Frankfurt

Christine Lagarde: New challenges in a changing world

Retrieved on: 
Saturday, February 4, 2023

A new beginning often brings with it new challenges, but it also presents us with plenty of opportunities.

Key Points: 
  • A new beginning often brings with it new challenges, but it also presents us with plenty of opportunities.
  • First, with support for an open global trading order on the wane, we are facing new types of shocks to the global economy.
  • For the past few decades, open trade has supported global growth by allowing countries to “rotate” demand during slumps.
  • [2] But now it could become a source of volatility.But now it could become a source of volatility.
  • This was evident during the British Empire in the 19
    th century, as it was with American support in the wake of the Cold War.
  • [3]
    However, major economies – led by the United States and China – are now increasingly using trade to limit the ambitions of geopolitical rivals.
  • The US Inflation Reduction Act, for example, is deliberately aimed at “reshoring” production and reducing the country’s reliance on strategic imports like batteries.
  • [5] China is also seeking to reduce its own dependence on the rest of the world.
  • With the security of supply for critical inputs no longer guaranteed, we are likely to see a new “scramble for resources”.
  • As this new global map takes shape, we enter 2023 facing three big challenges.
  • Inflation in Europe is far too high, partly due to our vulnerability to the changing geopolitics of energy.
  • As we head into 2023, a changing world brings with it new challenges, but also opportunities.
  • International Energy Agency (2022), “The Role of Critical Minerals in Clean Energy Transitions”, World Energy Outlook Special Report, Revised Version, March.
  • European Council (2022), “International taxation: Council reaches agreement on a minimum level of taxation for largest corporations”, 12 December.

Fabio Panetta: Interview with Handelsblatt

Retrieved on: 
Saturday, February 4, 2023

Given that inflation had already been high for some time, this triggered a further monetary policy adjustment.

Key Points: 
  • Given that inflation had already been high for some time, this triggered a further monetary policy adjustment.
  • But beyond February any unconditional guidance – that is, guidance unrelated to the economic outlook – would depart from our data-driven approach.
  • But don’t you think that the ECB should provide markets with guidance on the next moves?
  • Today we are fighting too-high inflation, and to do so we can bring rates as high as we deem appropriate to reach our target.
  • Also, there is too much uncertainty in the economy to unconditionally pre-commit to a specific policy course.
  • We should provide clarity on, and be guided by, our reaction function, which is rooted in our price stability mandate and consists of two main elements.
  • The first is the economic and inflation outlook: we will react to medium-term inflation remaining above our target.
  • It will be the economy, of course, and how its evolution will affect the two elements of our reaction function.
  • Depending on this assessment, we may decide that more or less tightening is needed compared to what we envisaged in December.
  • We should thus not be surprised that investors adjust their expectations of future rates as new data emerge.
  • But we need to make our own reading of these data clear to them.
  • But for 2024 and 2025 you have revised your inflation projections up, above your 2% target.
  • But it will then stay at around 3.4% in 2024 and will reach 2% only in the third quarter of 2025.
  • It may instead reflect a different allocation of the Putin “tax” between wages and profits, allowing a one-off catch-up in wages.
  • This may be absorbed by firm mark-ups after their recent increase or through a fall in other input costs such as energy.
  • As with cash, we want to ensure that everybody in the euro area has easy access to the digital euro.
  • For all the enthusiasm I have for the project, no decision has been made yet on whether the digital euro will be issued.
  • We want to offer a public good to citizens, which will coexist with other means of payment including cash.

