European Central Bank
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European Central Bank

European Central Bank
European Central Bank
The European Central Bank was established by the Treaty of Amsterdam in 1998 and is headquartered in Frankfurt, Germany. The objective of the bank is to maintain price stability within the euro zone.
A Union flag flies near Big Ben in London, on Friday. Photo: AP
European Union

EU finance chief casts doubt on new UK clearing deadline

The comments came days before the EU announced it adopted a decision to extend an exemption to July 2028 that grants UK clearing access.

United States

Opinion | With Trump 2.0, it will be every country for itself

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China-EU relations

Defend euro as China, Russia push for alternative currency: Europe’s bank chief

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International Monetary Fund (IMF)

As global debt nears US$100 trillion, IMF urges action

International Monetary Fund economists warn that failure to address rising debt could lead to ‘significant spillovers’ for the world economy.

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The International Monetary Fund (IMF) logo is seen outside its headquarters in Washington. Photo: Reuters
China-EU relations

EU must tackle China, US threats without being protectionist: Draghi

Italian prime minister delivered the strong message just weeks after warning in a report that Europe faced ‘existential’ challenges.

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Banking & finance

Macroscope | Can central banks really prevent a repeat of the Great Depression?

As we wrestle with challenges similar to those before the 1920s slump, let’s not rely on central bankers to save us from economic calamity.

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Interest rates

July’s inflation blip will do little to derail US Fed’s September rate cut

The recent easing of price pressures has bolstered Fed officials’ confidence that they can start to lower borrowing costs while refocusing their attention on the labour market.

A supermarket in Montebello, California, on May 15, 2024. Photo: AFP
Banking & finance

Open Questions | 3 mega economic trends for China and the world, EU economist says

European economist Rolf Strauch touches on climate change, demographic, geoeconomic fragmentation and financial challenges for the global economy.

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Banking & finance

HKMA to join European test of cross-border payments on tokenised assets

An agreement with France’s central bank will make HKMA the first non-European participant in tests of the European Central Bank’s Eurosystem, which is exploring cross-border money transfer and settlement for tokenised assets.

International Property

Europe’s distressed properties favoured by global funds, Japan buyers: Patron

Distressed properties in Europe are presenting opportunistic gains for global investors because of supply and demand imbalances and pressure from high borrowing costs, UK-based Patron Capital Partners says.

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Workers seen during the consturction of the Warsaw Spire office skyscraper in August 2013. Photo: Reuters
Banking & finance

The View | Why the IMF must give China and other emerging economies a greater say

The US, Europe and Japan will not gladly sacrifice their IMF quotas to give China and others more voting rights. But a failure to reform the organisation will worsen rifts and weaken its ability to deal with looming global crises.

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IMF managing director Kristalina Georgieva and World Bank president Ajay Banga at a press conference in Marrakesh on October 12. Photo: AFP
China economy

China’s central bank ‘cautious’ in bond trade, even with mandate from Xi

Even after President Xi Jinping has asked for China’s central bank to trade government bonds, the outcome is likely to remain limited as the bank does not want to trigger negative outcomes for inflation and exchange rates.

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Interest rates

Fed’s decision this week could be the prelude to a rate cut in March

Any signal Fed’s Chair Jerome Powell may choose to send is of critical importance. It all comes down to how Powell and his colleagues have been reading the recent spate of economic data.

United States

Macroscope | US Fed must watch its step as recession risks loom

High interest rates will weigh on growth momentum, as the UK and EU economies are finding out. The inflation fight is not over, but the danger now is overcorrection – one wrong move by the Fed could tip the US economy into recession.

US Federal Reserve chairman Jerome Powell holds a press conference on September 20. The Fed’s assessment of the economy has been sound so far, but it cannot be complacent about the impact of high rates on growth and must also take into account risks such as political posturing in the run-up to the 2024 presidential election. Photo: AFP
International Property

German developers’ rising insolvency threatens nation’s housing sector

German Chancellor Olaf Scholz to meet leading players in the property sector for talks as he seeks to jump-start construction. The crisis could snowball into a social disaster if the building slowdown crashes into the rental market.

