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Posts Tagged ‘Euro’

Europe’s Banks Warn About Prospects

Posted by hkarner - 9. August 2019

Date: 08-08-2019
Source: The Wall Street Journal

Continent’s lenders are grappling with lower interest rates and geopolitical tensions

For Europe’s lenders, the hits keep on coming.

Banks in Germany, Italy and the Netherlands warned Wednesday that making money and improving their operations are becoming more challenging as already-low interest rates look set to tick lower.

Shares of Commerzbank AG , UniCredit SpA and ABN Amro Bank NV fell sharply as they struck a gloomy tone about their outlook in reporting second-quarter earnings.

A low-rate environment that has lasted longer than many expected has already taken a toll on the profitability of banks in the region. They are also grappling with a slowing economy, the impact of trade tensions between the U.S. and China and the possibility that the U.K. drops out of the European Union with no agreement.

“Banks will have to find ways to make money in a more challenging environment,” said Vincenzo Longo, a Milan-based strategist at IG Group . He also said that banks clearly had further to go in restructuring and that they would likely take a hit from the slowdown in manufacturing, particularly in Germany.

‘As client rates are close to zero, it will be increasingly difficult to offset the decline,’ said ABN AMRO Chief Executive Kees van Dijkhuizen.

Tumbling U.S. yields also took a toll on U.S. banks shares. The KBW Nasdaq Bank Index was down 3.1% Wednesday, bringing its drop in the past week to nearly 9.5% in another sign of unease about the health of the U.S. economy. Den Rest des Beitrags lesen »

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The Money’s More Than Free. Why Won’t Europeans Borrow?

Posted by hkarner - 24. Juli 2019

Date: 22-07-2019
Source: The Wall Street Journal

Which explanation you prefer determines whether you think the European Central Bank is right to be considering another cut

It is plausible that negative rates have worked, as eurozone investment since rates went negative in June 2014 has been slightly ahead of the U.S.

When it comes to interest rates, the U.S. and Europe are upside down.

A big worry about the expected interest-rate cut in the U.S. is that it will encourage too much borrowing, inflating bubbles in debt and equity markets. A big worry about the expected interest-rate cut in Europe is that it will discourage borrowing, with many companies, households and governments paying down debt even with negative central-bank rates. Den Rest des Beitrags lesen »

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The Central Banker Europe Needs

Posted by hkarner - 10. Juli 2019

Barry Eichengreen is Professor of Economics at the University of California, Berkeley, and a former senior policy adviser at the International Monetary Fund. His latest book is The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era.

While having a president with specialized training as a monetary economist would benefit the European Central Bank, such training is not essential. If Christine Lagarde is confirmed for the position, Europe will learn that other attributes matter much more.

CAMBRIDGE – The selection of the International Monetary Fund’s managing director, Christine Lagarde, to succeed Mario Draghi as the next president of the European Central Bank caught most observers by surprise. Now the critics are making up for lost time. Some commentators object that Lagarde lacks experience as a central banker. Others complain that she lacks an advanced degree in economics.

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For Europe, There’s an Upside to Germany’s Slowdown

Posted by hkarner - 8. Juli 2019

Date: 07-07-2019
Source: The Wall Street Journal

Loss of momentum could coax the government in Berlin to open its wallet

Germany has emerged as a major victim of global uncertainties because of its heavy reliance on exports, which account for 47% of its economic output. Employees at a BMW factory in Leipzig.

Germany’s economic slowdown, though no doubt bad for Europe in the short term, could be helpful over a longer period by easing a rift between the region’s economically stronger north and weaker south over pro-growth policies.

The country accounts for nearly a third of all economic activity in the eurozone, but no European Union economy grew more slowly in the year through March, aside from Italy. That puts Germans more in sync with the rest of the region as global growth cools, Brexit drags on and trade tensions linger between the U.S. and China. Den Rest des Beitrags lesen »

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Lagarde Is the Right Choice

Posted by hkarner - 5. Juli 2019

Philippe Legrain

Philippe Legrain, a former economic adviser to the president of the European Commission, is a visiting senior fellow at the London School of Economics’ European Institute and the founder of Open Political Economy Network (OPEN), an international think-tank whose mission is to advance open, liberal societies. His most recent book is European Spring: Why Our Economies and Politics are in a Mess – and How to Put Them Right.

The nomination of Christine Lagarde to be the next president of the European Central Bank is a breath of fresh air for the stale, male-dominated institution. Incumbent President Mario Draghi may seem like a hard act to follow, but Lagarde has what it takes to succeed. She needs to be bold.

LONDON – The choice of Christine Lagarde, the managing director of the International Monetary Fund and a former French finance minister, to succeed Mario Draghi as president of the European Central Bank, is controversial. It should not be.

To be sure, the political horse-trading through which top European Union positions are allocated is unedifying. Lagarde was selected not in an open, merit-based appointment process, but rather as part of a backroom deal that also involved the nomination of Ursula von der Leyen, the German defense minister, to be the next president of the European Commission.But despite the opacity of the appointment process, and although she was chosen in part because she is a woman, French, and from the center-right European People’s Party, Lagarde would bring formidable qualities to the role. Den Rest des Beitrags lesen »

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Lagarde’s First Job as ECB Boss: Sway Germany

Posted by hkarner - 5. Juli 2019

Date: 04-07-2019
Source: The Wall Street Journal

Draghi’s successor faces critical decisions about policies that have been unpopular in Germany

Christine Lagarde .The ECB’s relationship with Germany has at times been strained.

