Currency is part and parcel of monetary policy, and a public mandate of the European Central Bank (ECB). TFG’s Editor, Deepesh Patel, spoke to ECB’s Yves Mersch about the possibilities of central bank digital currencies in relation to payment systems, faster transaction times and settlements. Separating the hype from reality; Mersch spoke to TFG about the regulatory consequences of central bank digital currencies. “We are tech neutral. We want to stay ahead of tech. Tech has to serve our purpose, not the other way around.”
American consumers are currently sitting on a fairly huge nest egg. Equity is at a higher level than ever before, and the personal saving rate has risen to a considerable 7.9% according to NASDAQ figures.
With two Brexit deadlines in 2020, it’s already looking like an eventful year for sterling. For more details on key events coming up for the pound, euro and dollar in 2020, be sure to download Smart Currency Business’s upcoming Quarterly Forecast, which will be released mid-January.
While Boris Johnson’s record for winning votes in Parliament is rather poor (one out of seven) he did, at least, get a majority of thirty for getting his deal through, even if it wasn’t within the timeframe he wanted. In the end, he missed his deadline and was forced down an alternative path.
TFG spoke to Mishal Ruparel, General Manager at Banking Circle, about the new applications of technology in banking to help better serve the underbanked SMEs. Using AI-driven credit scoring and new approaches to analyse credit card transaction data, Banking Circle’s proposition is game-changing the world of SME finance.
In Europe, small and mid-sized companies make up an astonishing 99% of all businesses – and over the last five years they generated 85% of all new jobs in the region. at a time of accelerating economic uncertainty and technological change, it would be irresponsible for those of us with the power to act not to do what we can to give the drivers of Europe’s economy the tools they need to succeed.
In Global Financial Integrity’s 2019 update “Illicit Financial Flows to and from 148 Developing Countries 2006 – 2015” the estimate of illicit outflows of trade related payments from developing economies for 2015 alone was counted in the hundreds of billions – greater in value in fact than the aid budgets flowing into those countries.
Over the past few weeks, trade spats have shaken global markets. Worldwide, trade conflicts are being borne of political rather than economic woes — is this the new normal?
There is, so far as I am aware, little or no precedent for what the UK is attempting to do: seeking to reduce unfettered access to its closest and most important market – which also happens to be one of the world’s two largest. In 2018, 46% of the UK’s exports went to the EU, and 54% of UK imports came from it. Almost all countries in the world try to make trade deals, not dismantle them.
Specialist intelligence company EXX Africa’s director Robert Besseling assesses that African governments are increasingly integrating infrastructure investment options into a more competitive landscape that seeks to bridge the massive annual financing gap. However, accomplishing sustained economic growth, meeting revenue collection targets, and achieving positive indicators will be required to balance growing debt levels and record fiscal expansionism.
The pound had a rocky August as the October 31st Brexit deadline drew nearer and the ongoing drama of Brexit intensified. Prime Minister Boris Johnson rocked the pound by staying firm on the path to leave without a deal if nothing was agreed by the 31st October
The volume of space dedicated to ‘trade wars’ in the past few months is vast. But this does not guarantee the subject has been properly examined and analysed. I would like to suggest another perspective, questioning some common assumptions.
A trade war is unlikely to turn into a currency war, and the yuan’s exchange rate against the dollar should stabilize and be slightly lower than it was before the trade war. However, this situation is not what the United States wants to see, and how it will develop still needs to be observed to further respond to the depreciation of the RMB.
In July the pound continued its march lower as markets prepared for the prospect of a PM who would be more aligned with a no-deal Brexit outcome
The value of global trade today is around $40 trillion. Approximately 10% of this amount is commodity trade. Therefore being able to predict what is likely for the future of the trade industry to hold is essential for business growth and preparation. Some of the most influential factors on global trade today are