Valeriy Shevchenko’s housing dreams came crashing down after the developer of his new home, Project Immobilien, went bankrupt. Photo: AFP
International Property

Hong Kong home prices to reverse direction as rates have likely peaked: analyst

An imminent decline in global interest rates should boost housing markets, but any improvement in Hong Kong could be delayed until there is a broader recovery in the local and wider Chinese economies, Knight Frank’s Liam Bailey says.

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Global monetary policy

Macroscope | US Fed still in search of sweet spot on interest rates

While it’s not possible to rule out another US rate rise this year, the Fed looks to be entering a holding pattern. A resilient US economy together with the gradual labour market adjustment means inflation is falling slowly, which will keep rates higher for longer.

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Central banks

Macroscope | Central banks face tough choice between high inflation and market turmoil

Raising interest rates high enough to end rising inflation was the easy part for central banks, but now they must get it to start going back down. The lag inherent in monetary policy means it is hard to know whether central banks have done too much.

Customers shop at a retail store in Vernon Hills, Illinois, on June 12. The highly anticipated US recession still has not arrived as consumers keep spending and employers keep hiring despite higher borrowing costs. Photo: AP
Banking & finance

Macroscope | Despite Fed pause, US and Europe rates likely to stay higher for longer

The ECB has raised rates while the Fed has paused its increases, but both central banks remain focused on taming inflation. Risks remain, however, and a too-aggressive Fed or fresh regional bank turmoil could trigger a US recession.

United States

Macroscope | Central banks risking global recession with interest rate rises

The speed at which global interest rates have risen in the past year suggests central banks are turning a blind eye to the fact growth is slowing again. Despite the US Congress reaching a deal on the debt ceiling, the world could still face a major economic shock if the Fed keeps pressing too hard on inflation.

Banking & finance

Central bank digital currencies will shake up banking system, says report

CBDCs will disrupt the banking industry, forcing traditional lenders to innovate and helping small businesses access financing, according to a report by Standard Chartered and PwC China.

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Central bank digital currencies will disrupt the banking industry, forcing traditional lenders to innovate and helping small businesses access financing, according to a report by Standard Chartered and PwC China. Photo: Shutterstock
Banking & finance

4 reasons investors expect US dollar to keep sliding

Some 87 per cent of 331 respondents in a survey expect the Federal Reserve to cut interest rates to 3 per cent or below starting from this year.

Professional investors are negative on the dollar, a survey showed. Photo: AFP
Banking & finance

Opinion | Weaponising US dollar risks setting global economy on fire

When global finance is used to punish political adversaries and economic competitors rather than promote growth, it undermines a global public good. For the US too, a powerful currency is also a double-edged sword.

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Banking & finance

Hong Kong’s major banks keep prime rate steady after Fed’s quarter-point hike

HSBC’s move to keep its prime rate unchanged was followed by its subsidiary Hang Seng Bank, crosstown rivals Standard Chartered and Bank of China (Hong Kong). Analysts said this will have a positive impact on Hong Kong’s property sector and economy.

Banking & finance

Digital currencies have important role in future financial system, central bank chiefs say

Central bank digital currencies (CBDCs) can serve as alternative to cash, help speed cross-border payments in future, according to panellists at Bank of International Settlements summit.

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European Central Bank (ECB) President Christine Lagarde answers questions during a committee hearing at the European Union Parliament in Brussels on Monday. Lagarde was one of several central banks heads who spoke at the Bank of International Settlements’ Innovation Summit in Switzerland on Tuesday. Photo: AFP
Banking & finance

Credit Suisse: HSBC, Standard Chartered regulator tries to reassure bondholders

Bank of England, European Central Bank say shareholders will bear losses before bondholders in bank insolvencies after the decision to wipe out US$17 billion in Credit Suisse debt in rescue.

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A woman with an umbrella stands in front of the Bank of England on Threadneedle Street in the City of London in November 2022 in this file photo. Photo: AP
Banking & finance

UBS takes over Credit Suisse in US$3.25 billion deal to calm markets

The deal, in which Switzerland’s biggest bank will take over the second-largest in the country, was vital to prevent irreparable economic turmoil spreading throughout the country and beyond, the Swiss government said.

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Silicon Valley Bank (SVB)

UBS seeks US$6 billion in government guarantees for Credit Suisse takeover

The US$6 billion in government guarantees UBS is seeking would cover the cost of winding down parts of Credit Suisse and potential litigation charges, sources said.

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