euro

Introduction Germany, by releasing its Debt Brake and borrowing more itself, will use up the capacity the markets rely on to bail out the euro. Markets complacently believe the €1.5…

Introduction The European Central Bank (ECB) issued its 2024 annual report on 20th February and revealed that it now has negative capital.1 What with the German elections delivering a stalemate,…

Introduction Financial regulators frequently refer to the Global Financial Safety Net, or GFSN, as the bulwark against a repeat of the Global Financial Crisis and the Eurozone crisis 2007-13. The…

Introduction – 130 Central Banks have CBDC Projects Since we last reported on the ECB’s thinking about CBDCs1, multiple central banks have undertaken research in designing, operating and selling CBDCs.…

Introduction – the life and career of M. Jacques Delors, 1925-2023 Born in the interwar years, Jacques Delors joined France’s central bank aged 20, where he worked for seventeen years.…

Followers of US monetary policy are raising concerns about the consequences of the Federal Reserve’s efforts to reverse the 17% growth in the money supply (M21) in the two-year period…

Introduction The European Stability Mechanism (ESM) will now be backstop-of-last-resort to the Eurozone banking system, in addition to backstopping the Eurozone member states and the currency itself. Its resources have…

Introduction – Bulgaria’s recent announcement On 17 February, Bulgarian finance minister Rositza Velkova announced that, rather than continue as planned with the full, formal adoption of the euro on 1…

Introduction – Recent ECB Policy Developments Croatia became the 20th Eurozone member on January 1. Regular readers know our often expressed view that the euro is a deeply flawed currency…

Towards the end of August, every year investors focus on the Jackson Hole conference of the central banking global elite. Given widespread acceptance among central bankers that non-temporary inflation is…