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ECB will use all tools to bring inflation down to 2% – Executive Digest



The European Central Bank (ECB) remains “strongly focused” on price stability in the eurozone and will use “all tools in the toolbox” to achieve a medium-term inflation target of 2%, Christine Lagarde said today.

In Latvia, ECB President Christine Lagarde warned that “a moderate recession by the end of the year and by 2023 will not be enough to contain inflation” and said that any fiscal stimulus from governments must be temporary, targeted and tailored to individual vulnerable sectors. economy.

Such measures should target the most vulnerable and include incentives to save energy as well as direct spending to reduce energy consumption, Lagarde said.

Lagarde also said Wednesday’s 0.75 percentage point hike in interest rates by the US Federal Reserve (Fed) should not be seen as a sign that the ECB will act in a similar manner.

“The US and the eurozone are not similar, there are different sources of inflation,” Lagarde said, explaining that the rise in prices in the US was driven by strong demand in the economy and an adjusted labor market.

In the US, there were 1.7 vacancies per unemployed person, while in Europe there were more job seekers than vacancies.

In the panel discussion, Lagarde was joined by EU Executive Vice President and Commissioner for Trade Valdis Dombrovskis, who stressed the need for a coherent policy mix in the European Union (EU), where “monetary and fiscal policy should not depend on cross-cutting objectives.” “.

Dombrovskis acknowledged that “the release clause (allowing the budget constraint to be broken) remains active” given the great uncertainty countries are facing, but the fiscal policy stance is changing as the European Commission discourages fiscal stimulus, especially in high-income countries. debt level. .

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The EC Vice-President said that the EU continues to move towards closer coordination of fiscal policy in relation to public spending, using the so-called European biennial framework for comprehensive oversight and coordination of economic and employment policies across the EU.

Both Lagarde and Dombrovskis agreed that climate change is a major driver of inflation and that EU economies will have to deal with temporary energy price spikes as part of the transition to sustainable, renewable and “greener” energy sources.

The ECB President stressed that the EU countries should accelerate the planned energy transition towards a combination of climate-friendly alternative sources, renewable energy sources, including nuclear energy, which is being discussed in the EU.

Lagarde said this will affect trade as well as supply chains, prices will rise as part of the transition, and reliance on reliable partners will also affect inflation.

He cited the impact of climate change on a major economy, Germany, noting that the low water level in the Rhine River resulted in barges carrying goods at half their capacity, which affected the country’s trade and gross domestic product (GDP).

Dombrovskis said the EU’s “policy flagship” is the European Green Deal, and that the EU’s response to the war against Ukraine has been to speed it up, as well as to phase out fossil fuels altogether.

Regarding Ukraine, the commissioner said that the EU institutions are working on a plan for the reconstruction of the country, which assumes that the country has suffered damage in the amount of about 400 billion euros. Dombrovskis said the plan would follow the “perpetrator pays” principle and use confiscated Russian assets to fund reconstruction and restoration.

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Dombrovskis and Lagarde spoke at a conference dedicated to the 100th anniversary of the central bank of Latvia, Latvijas banka, organized by the governor of the central bank, Mārtiņš Kazaks.

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Zelensky says Russia is avenging military defeats with hundreds of terrorist attacks



“In just one week, the enemy bombed 258 times 30 settlements in our Kherson region,” in the south of the country, Volodymyr Zelenskyy said in his usual evening message, which was broadcast on television.

“They are not capable of anything, only destruction. This is what they leave behind. What they are doing now against Ukraine is an attempt at revenge. Revenge for the fact that the Ukrainians defended themselves several times against them,” he said.

According to the official news agency Ukrinform, Russia has attacked Kherson 21 times over the past 24 hours, hitting residential buildings and civilian infrastructure with its missiles.

As in previous days, air raid sirens sounded again over Ukraine, but without a massive attack.

Ukrainian Air Force spokesman Yuriy Ignat said flights by Russian strategic bombers had been recorded, but “threats of attack by ground-launched missiles” had also been recorded.

According to the US Institute for the Study of War (ISW), Russian troops are preparing to launch another wave of missile strikes on Ukraine next week.

“But most likely, these preparations are aimed at maintaining the pace of recent attacks, and not increasing them due to the limited Russian missile arsenal,” ISW said.

On Monday, Zelenskiy warned of a possible new massive attack later this week.

