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- The Bank of England’s Rate Hike Shouldn’t Have Been a Shock28 Jun 2023—BloombergThe Bank of England surprised financial markets last week by raising its policy rate half a percentage point instead of the expected quarter. The bigger surprise was that so many investors and analysts were surprised. With inflation stuck for a second month at 8.7%, much higher than in Europe or the US, the central bank’s new policy rate of 5% is still substantially negative in real terms. If the UK is to get inflation back down to its 2% target, this latest move is unlikely to be enough. To...
- Insuring All Deposits Wouldn’t Make Banking Safer30 May 2023—BloombergUnlimited insurance would stop runs — but banks would still fail, and the costs would be higher. Tue May 30 2023 05:00:22 GMT-0700 (PDT) Listen to this article 3:31 The Editors are members of the Bloomberg Opinion editorial board. + Get alerts for The recent runs on Silicon Valley Bank and other regional lenders have drawn new attention to an old and seemingly intractable question: How far should governments go in guaranteeing the safety of bank deposits? Many are calling for a bold expansion...
- Curbing Europe’s Inflation Can’t Be Left to the ECB15 May 2023—BloombergThe European Central Bank’s task in bringing inflation back under control almost makes the Federal Reserve’s job look easy. Economic conditions vary widely across the euro area’s 20 member countries, in part because the European Union’s fiscal and financial policies aren’t sufficiently coordinated. That’s a challenge that the ECB’s principal policy tool — the short-term interest rate — can’t be expected to meet. If the inflation rate, currently 7%, is to be suppressed without unintended...
- Mend the Liberal Economic Order Before It’s Too Late19 Apr 2023—BloombergEconomic policymakers in rich and poor countries alike are contending with a host of challenges: high inflation, financial fragility, fiscal stress, broken supply chains and mounting geopolitical uncertainty. In the background, less acknowledged, there’s an overarching problem. The value of multilateral cooperation — and the institutions tasked to deliver it — is itself in doubt. Last week’s meetings of the International Monetary Fund and World Bank were an opportunity to start serious...
- Who’s to Blame for America’s Latest Banking Crisis?4 Apr 2023—BloombergAmerica’s first banking crisis in more than a decade has regulators facing a very public reckoning: To what extent are they to blame for a rash of failures that has shaken confidence in the financial system? And how can they make things right? The recent turmoil has been a study in bank mismanagement. For most of 2022, Silicon Valley Bank (the first lender to run into trouble) had no chief risk officer. Other executives willfully ignored glaring vulnerabilities: An extreme reliance on flighty...
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