ECB
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The ECB should learn from its mistakes
The ECB is currently reviewing its monetary policy strategy. Bond purchases are of course one available tool – but the central bank should be careful when considering using it.
„Trump currently sees the EU as the main competitor in trade“
DZ Bank Chief Economist Michael Holstein does not share the ECB’s concern that medium-term inflation might be too low. And with regard to the trade dispute with the US, he anticipates a tough negotiating stance from Washington.
Review of ECB monetary policy strategy
Four years after its last strategy review, the ECB is reassessing its monetary policy tools. Good communication with financial markets will play a key role in the process. The bond purchase programme, which has faced strong criticism at times, is also under scrutiny.
Companies are now better prepared
The inflation rate appears to be under control. But companies don't trust the apparent tranquility. This creates the risk that they will contribute to the next surge in inflation.
Markets already weighing up potential candidates for next ECB President
By 2027 at the latest, Christine Lagarde will step down from the ECB presidency. The markets are already assessing potential successors.
ECB Works Council Chair criticises management
ECB Works Council Chair Carlos Bowles claims that employees were pressured to adapt study results to suit the agenda of top managers. The central bank strongly denies the allegations.
Concentrating resources in the central banking district
Numerous financial institutions and supervisors have recently relocated their offices or plan to do so. The central banking district has emerged as the preferred location, with outlying sites increasingly being vacated.
New technologies for a more resilient financial system
At the recent Crypto Assets Conference at the Frankfurt School of Finance, panellists analysed the growing impact of blockchain technology on the finance industry. Speakers included ECB Executive Board member Piero Cipollone, and economist Maxi Günnewig who was awarded the inaugural Philipp Sandner Prize.
„Germany remains the anchor of stability in the eurozone”
According to Katharine Neiss, chief economist for Europe at PGIM, the extent to which Germany's more expansive fiscal policy will stimulate growth depends on whether it is accompanied by structural reforms.
„The window for interest rate cuts is closing“
According to Bantleon Chief Economist Daniel Hartmann, the planned 180-degree turnaround in German fiscal policy will have a clear impact on the ECB's monetary policy. He sees very limited room for further interest rate cuts in the eurozone – perhaps one more 25bp cut.
Time for the ECB to pause on further interest rate cuts
After five consecutive rate cuts by the ECB, a pause is needed. Inflation risks are increasing – partly due to the massive spending plans announced in Berlin.
Banks facing wider range of challenges
Banks are facing geopolitical challenges that can no longer be met with conventional risk management methods. ECB Banking Supervision identifies three main channels via which shocks can reach the banking system.
Czech National Bank to study adding Bitcoin
The Czech National Bank is moving ahead with a study on investing 5% of its reserves in Bitcoin. The initiative from CNB Governor Aleš Michl comes as the United States is also considering crypto reserves.
„Trump will try to undermine the Fed's independence“
LBBW Chief Economist Moritz Kraemer forecasts that the ECB will cut interest rates four more times this year, while the US Federal Reserve will only do so once at most. The latter could intensify President Donald Trump's attacks on the Fed.
ECB heading towards more complex rates decisions
Last week's decision by the ECB to cut rates was fairly straightforward. But from April onwards there is likely to be a fierce debate within the Governing Council on future monetary policy direction.
„2025 will be a balancing act for investors“
With key interest rates gradually decreasing and corporate profits on the rise, Frank Engels, Chief Investment Officer of Union Investment, sees opportunities in equities for 2025. But the uncertain geopolitical landscape looms as a potential risk.
Unicredit's push creates new fronts in the fight against money laundering
If Unicredit's takeover of Commerzbank succeeds, the fight against money laundering will face new cross border challenges. The EU institutional framework has structural shortcomings in reporting suspicious activities, and a lack of capacity in law enforcement.
AI: friend and foe of central banks
Artificial intelligence (AI) can help central banks with forecasting. However, the technology also harbours risks for financial stability and monetary policy.
A warning to the ECB
Inflation is falling again after the rise in May. However, the high inflation in services should cause unease at the European Central Bank.
Thought leadership at the European Central Bank
ECB Executive Board member Isabel Schnabel recently received the Global Economy Prize in the Economics category. Since taking up her post at the central bank, she has become an influential voice.
„Perhaps this is a sort of calm before the storm“
The CIO of LBBW Asset Management, Michael Hünseler, expects that the Fed will cut interest rates this year. And he anticipates greater volatility on stock markets.
Another ECB rate cut in July would be inappropriate
The ECB's rate cut in early June was appropriate. But following it with another one in July would be a mistake.
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