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How rate increases could impact debt ratios in the euro area's most-indebted countries
July 5, 2022--Debt-to-GDP ratios should continue to fall in euro-area countries despite rising interest rates, though after 2023 the situation might vary across countries
Spreads versus German yields for the euro-area countries with the highest debt-to-GDP ratios have increased significantly since September 2021. Even if spreads are not yet at the worrying levels of previous stress episodes (and have decreased since the European Central Bank's 15 June announcement that it is finally working on a new fragmentation tool), this increase could still represent a risk at a time when growth is slowing quickly because of the energy crisis caused by Russia's invasion of Ukraine, and when many countries have historically high levels of debt after the highly expansive fiscal policy put in place during the COVID-19 crisis.
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Source: bruegel.org
ECB-Euro area bank interest rate statistics: May 2022
July 5, 2022--Composite cost-of-borrowing indicator for new loans to corporations increased by 4 basis points to 1.55%, driven by the interest rate effect, while indicator for new loans to households for house purchase increased by 17 basis points to 1.78%, driven by the interest rate effect
Composite interest rate for new deposits with agreed maturity from corporations broadly unchanged at -0.24%, with interest rate for overnight deposits from corporations unchanged at -0.04%
Composite interest rate for new deposits with agreed maturity from households broadly unchanged at 0.25%, with interest rate for overnight deposits from households unchanged at 0.01%
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Source: ECB
Research: UK official holdings of international reserves: June 2022
July 5, 2022--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: gov.uk
ESMA-Sustainable Finance-implementation timeline
July 1, 2022--Implementation timeline for SFDR|TR|CSRD|MiFID|IDD|UCITS|AIFMD.
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Source: ESMA
Eurozone new inflation record adds pressure on ECB
July 1, 2022--Scorching rise continues to be primarily driven by energy prices.
Eurozone inflation surged to a record high of 8.6 percent in June, racing ahead of expectations once again and adding pressure on the European Central Bank to step up its fight against spiralling prices, flash Eurostat data showed today.
A Reuters poll of analysts had pointed to a record 8.4 percent jump in June, up from 8.1 percent in May.
Scorching inflation continues to be primarily driven by energy prices, which were up 41.9 percent in June compared with 39.1 percent in May. That's followed by food, alcohol and tobacco prices, which were up 8.9 percent in June compared with 7.5 percent in the previous month.
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Source: politico.eu
The implications for public debt of high inflation and monetary tightening
June 29, 2022--Expected increases in interest rates and reductions in real GDP growth rates will result in relatively small increases in public debt-to-GDP ratios, but inflation will reduce debt ratios very substantially
Rising inflation has triggered monetary tightening in several countries. The Federal Reserve and the Bank of England have already increased their key interest rates, while the European Central Bank will start to hike rates soon.
Higher interest rates raise concerns about public debt sustainability in countries with high public debt. In the euro area, government bond yields have already started to increase in anticipation of ECB monetary tightening. The increase has been higher in higher-debt countries, such as Greece and Italy, than in lowe-debt such as Germany and the Netherlands. Economic slowdown in the wake of the Russian invasion of Ukraine might aggravate debt sustainability concerns.view more
Source: bruegel.org
ECB-Monetary developments in the euro area: May 2022
June 29, 2022-- Annual growth rate of broad monetary aggregate M3 decreased to 5.6% in May 2022 from 6.1% in April (revised from 6.0%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 7.8% in May from 8.2% in April
Annual growth rate of adjusted loans to households stood at 4.6% in May-unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations increased to 5.8% in May from 5.2% in April
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 5.6% in May 2022 from 6.1% in April, averaging 6.0% in the three months up to May. The components of M3 showed the following developments.
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Source: ECB
Franklin Templeton launches Catholic EM sovereign debt ETF
June 29, 2022--This new Article 8 Smart Beta ETF will be managed by John Beck, senior vice president and director of global fixed income and will be based on the ICE BofA Diversified Emerging Markets External Debt Sovereign Bond index.
The index excludes bonds issued by countries that score poorly on criteria identified by the index provider as Roman Catholic principles, such as governments' moral integrity or social justice. The ETF also adjusts its security weightings to reduce its overall carbon footprint relative to the index.
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Source: publicnewstime.com
Citi tech tweaks halt UK online ETF purchases
June 28, 2022--Customers forced to place orders by phone as US bank suffers another systems issue
Citigroup has halted the online purchase of exchange traded funds for UK customers pending system enhancements, the latest in a string of technology issues to affect the US bank's business.
Over the weekend customers holding wealth management accounts were informed they could no longer make purchases of low-cost funds online for "operational reasons", according to a client notice seen by the Financial Times.
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Source: ft.com
How can the European Union adapt to climate change?
June 28, 2022--A stronger adaptation governance framework would benefit adaptation efforts.
Europe must increasingly deal with the harmful impacts of climate change, regardless of its success in reducing emissions. These impacts have significant cross-border effects and threaten to deepen existing divisions.
Cooperation on adaptation, which is mostly seen as requiring local or regional efforts, may be useful, but the role of the European Union is ill-defined.
We give an overview of how climate change might change Europe and how it might affect people and the economy. We also discuss what sort of adaptation policies are being pursued at EU level and on what grounds. We argue that a stronger adaptation governance framework would benefit adaptation efforts.
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Source: bruegel.org
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