Number of counterfeit euro banknotes remains low in 2022

Retrieved on: 
Saturday, February 4, 2023

- PRESS RELEASE

Key Points: 
  • - PRESS RELEASE
    Number of counterfeit euro banknotes remains low in 2022
    30 January 2023
    - 376,000 counterfeit euro banknotes withdrawn from circulation in 2022, second-lowest level ever in proportion to total banknotes in circulation
    - Around two-thirds of withdrawn counterfeits were €20 and €50 banknotes
    - Euro banknotes remain trusted and safe means of payment
    - Authenticity of euro banknotes verified using “feel, look and tilt” method
    Some 376,000 counterfeit euro banknotes were withdrawn from circulation in 2022.
  • There is little likelihood of receiving a counterfeit, as the number of counterfeits remains very low in proportion to the number of genuine euro banknotes in circulation.
  • In 2022 13 counterfeits were detected per million genuine banknotes in circulation, which is the second-smallest proportion since the introduction of euro banknotes (see the chart below).
  • This increase also reflects the recovery of economic activity in 2022 after most coronavirus (COVID-19) restrictions had been lifted.

January 2023 euro area bank lending survey

Retrieved on: 
Saturday, February 4, 2023

A copy of the questionnaire, a glossary of BLS terms and a BLS user guide with information on the BLS series keys can be found on the same webpage.

Key Points: 
  • A copy of the questionnaire, a glossary of BLS terms and a BLS user guide with information on the BLS series keys can be found on the same webpage.
  • The euro area and national data seriesare available on the ECB’s website via the Statistical Data Warehouse.
  • National results, as published by the respective national central banks, can be obtained via the ECB’s website.
  • For more detailed informationon the BLS, see Köhler-Ulbrich, P., Hempell, H. and Scopel, S., “The euro area bank lending survey”, Occasional Paper Series, No 179, ECB, 2016.
  • The net percentages for “other factors” refer to further factors which were mentioned by banks as having contributed to changes in credit standards.

ECB decides on detailed modalities for reducing asset purchase programme holdings

Retrieved on: 
Saturday, February 4, 2023

- PRESS RELEASE

Key Points: 
  • - PRESS RELEASE
    ECB decides on detailed modalities for reducing asset purchase programme holdings
    2 February 2023
    - ECB details modalities to reduce Eurosystem’s holdings of securities under the asset purchase programme through partial reinvestment, broadly in line with current practice under full reinvestment
    - Governing Council decided on stronger tilting of corporate bond purchases during partial reinvestment, including in primary market, towards issuers with better climate performance
    As communicated in December, from the beginning of March 2023, the asset purchase programme (APP) portfolio will decline at a measured and predictable pace, as the Eurosystem will not reinvest all of the principal payments from maturing securities.
  • On the basis of the December decision, the Governing Council today decided on the detailed modalities for reducing the Eurosystem’s holdings of securities under APP through the partial reinvestment of the principal payments from maturing securities.
  • The remaining reinvestment amounts will be allocated proportionally to the share of redemptions across each constituent programme of the APP, i.e.
  • the public sector purchase programme (PSPP), the asset-backed securities purchase programme (ABSPP), the third covered bond purchase programme (CBPP3) and the corporate sector purchase programme (CSPP).

Results of the ECB Survey of Professional Forecasters for the first quarter of 2023