FRANKFURT—Christine Lagarde may be world renowned as head of the International Monetary Fund, but her first big challenge as European Central Bank president would be to win over skeptics in her next home country: Germany.

She is set to take the reins as the ECB faces critical decisions in the coming months over how to support the eurozone’s sagging economy. That could mean expanding or relaunching a giant bond-buying program that has been criticized by German officials.

The ECB’s relationship with its biggest shareholder is crucial but has often been strained, even though the eurozone central bank is housed in Germany’s financial capital and modeled on the nation’s Bundesbank.

Ms. Lagarde, a former lawyer, will need to master that relationship quickly, assuming she gains the necessary approvals to succeed Mario Draghi as ECB president on Nov. 1. She was nominated for the post by European Union leaders on Tuesday.

Mr. Draghi and his predecessor, Frenchman Jean-Claude Trichet, both faced opposition in Germany, which ranged from public sparring to ECB resignations and lawsuits. Den Rest des Beitrags lesen »

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EU-Banken fehlen 135 Milliarden Euro für neue Kapitalregeln

Posted by hkarner - 3. Juli 2019

Gelder fehlen fast nur Großbanken

Die EBA spricht von einer Kapitallücke.

Frankfurt – Banken in der EU brauchen nach einer Studie der EU-Bankenbehörde EBA 135 Mrd. Euro, um die künftigen Kapitalvorschriften zu erfüllen. Die vollständige Umsetzung der sogenannten Basel-III-Regeln würde die Mindestkapital-Anforderungen um 24,4 Prozent erhöhen, erklärte die EBA am Dienstag.

Die Kapitallücke trifft fast nur Großbanken, die weltweit aktiv sind. Von den 135 Milliarden Euro entfielen nur 0,9 Milliarden auf mittelgroße Geldhäuser und 0,1 Milliarden auf kleinere Institute.

Neue Kapitalvorschriften

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Making the Euro Area More Resilient Before the Next Recession Hits

Posted by hkarner - 18. Juni 2019

By Shekhar Aiyar, John Bluedorn, and Romain Duval

Growth in the euro area rebounded earlier this year, but it remains fragile, while risks have increased. Now is a good time for euro area economies to strengthen their ability to weather any future economic difficulties.

A new IMF staff paper looks at the resilience of euro area countries and finds that they have had more frequent and severe recessions than other advanced economies over the past 20 years. An even greater cause for concern is that differences between member countries’ growth and unemployment rates after euro area-wide downturns have widened. This widening was most stark following the 2008 global financial crisis. Den Rest des Beitrags lesen »

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EZB greift Banken mit Langfrist-Geldspritzen unter die Arme

Posted by hkarner - 7. Juni 2019

6. Juni 2019, 14:52, derstandard.at

Die Zinswende wird verschoben, die Kreditvergabe soll beflügelt werden

Vilnius – Die Europäische Zentralbank (EZB) verschiebt angesichts der zahlreichen konjunkturellen Fragezeichen die Zinswende bis weit in das nächste Jahr. Die Währungshüter um EZB-Präsident Mario Draghi stellten am Donnerstag nach ihrer Zinssitzung in Vilnius in Aussicht, ihre Leitzinsen noch bis mindestens zum Ende des ersten Halbjahrs 2020 nicht antasten zu wollen. Bislang galt dies nur bis zum Ende des laufenden Jahres. Dies ist nach März bereits das zweite Mal, dass die Euro-Notenbank ihren Zinsausblick zeitlich nach hinten verschiebt. Ursprünglich hatte sie nur bis zum Ende dieses Sommers in Aussicht gestellt, an ihren Zinsen nicht zu rütteln. Der Schlüsselsatz zur Versorgung der Banken mit Geld liegt seit März 2016 auf dem Rekordtief von 0,0 Prozent.


Die EZB will den Banken auch mit eher großzügigen Zinskonditionen für die neuen Langfristkredite unter die Arme greifen. Bei den zweijährigen Darlehen, die in der Fachwelt „TLTRO III“ genannt werden, winkt den Banken eine Prämie, wenn sie bei der Kreditvergabe nachweislich bestimmte Ziele erfüllen, wie die EZB am Donnerstag mitteilte. Den Rest des Beitrags lesen »

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Inflation im Euroraum sinkt deutlich – Druck auf die EZB steigt

Posted by hkarner - 6. Juni 2019

4. Juni 2019, 14:16 derstandard.at

Die Teuerung ging im Mai auf die bisher niedrigste Rate des Jahres zurück. Am Donnerstag treffen sich die Euro-Wächter in Vilnius

Frankfurt – Die Inflation in der Eurozone hat sich wieder deutlich von der Wunschmarke der Europäischen Zentralbank (EZB) von knapp zwei Prozent entfernt. Im Mai sank sie unerwartet kräftig auf 1,2 Prozent, was die bisher niedrigste Rate in diesem Jahr ist, wie die europäische Statistikbehörde Eurostat am Dienstag mitteilte. Im April war die Teuerung noch bei 1,7 Prozent gelegen. Für EZB-Chef Mario Draghi dürfte damit der Handlungsdruck steigen, zumal die Konjunkturaussichten wegen des sich verschärfenden US-Handelsstreits und der Brexit-Hängepartie ebenfalls unsicherer geworden sind. An diesem Donnerstag kommen die Euro-Wächter in Vilnius zu ihrer nächsten geldpolitischen Sitzung zusammen.

Warten auf Preisauftrieb

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