tuesday, telling governments to use their cash more efficiently. The 19 countries that share the euro approved support measures worth 0.9 percent of…
European Central Bank Delivers Forecast-Beating Rate Hike As Inflation Soars
Policymakers at the European Central Bank (ECB) have decided to raise the benchmark interest rate by 50 basis points, exceeding market expectations and marking the first time in 11 years that the bloc’s monetary authorities have hiked rates. The move brings the ECB’s policy rate up to zero percent from negative territory, where rates had…
ECB Will Keep Countries on Straight and Narrow Even If It Buys Their Debt: Lagarde
SINTRA, Portugal—The European Central Bank’s upcoming bond-buying program will curb rising borrowing costs for vulnerable eurozone countries while keeping up pressure on their governments to repair their budgets, ECB President Christine Lagarde said on Tuesday. With the ECB nearing its first interest rate hike in over a decade, bond yields for Italy and other indebted…
Ukrainian Refugee Influx Could Ease Eurozone Labor Shortage: ECB
June 20, 2022
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FRANKFURT—The influx of Ukrainian refugees into the European Union could gradually ease labor shortages in the eurozone as some of those fleeing the war are likely to settle permanently, the European Central Bank said on Monday. Around seven million people, mostly women and children, have fled Ukraine so far since Russia launched its invasion on…
Euro Jumps as ECB Holds Unscheduled Meeting, Dollar Awaits Fed Move
LONDON—The euro jumped after the European Central Bank’s governing council said it would hold an unscheduled meeting on Wednesday to discuss the recent sell-off in government bond markets, hours ahead of a closely-watched meeting of the U.S Federal Reserve. The European common currency rose as to as high as $1.0508 following the announcement, which comes…
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