Pubblicato in: Banche Centrali, Russia

Russia. Riserve Valutarie

Giuseppe Sandro Mela.

2019-07-18.

2019-07-19__Russia__001

La Banca Centrale russa ha rilasciato il valore delle riserve valutarie: 519.7 miliardi Usd.

Il 1° gennaio erano 466.9 miliardi usd.

2019-07-19__Russia__002

Annunci
Pubblicato in: Banche Centrali, Russia

Russia. Riserve valutarie a 517.1 mld Usd. A gennaio erano 466.9 mld Usd.

Giuseppe Sandro Mela.

2019-07-04.

2019-07-04__Russia__001

The Central Bank of the Russian Federation ha rilasciato il dato settimanale della consistenza delle riserve valutarie russe.

2019-07-04__Russia__002

Ammontano a 517.1 miliardi di dollari americani, con un incremento di 50.2 miliardi dal primo giorno di questo anno.

Sono in molti a domandarsi come riesca a far ciò.

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How does Russia have so much foreign exchange reserves?

«Russia is under U.S. sanctions. How does Russia have so much foreign exchange reserves?»

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Russia Buys Quarter of World Yuan Reserves in Shift From Dollar

– Central bank moves reserves to euros, yuan in broad shift

– Fearing more U.S. sanctions, Russia moved out of dollar

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Russia’s central bank dumped $101 billion in U.S. holdings from its huge reserves, shifting into euros and yuan last spring amid a new round of U.S. sanctions.

The central bank moved the equivalent of $44 billion each into the European and Chinese currencies in the second quarter, according to a report published on late Wednesday by the Bank of Russia, which discloses the data with a six-month lag. Another $21 billion was invested in the Japanese yen.

The Chinese currency accounted for 15 percent of total holdings at the last reading, up from 5 percent at the end of the first quarter, according to the report. That puts Russia’s yuan share at about ten times the average for global central banks, with its total holdings of the currency accounting for about a quarter of world reserves in yuan, according to International Monetary Fund data. Morgan Stanley estimated Russia was the main buyer of Chinese bonds last year.

“Russia is making a strategic shift in its reserves towards holding fewer dollars and more assets in other currencies,” said Benn Steil, director of international economics at the Council on Foreign Relations in New York.

The data reveal a dramatic acceleration in a policy Russia has been pursuing for several years of reducing exposure to assets that could be affected by U.S. restrictions. Tough sanctions on major Russian companies in early April hammered the ruble and spurred fears that more restrictions could follow, such as measures to cut Moscow off from global payment systems. Russian holdings of U.S. Treasuries dropped by about $81 billion in May and June, according to U.S. data.

Russia isn’t alone in its bid to reduce reliance on the world’s reserve currency amid increasing attempts by Washington to use economic leverage for geopolitical ends. In a deepening trade war with America, China sold a large portion of its U.S. Treasury holdings last year and officials in Europe put forward proposals to increase the use of the euro in regional transactions.

Pubblicato in: Banche Centrali, Unione Europea

Weidmann. Parigi val bene una Messa. La nomina alla Ecb.

Giuseppe Sandro Mela.

2019-07-02.

Macron Merkel Parigi

Di fronte ad un fatto nuovo la mente umana può rispondere in modi anche molto diversi, se non opposti.

Intanto, sarebbe necessario saper identificare il fatto nuovo, che per definizione non è descrivibile nei termini precedentemente usati: in caso contrario non sarebbe nuovo. Spesso è persino necessario arricchire il vocabolario con nuovi termini che rappresentino nuovi fatti e nuovi concetti. Si pensi soltanto a quanti nuovi vocaboli e relativi nuovi significati si sono resi necessari per descrivere l’avvento delle ferrovie: da locomotiva a vagone, da binario a traversina, etc.

Di fronte alla constatazione di un fatto nuovo, il soggetto ideologizzato si domanda come inquadrarlo nell’ideologia professata e come essa imporrebbe di risolverlo: si auto condanna a non capire cosa stia accadendo ed a sbagliare le contromosse.

La persona con mentalità da empirista, invece, cerca di individuare soluzioni nuove per i problemi emergnti.

Herr Jens Weidmann appartiene a questa ultima categoria.

