Gloomy outlook for the IMF Spring meetings
By Mark Sobel
The International Monetary Fund/World Bank Spring meetings, beginning in Washington on 18 April, will be a gloomy affair. Finance ministers and central bank governors meet against the backdrop of Russia’s heinous war in Ukraine, the global economic effects of shrunken growth, higher inflation from oil and commodity prices and renewed supply disruptions, and worsening debt distress in many emerging markets and low-income countries.
Europe could pay Russian gas bill in renminbi
By Herbert Poenisch
The world was startled by Russia’s demand for unfriendly European countries to pay for Russian oil and gas exports in roubles. These are contracts which stipulate the payment currency, which in the case of the European Union is the euro. Europe would show shrewdness as well as foresight to stand up to Russian bullying by proposing to settle energy imports from Russia in renminbi.
THE WEEKEND REVIEW
Latest opinion and analysis from OMFIF around the world
21-25 March 2022, Vol.13 Ed.12
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Sunak’s Spring Statement neglects those most hurt by inflation: Covid-19 and now the Ukraine war have materially reduced Britain’s real national income and we are all worse off. Chancellor of the Exchequer Rishi Sunak claimed to address the cost-of-living crisis on 23 March in his Spring Statement. For impoverished households, entirely dependent on welfare benefits and...
14-18 March 2022, Vol.13 Ed.11
Most-read Commentary
How the ECB can improve its communications: As the European Central Bank approaches its first significant monetary tightening since 2011, President Christine Lagarde faces a threat of cacophony among the voices making up the 25-member governing council. This endangers the cohesion and the credibility of the central bank as it confronts the economic and political...
End of the illusion, Financial markets need stimulus to stay on, and more
THE WEEKEND REVIEW Latest opinion and analysis from OMFIF around the world
28 February – 4 March 2022, Vol.13 Ed.9
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End of the illusion: Russia’s invasion of Ukraine brings down the curtain on the Europe spawned by the Maastricht treaty 30 years ago. Russian President Vladimir Putin’s aggression gravely weakens the post-cold war European consensus in three crucial spheres – energy, security and money. By...
Draghi remains prime minister, March monetary tightening, and more
THE WEEKEND REVIEW Latest opinion and analysis from OMFIF around the world
31 January – 4 February 2022, Vol.13 Ed.5
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Draghi remains prime minister, but change is coming: Italy has decided: Sergio Mattarella stays on as president, Mario Draghi remains prime minister. Mattarella, at 80, had not sought a second term and only agreed to continue after the electoral college failed...
ECB should keep eyes on inflation prize, End of Libor could trigger supply chain shock, and more
THE WEEKEND REVIEW Latest opinion and analysis from OMFIF around the world
29 November-3 December 2021, Vol.12 Ed.48
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ECB should keep eyes on inflation prize: Should central banks tighten early to combat inflation at the risk of triggering a serious slowdown, or risk higher inflation while propelling growth? This trade-off is easy to face for the European Central Bank. Excluding...
Progress but no victory at COP26, BoE’s November decision showcases flexible response to Covid climbdown, and more
THE WEEKEND REVIEW Latest opinion and analysis from OMFIF around the world
8-12 November 2021, Vol.12 Ed.45
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Progress but no victory at COP26: Never before has a United Nations climate summit been attended by so many financial institutions. Not everyone is viewing the financialisation of the COP as a positive, with activist Greta Thunberg describing it as a ‘global...