The military offensive launched on February 24 by Russia in Ukraine has already caused the flight of more than 13 million people – more than six million internally displaced people and more than 7.8 million – to European countries – according to the latest UN figures. which classifies this refugee crisis as the worst in Europe since World War II (1939-1945).

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The Russian invasion, justified by Russian President Vladimir Putin on the need to “denazify” and demilitarize Ukraine for Russia’s security, was condemned by the international community at large, which responded by sending weapons to Ukraine and imposing them on Russia. political and economic sanctions.

The UN has presented as confirmed 6,655 civilian deaths and 10,368 wounded since the start of the war, stressing that these figures are much lower than the real ones.

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DNA, Genealogy Solve Two Brutal 1983 Canadian Murders – Newsroom



Erin Gilmour, a 22-year-old student, and Susan Theis, a mother of 45, were stabbed to death at their Toronto homes four months apart after being sexually assaulted.

Nearly four decades later, “scientific advances” have allowed the Toronto police to detain Joseph George Sutherland, Inspector Steve Smith told a news conference.

By linking two murders in 2000 with a suspect’s DNA collected at the scene, authorities used genetic genealogy “to identify the family” and thus “reduce the number of suspects,” Smith said.

This investigative method consists of comparing the suspect’s DNA with the family tree of a distant relative.

“If we hadn’t used this technology, we would never have known his name,” Smith explained, adding that Sutherland was never suspected.

“This is the day our family has been looking forward to for most of our lives,” said Sean McCowan, brother of Erin Gilmore.

“In a way, it’s a relief that someone has been arrested. But it also brings back so many memories of Erin and her brutal and senseless murder,” he added.

Aspiring fashion designer Gilmour was the daughter of David Gilmour, co-founder of Barrick Gold, one of the largest gold mining companies in the world.

She had no ties to the second victim, Susan Tice, a family therapist and mother of four, according to police.

Joseph George Sutherland, now 61, will appear in court in early December on charges of first-degree murder.

It may also be linked to other open cases, authorities said, who are continuing to investigate.

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The Pope agreed with Russia on the release of Ukrainian prisoners



“When I received lists of prisoners, both civilian and military, I sent them to the Russian government, and the response was always very positive,” Pope Francis said today in an interview published by the North American Jesuit newspaper America.

Francis, who has been criticized in the past for alleged ambiguity in Russia’s conflict with Ukraine for not naming Russian President Vladimir Putin, said that when he talks about Ukraine, he is talking about “martyrs, martyr people.”

“If there are people who are martyrs, there is someone who tortures them. When I talk about Ukraine, I talk about cruelty, because I have a lot of information about the arriving troops,” said the head of the Catholic Church.

“Of course, the occupier is the Russian state. It is clear. Sometimes I try not to specify, so as not to offend or condemn in general terms, although it is clear who I am judging. First and last name is not required. Why didn’t I nominate Putin? Because it was not necessary, it was already known. Everyone knows what my position is, with Putin and without Putin, without naming him,” Papa added.

Francis recalled that on the second day of the invasion, he went to the Russian embassy, ​​which was an unusual gesture for a pope, and claims that at the time he told the ambassador to tell Putin that he was ready to go, on the condition that he left him “a small window for negotiations.”

In an interview, he explained that he spoke on the phone three times with Ukrainian President Volodymyr Zelensky and that he had made the decision that if he did go, he would go to Moscow and Kyiv, denying that he ever gave the impression that he was “covering up.” aggression,” adding that they received delegates from the Ukrainian government several times.

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However, he reiterated that “the position of the Holy See is to seek peace and understanding” and that “the diplomacy of the Holy See is moving in that direction and is obviously always available for mediation”.

The Pope also touched on the internal issues of the Catholic Church, such as the opening of the priesthood to women, stating that it was a “theological matter”, that an opening for women was not foreseen, but that it could not be seen as a “deprivation”.

“The theology of woman has not yet been developed, there is only the possibility of an administrative principle,” the pope said, emphasizing the role of women.

“Women are mothers and better than us men see the sacrament of the Church. That’s why women’s advice is so important. And the female solution is better. When a woman goes into politics or government, she usually does well. And it is women, there are many economists who are constructively renewing the economy,” he said.

When asked about racism in the American Catholic Church, the Pope called it “an unbearable sin”, as well as sexual abuse of minors, which he called “monstrous”.

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