Gordon Kerr, Cavin O’Driscoll with Enrico Colombatto

The BIS Takes Aim At Cryptocurrencies:

To help understand the genuinely transformative business technology of blockchain in the context of cryptocurrency hype, Wharton professor David Werbach encourages the distinction to be drawn between three frequently confused concepts: 1. Cryptocurrencies such as Bitcoin, which are simply (...)

Will The ECB Step In and Help Turkey Stabilise Its Currency?

Why is Turkey’s Currency Falling? During the past five years, we have observed the ebbs and flows of US and European capital markets investment appetite for the emerging markets (EM). Nothing deters EM investment more than currency fears, and many European fund managers must be pleased that (...)

Central Banks in Europe Are About to Regulate Crypto-Assets.

In September, the UK cross party Parliamentary Committee dealing with bank regulation and central banking published its analysis of the opportunities and risks posed by ‘crypto-assets’, such as Bitcoin, Ether, as well as any other coin issued via an Initial Coin Offering. The report makes stark (...)

The Stand-off Between Italy and the EU is a Serious Threat to the Euro

Why all the fuss? The nub of the dispute is Italy’s budget plans, which have been rejected by the European Commission (EC). The budget claims to increase public indebtedness by 2.4% in 2019 rather than the previously approved figure of 1.6%. However, the EC is unhappy about the violation of (...)

The Effectiveness of MIFID II After 11 Months

Background to MIFID, MIFIR and EMIR Version 2 of the Markets in Financial Instruments Directive (MIFID II) is a particularly important piece of recent European Law due to the extent and scale of its impacts on professionals operating in capital markets. MIFID II was enacted in 2014, and the (...)

The Consequences of Future ECB Policies for Banking

In January, there were two interesting speeches by senior ECB figures which provided some insight as to likely future policy. Speaking at an event in Riga to commemorate the fifth anniversary of Latvia’s adoption of the euro, ECB vice president Luis de Guindos (also a former Finance Minister (...)

More Euro Deepening – The Currency

Latest Political Developments Given the media’s focus on the March 29th Brexit date, the views of present and former EU political leaders captivated recent mainstream media. Former Italian prime minister Paolo Gentiloni called Brexit ‘the biggest mistake by a European country since the war’. (...)

The ECB Is Getting Out Of Kilter With The Federal Reserve

The ECB is under twin pressures, both of which are only likely to increase. Firstly, with interest rates stuck at minus 0.4% ECB policy is diverging from Fed policy; secondly, problems with Europe’s banking look likely to be highlighted soon by the ECB’s Supervisory Board. A) Interest Rate (...)

Will Monetary Union Become Fiscal Union? The Incoming New Personnel will Influence the Timing and Required Power Shifts.

Personnel changes are afoot, both of Central Bankers and Politicians. ECB President Draghi will step down at the end of October when his eight-year term expires. Half the ECB Governing Board will also be replaced at the same time. Bank of England Governor Mark Carney’s term expires at the end (...)

Facebook’s Libra; will it test the new ECB chief Christine Lagarde?

Facebook’s greatest recent challenge has been the fading of its brand. A veritable slew of newer social media platforms are cooler and more trendy than Fb, which now languishes in popular esteem as the social platform of choice for the out of touch greying generations, rather than youngsters. (...)

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Fiscal competition and economic freedom