Retrieved on: 
Saturday, February 4, 2023

- PRESS RELEASE

Key Points: 
  • - PRESS RELEASE
    Results of the ECB Survey of Professional Forecasters for the first quarter of 2023
    3 February 2023
    - HICP inflation expectations revised up for 2023 and 2024, but down for longer term
    - Real GDP growth expectations largely unchanged
    - Unemployment rate expectations revised down
    In the European Central Bank’s (ECB) Survey of Professional Forecasters (SPF) for the first quarter of 2023, respondents revised up their inflation expectations for 2023 and 2024.
  • These now stand at 5.9% and 2.7% respectively; 0.1 and 0.3 percentage points higher compared with the previous survey round.
  • Table: Results of the ECB Survey of Professional Forecasters for the first quarter of 2023
    (annual percentage changes, unless otherwise indicated)
    Survey horizon
    2023
    2024
    2025
    Longer term(1)
    HICP inflation
    Q1 2023 SPF
    5.9
    2.7
    2.1
    2.1
    Previous SPF (Q4 2022)
    5.8
    2.4
    -
    2.2
    HICP inflation excluding energy, food, alcohol and tobacco
    Q1 2023 SPF
    4.4
    2.8
    2.3
    2.0
    Previous SPF (Q4 2022)
    3.9
    2.6
    -
    2.1
    Real GDP growth
    Q1 2023 SPF
    0.2
    1.4
    1.7
    1.4
    Previous SPF (Q4 2022)
    0.1
    1.6
    -
    1.4
    Unemployment rate(2)
    Q1 2023 SPF
    7.0
    6.9
    6.7
    6.4
    Previous SPF (Q4 2022)
    7.1
    7.0
    -
    6.6
    1) Longer-term expectations refer to 2027.
  • Notes
    - The SPF survey for the first quarter of 2023 was conducted between 6 and 12 January 2023, with 58 responses received.

EQS-News: tokentus investment AG invests in the Web3 community activation platform Playground

Retrieved on: 
Thursday, February 2, 2023

tokentus invests USD 200,000 via a SAFE (Simple Agreement for Future Equity) with a conversion option into equity of Playground NY Inc. (“Playground”)

Key Points: 
  • tokentus invests USD 200,000 via a SAFE (Simple Agreement for Future Equity) with a conversion option into equity of Playground NY Inc. (“Playground”)
    Frankfurt am Main, 25.
  • January 2023 - tokentus investment AG ("tokentus", ISIN: DE000A3CN9R8; WKN: A3CN9R; Code: 14D), headquartered in Frankfurt am Main, Germany, acquires a security convertible into equity of Playground NY Inc. (“Playground”), the developer of the Playground, based in New York State (USA) for USD 200,000.
  • Playground is the community activation platform for Web3.
  • "Playground's community management tool can also lead to great network effects and thus further growth for some of our portfolio companies," Mona Tiesler, Investment Manager at tokentus, adds.

EQS-News: tokentus investment AG invests in Ripple Labs Inc, provider of a global and blockchain-based payment system, via an SPV

Retrieved on: 
Thursday, February 2, 2023

tokentus investment AG invests in Ripple Labs Inc, provider of a global and blockchain-based payment system, via an SPV

Key Points: 
  • tokentus investment AG invests in Ripple Labs Inc, provider of a global and blockchain-based payment system, via an SPV
    The issuer is solely responsible for the content of this announcement.
  • This is not an investment to purchase the XRP token and is not initially a direct investment.
  • As part of its IPO, the SPV would be dissolved and its shares of Ripple would be registered and directly transferred to tokentus.
  • digital contracts based on the blockchain, continue to gain acceptance in Ripple technology, which we are convinced of," adds Benedikt Schulz, Investment Manager at tokentus.

EQS-News: DFV Deutsche Familienversicherung AG implements Executive Management Team

Retrieved on: 
Thursday, February 2, 2023

Frankfurt am Main, 18 January 2023 – DFV Deutsche Familienversicherung AG (DFV) has appointed Bettina Hornung as Chief Information Officer (CIO) and Maximilian Knoll as Chief Operations Officer (COO).

Key Points: 
  • Frankfurt am Main, 18 January 2023 – DFV Deutsche Familienversicherung AG (DFV) has appointed Bettina Hornung as Chief Information Officer (CIO) and Maximilian Knoll as Chief Operations Officer (COO).
  • Both are members of DFV’s newly implemented Executive Management Team (EMT) with immediate effect, supporting the Management Board of Deutsche Familienversicherung.
  • Maximilian Knoll joined Deutsche Familienversicherung on 1 April 2022 and has since headed the newly created Operations and Claims department.
  • At the same time, the Management Board has appointed Bettina Hornung, previously Head of IT Governance, as Chief Information Officer of Deutsche Familienversicherung and appointed her as member of the Executive Management Team.