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September 13, 2021

Europe | The ECB delays its key decisions until December

No surprises came out of last Thursday's ECB meeting, with the expected announcement of a reduction in asset buybacks under its pandemic emergency purchase program (PEPP). The big decisions on monetary policy measures will have to wait until its meets on December 16.

September 7, 2020

Global | Is there momentum in the markets?

Over the summer, the optimism in the financial markets held firm. This was despite the confirmation of the unprecedented collapse of economic activity in the second quarter of 2020 — the result of the drastic measures taken on a global scale to contain the spread of COVID-19.

November 19, 2018

From risk appetite to caution

It is still too early to take stock of the year but, with a little more than a month to go until it ends, everything indicates that 2018 will have been the year in which the financial markets ran head on into reality. In 2017 a very positive tone dominated the markets, due to a combination of factors that shaped a very favo…

September 12, 2018

U.S. | What’s behind the slowdown in bank deposits?

Bank deposits have slowed since the end of 2015 and further more since the beginning of 2018. The slowdown matches historical patterns during late-stage economic expansions. The likely cause is the higher attractiveness of deposit alternatives as deposit interest rates have not increased commensurately with other short-term…

June 4, 2018

SBBS: Low risk without mutualisation?

Last week the European Commission presented a proposal for developing a new class of low-risk assets denominated in euros. SBBS, or sovereign bond-backed securities, are securitisations backed by a set of sovereign bonds of euro zone countries. Each SBBS would thus incorporate an exposure to a small part of sovereign bonds …

March 26, 2018

Are bad banks good?

The European Commission recently issued a guide for countries wishing to be able to create bad banks for the purpose of managing their banks’ impaired assets, whether loans or repossessed assets. A bad bank is a public or private sector entity that acquires these assets and has an extended period in which to liquidate them …