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Dec 30, 2024 | 
politico.eu | Carlo Giovanni Boffa |Ben Munster
The idea is “to slowly diversify international reserves away from what remains very large holdings of dollar-based assets,” said Mohamed El-Erian, former boss of bond trading giant Pimco. The dollar still accounts for around 58percent of the world’s foreign exchange reserves, making it all-but indispensable for any kind of cross-border trade, but that is down from around 65 percent only a decade ago.
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Dec 18, 2024 | 
politico.eu | Carlo Giovanni Boffa |Johanna Treeck
POLITICO spoke to five people and reviewed dozens of documents relating to two contentious hiring processes, both of which took place earlier this year: one for an adviser position in the directorate general of market operations and the other involving multiple supervisory roles in the directorate overseeing on-site inspections of banks. Staff representatives accuse management of twisting selection criteria after the process had been completed, to favor preferred candidates.
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Dec 10, 2024 | 
politico.eu | Carlo Giovanni Boffa |Johanna Treeck
FRANKFURT — The European Central Bank is gearing up for another interest rate cut on Thursday and may also take a stronger line on signaling future rate cuts, at a time when political chaos in Europe’s two biggest economies is overshadowing an already grim economic outlook. The ECB is expected to cut its key deposit facility rate by a quarter point for a fourth time this year, bringing it down to 3 percent.
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Dec 4, 2024 | 
politico.eu | Carlo Giovanni Boffa
ZAGREB — The European Central Bank is on track to keep cutting rates at a gradual pace rather than opting for a larger move when it meets next week, according to Croatian central bank chief Boris Vujčić. In an interview with POLITICO on Monday, the ECB Governing Council member, who is usually judged to be a moderate hawk, also downplayed the possibility of any major surprises. “I don’t think that it will be such a difficult decision in December,” he said.
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Nov 27, 2024 | 
flipboard.com | Carlo Giovanni Boffa
Ruble tumbles as Russia’s war economy comes under increasing strainNew sanctions package closes one of the last conduits of hard currency to Moscow. The ruble tumbled on Wednesday to its lowest level in over two …
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Nov 27, 2024 | 
politico.eu | Carlo Giovanni Boffa
The ruble tumbled on Wednesday to its lowest level in over two years, as a mix of low oil prices, new sanctions against Russian businesses and burgeoning government spending on its war effort put ever-greater strain on the Russian economy. The central bank reacted by suspending currency purchases for the rest of this year. That will restrict the supply of rubles and should support the exchange rate accordingly.
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Nov 26, 2024 | 
politico.eu | Johanna Treeck |Carlo Giovanni Boffa
Europe’s politics are a mess, the economy is stalling — and its currency is taking the strain. The euro has fallen to its lowest level against the dollar in nearly two years. But while the election of Donald Trump as U.S. president and the anticipation of his policies have played a big role in that weakness, a succession of bad political and economic news from the region’s two biggest countries has sapped confidence as well.
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Nov 23, 2024 | 
politico.eu | Ben Munster |Carlo Giovanni Boffa
Divisions are growing within the European Central Bank over the best way to revive Europe’s flagging economy despite the uncertainty created by Donald Trump’s return to the White House. Earlier this week, the outspoken governor of the Bank of Italy, Fabio Panetta, called for a more forceful approach to interest rate cuts, to combat low growth and address an industrial slump that is now two years old.
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Nov 20, 2024 | 
politico.eu | Carlo Giovanni Boffa
A weak growth outlook and looming U.S. tariffs on European imports threaten to reignite concerns over debt sustainability in the eurozone, the European Central Bank warned on Wednesday. “Elevated debt levels and high budget deficits, coupled with weak long-term growth- potential and policy uncertainty, increase the risk that fiscal slippage will reignite market concerns over sovereign debt sustainability,” the Bank said in a semi-annual Financial Stability Review.
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Oct 31, 2024 | 
politico.eu | Johanna Treeck |Carlo Giovanni Boffa
What’s wrong with this picture? The European Central Bank has warned banks to be on their guard against cyber-attacks from Russia and other authoritarian states. That same European Central Bank is also employing the daughter of a pro-Russian candidate for Moldova’s presidency — Alexandr Stoianoglo — as part of its banking supervision technology team. There is no suggestion that Corina Stoianoglo, the anti-EU candidate’s youngest daughter, has acted improperly in her work.