«There has apparently been movement in the debate over who should succeed Mario Draghi as president of the European Central Bank (ECB). Jens Weidmann, head of Germany’s central bank, the Bundesbank, has clarified that he now considers Outright Monetary Transactions (OMT) – an instrument that has proven controversial in Germany – to be consistent with European law and that he feels obligated to uphold the policy»

«European Court of Justice has examined OMT and determined it to be legal. Moreover, OMT is current policy»

«The ECB Governing Council adopted the emergency measure at the height of the euro crisis to prevent the monetary union’s collapse. The program allows the ECB to purchase sovereign bonds from individual countries in cases where interest rates on those bonds climb too high. Thus far, the program has not had to be activated, but according to many experts, the mere fact of its existence served to calm the markets»

«It was driven by the concern that monetary policy could get caught in the wake of fiscal policy»

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Staremo a vedere come evolveranno gli eventi, ma questa duttilità mentale potrebbe essere un punto a favore di Herr Weidmann.


Zeit on Line. 2019-06-19. Jens Weidmann Accepts Sovereign Bond Purchases

The head of Germany’s central bank has clarified his position on EU monetary policy. His chances of heading up the ECB have risen, though another German may lose out.

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There has apparently been movement in the debate over who should succeed Mario Draghi as president of the European Central Bank (ECB). Jens Weidmann, head of Germany’s central bank, the Bundesbank, has clarified that he now considers Outright Monetary Transactions (OMT) – an instrument that has proven controversial in Germany – to be consistent with European law and that he feels obligated to uphold the policy. “The European Court of Justice has examined OMT and determined it to be legal. Moreover, OMT is current policy,” Weidmann told ZEIT ONLINE.

The ECB Governing Council adopted the emergency measure at the height of the euro crisis to prevent the monetary union’s collapse. The program allows the ECB to purchase sovereign bonds from individual countries in cases where interest rates on those bonds climb too high. Thus far, the program has not had to be activated, but according to many experts, the mere fact of its existence served to calm the markets.

It had been unclear until now whether Weidmann accepted the instrument, which he was critical of at the time of its introduction. That criticism has led to resistance from Southern European member states to his possible nomination to take over the presidency of the ECB. This lack of clarity has now been resolved. “My position, though, was not legally based. It was driven by the concern that monetary policy could get caught in the wake of fiscal policy. Of course, a central bank must act decisively in the worst-case scenario, but given its independence, there should be no doubt that it is acting within the framework of its mandate,” Weidmann told ZEIT ONLINE.

Manfred Weber’s Chances Decline

The leaders of the EU member states are meeting on Thursday and Friday in Brussels to potentially make preliminary decisions about the new leadership of important EU institutions. In addition to the position of ECB president, leaders must agree on the new heads of the European Commission and the European Council.

Berlin is now preparing for the possibility that Manfred Weber may not be chosen to head up the European Commission because he lacks sufficient support in the European Parliament. His candidacy is also not without controversy in the German government. Sources say that there is resistance to Weber within the Social Democrats (SPD), Merkel’s junior coalition partner. The SPD would rather see Frans Timmermans, a Social Democrat from the Netherlands, be installed as Commission president. That could ultimately prevent Chancellor Angela Merkel from voting for Weber for the position. EU heads of state and government are responsible for formally nominating a candidate for Commission president, which is then sent to the European Parliament for ratification.

The result is that Berlin will likely shift is political energy to a different EU leadership post so that Germany does not go empty handed. That’s why the position of ECB presidency is now receiving more attention.

Pubblicato in: Banche Centrali, Devoluzione socialismo, Unione Europea

Unione Europea. Quasi accordo sulle nomine apicali.

Giuseppe Sandro Mela.

2019-06-30.

unione europea 001

Sembrerebbe essersi conclusa la fase delle trattative sule nomine apicali nell’Unione Europea.

Dopo le deludenti performance di Mr Junker, Mr Tusk e Mrs Mogherini anche un gufo impagliato sarebbe andato bene: sicuramente molti ne saranno contenti ed altrettanti scontenti.

Notiamo come i paesi nordici siano gli unici rappresentati nella alta dirigenza europea comunitaria. uno squilibrio che avrebbe potuto non esserci.

L’unica nomina sula quale non sussistono remore sarebbe quella di Mr Villeroy de Galhau, attuale governatore della Banca di Francia, uomo di grande dottrina ed esperienza.

