The widely respected German institute IFO, has stated that the results from ECB's bond-buying program are mainly focused on depreciating the local currency, which according to Euro Zone's treaty rules is forbidden.
After the ECB unveiled the details about its bond- buying program last week, the single European currency has tumbled more than 2% in recent trading sessions. More Volatility across the currency markets ensued, sparking another leg of the seemingly unending U.S. dollar rally.
According to the President of the German IFO Institute, Hans Werner-Sinn, a widely respected economic think tank, the move by the European Central Bank (ECB) represents a widely misguided policy exercise.
As foreign Exchange brokers register higher foreign exchange volatility in March, the worries about the Euro Zone's viability in its current form increase. The latest voice comes from a widely respected German think tank from the heart of the German economy, the city of Munich.
Eurobonds through the Backdoor
The President of the IFO institute, Hans-Werner Sinn, criticized the bond purchases conducted by the ECB stating, “The justification for the purchases is merely a pretext, since there is no core deflation in the Eurozone, but a collapse in oil prices that is highly welcome in terms of the economy.”
“This is stimulating the economy and certainly doesn’t need to be combatted. The bond-buying programme is effectively leading to a depreciation of the euro, which can already be seen. But the ECB is not allowed to say that because exchange rate policy is outside its mandate”, Mr. Sinn said.
Expressing his worries about the future course of action, he warned, “The programme also makes it easier for states to accumulate debts via the printing press, which is forbidden. And 20 percent of purchases represent the de facto introduction of Eurobonds by the backdoor due to community liability via the ECB.”
Eurosystem Holdings of Greek Debt
At his press conference last week, the President of the ECB, Mario Draghi, explained that the central bank is already holding over €100 billion worth of Greek paper, as capital flight from Greece has been financed via the Eurosystem.
The IFO institute calculated that by the end of January, the country's payment obligations to international public institutions rose to 319 billion euros, which is 173 percent of Greece’s annual economic output.
Last week, the author of the bestselling book about the flaws of the design of the single European currency area, "The Euro Trap", Hans-Werner Sinn, said, “There is no way for Greece to avoid a third bail-out package, and further packages in the future, if it stays in the euro."
"It would be better for the country to formally default, exit and devalue, so that its real economy can get back on its feet,” he added in a statement from Munich.
The German think tank provided a breakdown of losses by country in case Greece defaults, which according to the IFO institute is inevitable.
After the ECB unveiled the details about its bond- buying program last week, the single European currency has tumbled more than 2% in recent trading sessions. More Volatility across the currency markets ensued, sparking another leg of the seemingly unending U.S. dollar rally.
According to the President of the German IFO Institute, Hans Werner-Sinn, a widely respected economic think tank, the move by the European Central Bank (ECB) represents a widely misguided policy exercise.
As foreign Exchange brokers register higher foreign exchange volatility in March, the worries about the Euro Zone's viability in its current form increase. The latest voice comes from a widely respected German think tank from the heart of the German economy, the city of Munich.
Eurobonds through the Backdoor
The President of the IFO institute, Hans-Werner Sinn, criticized the bond purchases conducted by the ECB stating, “The justification for the purchases is merely a pretext, since there is no core deflation in the Eurozone, but a collapse in oil prices that is highly welcome in terms of the economy.”
“This is stimulating the economy and certainly doesn’t need to be combatted. The bond-buying programme is effectively leading to a depreciation of the euro, which can already be seen. But the ECB is not allowed to say that because exchange rate policy is outside its mandate”, Mr. Sinn said.
Expressing his worries about the future course of action, he warned, “The programme also makes it easier for states to accumulate debts via the printing press, which is forbidden. And 20 percent of purchases represent the de facto introduction of Eurobonds by the backdoor due to community liability via the ECB.”
Eurosystem Holdings of Greek Debt
At his press conference last week, the President of the ECB, Mario Draghi, explained that the central bank is already holding over €100 billion worth of Greek paper, as capital flight from Greece has been financed via the Eurosystem.
The IFO institute calculated that by the end of January, the country's payment obligations to international public institutions rose to 319 billion euros, which is 173 percent of Greece’s annual economic output.
Last week, the author of the bestselling book about the flaws of the design of the single European currency area, "The Euro Trap", Hans-Werner Sinn, said, “There is no way for Greece to avoid a third bail-out package, and further packages in the future, if it stays in the euro."
"It would be better for the country to formally default, exit and devalue, so that its real economy can get back on its feet,” he added in a statement from Munich.
The German think tank provided a breakdown of losses by country in case Greece defaults, which according to the IFO institute is inevitable.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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