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Lagarde Cuts ECB Chief Economist Interventions During Monetary Policy Meetings – Monetary Policy

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Lagarde Cuts ECB Chief Economist Interventions During Monetary Policy Meetings - Monetary Policy

European Central Bank (ECB) President Christine Lagarde wants more votes to be given to all national central bank governors on the institution’s board during monetary policy meetings, reducing the intervention of the chief economist. and executive committee members at meetings, Reuters reported, citing six people close to the matter.

The British agency claims that Lagarde asked Philip Lane, the central bank’s chief economist, and Isabelle Schnabel, a member of the institution’s “executive board”, to limit their intervention and leave more room for those in charge of the central banks of the 19 eurozone countries. can comment on monetary policy in the region.

Lagarde decided to limit board presentations to 20 pages and asked staff to finish their seminars by lunchtime on the first day of the long-awaited ECB monetary policy meetings.

Also, these meetings now start on Wednesday mornings instead of the usual afternoons. In turn, Thursday’s session starts half an hour earlier to give more room for debate.

According to the same sources, these rules have already been applied at the last meeting on monetary policy, which took place on 14 April.

Lane’s presentations and proposals take center stage at the ECB’s membership meetings, which include an informal Wednesday night dinner attended by 19 ECB governors and six board members.

Until these rules were enforced, there were meetings where Lane’s presentations exceeded 60 pages, limiting the time for debate between the 19 eurozone governors.

As for Schnabel, these new rules are only preventive in nature, since, according to the same sources, his appearances are “relatively short”.

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“Philip has a huge presence [nestas reuniões]it’s good to balance [a sua posição com a dos governadores] “, one of the sources concluded.

The Council of the European Central Bank will meet on June 9 to discuss monetary policy in the euro area, while markets and the institution’s own members, including Lagarde, point to an interest rate hike already underway. end of the asset purchase program.

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Economy

Five foods we all have at home that replace sugar

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Five foods we all have at home that replace sugar

QuestionWe already know that sugar is good for nothing. What you may not realize is that from fruits to honey, there are several alternatives that can help replace sugar.

With that in mind, Portuguese hospital chain CUF has put together five healthier substitutes. See below:

1- Fruits

“You can choose fresh or frozen fruit by adding natural yogurt, such as banana, applesauce or berries.”

2- Spices

“Try adding some cinnamon to coffee, for example.”

3- Chalk

“It can be used to sweeten and flavor a variety of foods such as hot drinks, toast, oatmeal, milk and yogurt.” However, the CUF warns: “Children under 12 months of age should not consume refined sugar or honey because, in addition to being high in calories, they may contain spores of bacteria that cause botulism. Agave syrup should also not be given to children, because. it is not pasteurized.

4- agave syrup

Also in this case, CUF notes, “Although it has a slightly lower glycemic index than sugar, agave syrup also raises blood sugar.”

5- Stevia

For people with prediabetes or diabetes, stevia can be an alternative to refined sugar. “But don’t forget that stevia is 200 times sweeter than sugar.”

Read also: Diabetes. “Villains” and Foods You Really Need to Start Eating

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Novo Banco: Audit reveals €61 million deviation in revaluation of 23 properties – News

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Novo Banco: Audit reveals €61 million deviation in revaluation of 23 properties - News

According to an audit report conducted by Deloitte, to which Lusa had access, Novo Banco created a new department in 2020, dubbed the “Asset Valuation Area”, which became responsible “for analyzing the fair value of assets that are carried at fair value in the Bank’s financial statements. , as well as conducting a critical analysis of external assessments received from third parties in relation to these assets.

In the same year, fair value revaluation of the bank’s illiquid asset portfolio began in the area, which includes 23 properties with a net worth of €225.4 million as at 31 December 2019.

“For the 23 properties mentioned above, it was found that the revaluation carried out by the Asset Valuation Zone resulted in a total deviation of around 61 million euros (…), indicating a total estimated value of these properties of 218 million euros,” reads the statement. message. a document that the government submitted to parliament in April.

The report also clarifies that for these 23 properties, Novo Banco has already recognized total losses of around 58 million euros in 2019 and around 81 million in previous years.

“These losses represented a general devaluation through the end of 2019, prior to the revaluation in 2020, by approximately 38%,” the report said.

The document also states that, according to documentation provided by Novo Banco, the valuations obtained from the process conducted by the Asset Valuation Zone “were lower than the valuations obtained in 2020 during the periodic real estate valuation process.” which was mainly due to the fact that some of the assumptions inherent in the estimates were revised.

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We are talking about revising the discount rate and KPIs (“Key Performance Indicators”) of several real estate projects, as the bank believes that the previously accepted values ​​did not reflect the real investment risk of each project or the change in ownership type from urbanized land to rural land, because, according to the bank’s internal rules, the conditions for the development of the envisaged real estate projects are not met.

In addition, “higher construction costs have been estimated for several real estate projects to more accurately reflect the prevailing market value.”

This third special audit was conducted by Deloitte pursuant to a government decision following a June 2021 settlement by the Settlement Fund, based on fiscal year 2020, in accordance with the terms of the Conditional Capitalization Agreement (“CCA”).

In 2021, the Resolution Fund’s payment for the 2020 accounts amounted to 429 million euros.

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Economy

Diesel is below two euros again, 21 days later. See official prices here

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Between rising fuel prices and falling CPI for gasoline.  Find out how much you will pay for replenishing your deposit this week

Fuel prices have dropped this week Multinews have already advanced, while plain diesel was again below two euros per liter, which has been going on for 21 days.

According to official data from Directorate General of Energy and Geology (DGEG)published on its page, on Monday the average price of 95 petrol was 2084 euros per liter, which is 1.6 cents slightly lower compared to 2100 euros per liter on Friday.

Special 95 petrol also fell to 2,099 euros per liter on Monday from the previous 2,121 euros per liter on Friday, a drop of more than two cents.

Similarly, the price of regular diesel fell about six cents to 1,993 euros a liter this Monday from 2,060 euros a liter at the end of last week.

The same trend is observed for specialty diesel fuel, which fell from 2091 euros per liter on Friday to 2016 euros per liter on Monday, i.e. by 7.5 cents.

This is the first time since June 12, that is, 21 days ago, that regular diesel fuel costs less than two euros per litre.

The latest European Commission Fuel Bulletin lists Portugal as the 10th most expensive petrol out of 95 of the 27 countries in the European Union. Diesel takes 12th position in the European ranking.

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