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Se queste nomine suggerite dovessero andare in porto, più che dei vincitori sarebbe da parlare della grande perdente: la Germania di Frau Merkel, che non sarebbe riuscita né a conquistare la presidenza della Commissione né il Governatorato della Ecb. Questo fatto assumerebbe grande importanza perché in passato Frau Merkel aveva ripetutamente espresso l’obiettivo tedesco di ottenere ambedue le posizioni.


Ansa. 2019-06-30. Nomine Ue, oggi il vertice a Bruxelles

Il popolare tedesco Manfred Weber avrebbe rinunciato a guidare la Commissione europea a patto di essere eletto alla presidenza del Parlamento europeo. Lo riferiscono fonti del Ppe vicine al politico bavarese nel giorno del Consiglio europeo straordinario sulle nomine a Bruxelles.

Weber, lo Spitzenkandidat dei popolari, ha incontrato nelle scorse settimane l’opposizione in primis del presidente francese Emmanuel Macron. Lo scambio possibile tra le famiglie politiche che formeranno la maggioranza nel nuovo Parlamento europeo prevede il socialista olandese Frans Timmermans alla Commissione e, appunto, Weber al Parlamento di Strasburgo. L’accordo, sponsorizzato dalla cancelliera tedesca Angela Merkel, si completerebbe con il premier liberale belga Charles Michel alla guida del Consiglio Ue e la popolare Kristalina Georgieva come successore della Mogherini alla politica estera e di difesa comune. A Parigi andrebbe invece la presidenza della Bce, con il governatore della Banca di Francia, Villeroy de Galhau.

E la candidatura di Frans Timmermans alla guida della Commissione europea ha il sostegno di Germania, Francia, Olanda e Spagna. Lo ha ribadito, secondo quanto si è appreso, il presidente del Consiglio Europeo Donald Tusk durante l’incontro avuto con la conferenza dei presidenti del Parlamento Ue.

Per noi non è possibile votare un candidato socialista” per la Commissione Ue, “perché si andrebbe contro la volontà popolare”. Così il presidente del Parlamento europeo Antonio Tajani. “Lo dico come vicepresidente del Ppe e come vicepresidente di Forza Italia”.

Pubblicato in: Banche Centrali, Devoluzione socialismo, Unione Europea

Macron e Merkel. Duello all’ultimo sangue. Si odiano.

Giuseppe Sandro Mela.

2019-06-27.

Paolo Uccello. Battaglia di San Romano. Uffizi. 001

«Acrimony mounts between France and Germany over commission job»

«EU leaders meet Sunday in an effort to get past the gridlock»

«The European Union’s center-right alliance is determined to defy French President Emmanuel Macron in the race to nominate the next EU Commission chief»

«European conservatives were enraged that Macron blocked their candidate for commission president, Manfred Weber, at last week’s summit in Brussels, and suspect he is seeking to undermine their role, even though they won the most seats in the next EU Parliament»

«The EU’s 28 national leaders are responsible for nominating the next head of the EU executive but need to find a candidate who can win the backing of the parliament in order to take office»

«So far we’ve only seen destructive proposals, …. We run the risk of entering a period of crisis management. I hope that no one wants to take that risk»

«French officials say they have no intention of putting forward their own candidate at this point because they are aware that it would only serve to give the EPP a target»

«The EPP officials said that they see Macron’s hardball tactics as part of a broader strategy to undermine their preeminence in European politics. His sarcastic comments of Bundesbank chief Jens Weidmann were seen as further proof of their distrust»

«But since taking power Macron has seen his ambitions for tighter integration of the EU frustrated by opposition from mainly conservative governments in the north»

«None of the three lead candidates for the job, known as Spitzenkandidaten, have a majority and Merkel said at the summit in Brussels that “at the moment I don’t see anything changing in this.”»

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Una delle grosse poste in gioco è il Governatore della Ecb.

Weidmann’s New Hurdle in Bid for ECB Presidency Is French Irony

«Jens Weidmann’s candidacy for the helm of the European Central Bank has just been bruised by a lashing of French irony.

At a meeting of European Union leaders in Brussels, French President Emmanuel Macron praised the Bundesbank head for accepting that outgoing ECB President Mario Draghi’s “whatever it takes” policy, known as OMT, is legally valid. But he also doused his compliments with sarcasm.

“I’m really happy, I mean really happy, that members who strongly opposed, who sought legal recourse, against Mario Draghi’s decisions, against the OMT and all the mechanisms, are converting, perhaps a bit late but they are converting with vigor.”

— Emmanuel Macron at the EU summit on Friday.

Weidmann this week said for the first time that OMT, a bond-buying program for stressed nations developed during the 2012 debt crisis but never yet used, is “legal” and “current policy.” He had previously opposed the measure and even testified in court against it — with the ECB on the other side of the case.

That resistance to such crisis-fighting measures has been seen as a stumbling block in his bid to replace Draghi, who leaves at the end of October. Macron has been publicly silent on Weidmann until now, even if his ministers have stated France’s preference for continuity at the ECB.»

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Staremo a vedere come andranno a finire le cose, ma tutto ‘iter si preannuncia in salita.

Infine, chi mai si ida della parola degli altri?


Bloomberg. 2019-06-26. Merkel’s Furious Allies Vow to Stop Macron’s EU Power Grab

– Acrimony mounts between France and Germany over commission job

– EU leaders meet Sunday in an effort to get past the gridlock

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The European Union’s center-right alliance is determined to defy French President Emmanuel Macron in the race to nominate the next EU Commission chief, according to senior party officials.

European conservatives were enraged that Macron blocked their candidate for commission president, Manfred Weber, at last week’s summit in Brussels, and suspect he is seeking to undermine their role, even though they won the most seats in the next EU Parliament, the officials said.

The EU’s 28 national leaders are responsible for nominating the next head of the EU executive but need to find a candidate who can win the backing of the parliament in order to take office.

The result of last month’s EU election — which saw both the center-right EPP and the Socialists lose seats — means that at least three parties will be required to install a commission president. Deteriorating relations between France and Germany are raising the stakes for an appointment that will shape the bloc’s agenda for the next five years.

The upshot is that the two sides are becoming increasingly entrenched ahead of an extra summit meeting set for this Sunday. That could lead to further delays in naming other EU officials, including a successor to European Central Bank chief Mario Draghi.

“So far we’ve only seen destructive proposals,” Weber said in an interview with European newspapers including Spain’s El Pais. “We run the risk of entering a period of crisis management. I hope that no one wants to take that risk.”

French officials say they have no intention of putting forward their own candidate at this point because they are aware that it would only serve to give the EPP a target.

The EPP officials said that they see Macron’s hardball tactics as part of a broader strategy to undermine their preeminence in European politics. His sarcastic comments of Bundesbank chief Jens Weidmann were seen as further proof of their distrust.

The French leader swept to power in 2017 without the backing of a mainstream party and decimated the country’s establishment parties in the process. But since taking power Macron has seen his ambitions for tighter integration of the EU frustrated by opposition from mainly conservative governments in the north.

High-Handed

The EPP and its allies are wary of taking on responsibility for the financial liabilities racked up by member states in the south with weaker public finances. They’ve also been riled up by Macron’s personal style, which at times is considered high-handed.

Germany’s Christian Democrats, the biggest group within the EPP, insisted Monday that they are sticking to Weber as their candidate.

However, Chancellor Angela Merkel, the other key figure in this negotiation, signaled last week that his bid may not have much of a future. None of the three lead candidates for the job, known as Spitzenkandidaten, have a majority and Merkel said at the summit in Brussels that “at the moment I don’t see anything changing in this.”

A French official said that Macron’s stance is simply a reflection of the diminished power of the EPP following its election result.

“The process was blocked because political families considered that the initial agreements gave them certain entitlements,” Macron told reporters at last week’s summit. “Those commitments are lifted tonight and that allows the process to be restarted.”

Pubblicato in: Banche Centrali, Devoluzione socialismo, Unione Europea

Macron. Corte Conti bacchetta il Governo per il debito pubblico.

Giuseppe Sandro Mela.

2019-06-26.

Fattoria Animali 001

La Francia ha raggiunto un debito pubblico di 2,414.622 miliardi di euro, essendo 102.23% il rapporto debito / pil, con un debito procapite di 36,511 euro. Di interessi deve pagare 55.015 miliardi di euro all’anno.

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Cour des Comptes. 2019 Annual public report

Lo Stability Programme. April 2018 ne è rimasto sconvolto.

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«France’s public auditor has criticized president Emmanual Macron’s decision to loosen the country’s purse strings to try to end months of yellow vest protests »

«The Cour des Comptes warned on Tuesday that the country’s debt level, which is hovering at close to 100 percent, was “worrying” and urged the government to control spending»

«The auditor said the money directed towards the grievances of the yellow vests had not been founded on savings elsewhere»

«In a report, the public auditor said the growing divergence between France and its neighbours on debt reduction was “worrying” and “could lead to a deterioration of the perceived quality of France’s debt among investors”.»

«It criticized the government over its failure curb overspending noting it had the opportunity to take advantage of a spell of growth»

«But this year it is set to rise again above the 3.0-percent mark, increasing to 3.1 percent on the back of a package of tax cuts and income top-ups announced to try to defuse the anger of the anti-government yellow vests»

«The International Monetary Fund also warned last month that France’s debt was “too high for comfort” and called on the government to cut spending»

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La Cour des Comptes ha pubblicato una severa reprimenda del Presidente Macron, che ha portato il rapporto debito / pil al 102.23%, con un aumento del debito pubblico a 2,414.622 miliardi di euro.

L’Unione Europea, la Commissione Europea e Mr Moscovici non hanno fiatato, chiusi nella omertà che li lega.
Nella Fattoria degli Animali erano tutti eguali, ma i porci erano più eguali degli altri.

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French public auditors warn over rising debt

France’s public auditor has criticized president Emmanual Macron’s decision to loosen the country’s purse strings to try to end months of yellow vest protests.

The Cour des Comptes warned on Tuesday that the country’s debt level, which is hovering at close to 100 percent, was “worrying” and urged the government to control spending.

The auditor said the money directed towards the grievances of the yellow vests had not been founded on savings elsewhere.

In a report, the public auditor said the growing divergence between France and its neighbours on debt reduction was “worrying” and “could lead to a deterioration of the perceived quality of France’s debt among investors”.

It criticized the government over its failure curb overspending noting it had the opportunity to take advantage of a spell of growth.

No French government has balanced the books since the 1970s.

On coming to power in 2017, Macron set about trying to cut the deficit to bring it in line with an EU limit of three percent of GDP, which the eurozone’s second-biggest economy has flouted for the last ten years.

Last year, the deficit fell to a 12-year low of 2.5 percent of GDP, a decline which was greater-than-expected and achieved despite falling growth and purchasing power.

Pledge to balance books revised

But this year it is set to rise again above the 3.0-percent mark, increasing to 3.1 percent on the back of a package of tax cuts and income top-ups announced to try to defuse the anger of the anti-government yellow vests.

The measures are expected to drive up the public debt to 98.9 percent this year.

The government expects to be back on track with deficit reduction next year. It is aiming for a deficit of 1.2 percent by the end of Macron’s first presidential term in 2022 – having apparently given up on its original 2017 campaign pledge to balance the books within five years.

The Cour des Comptes warned against any further let-up in the drive to clean up the country’s finances.

The International Monetary Fund also warned last month that France’s debt was “too high for comfort” and called on the government to cut spending.

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France 24. 2019-06-25. Rising French debt is ‘worrying’, public auditors warn

France’s public auditor on Tuesday warned that the country’s debt level, which is hovering at close to 100 percent, was “worrying” and urged the government to control spending.

France’s debt-to-GDP ratio is set to reach 98.9 percent this year, bucking the downward trend seen in most other eurozone countries after President Emmanuel Macron loosened the country’s purse strings to try end months of often violent “yellow vest” protests.

In a report, France’s Cour des Comptes said the growing divergence between France and its neighbours on debt reduction was “worrying” and “could lead to a deterioration of the perceived quality of France’s debt among investors”.

It chided the government over its failure to take advantage of a spell of growth to significantly rein in overspending, which leads to increased borrowing every year.

“France is far from having eliminated its structural deficit whereas many of its European neighbours have achieved a balance,” it warned in a 150-page report.

No French government has balanced the books since the 1970s.

On coming to power in 2017, Macron immediately set about trimming the deficit to bring it in line with an EU limit of three percent of GDP, which the eurozone’s second-biggest economy had persistently flouted for a decade.

Last year, the deficit fell to a 12-year low of 2.5 percent of GDP, a greater-than-expected decline achieved despite falling growth and purchasing power.

But this year it is set to again rise above the 3.0-percent mark, increasing to 3.1 percent on the back of a package of tax cuts and income top-ups announced to try to defuse the anger of the anti-government yellow vests.

The measures are expected to drive up the public debt to 98.9 percent this year.

The government expects to be back on track with deficit reduction next year. By the end of Macron’s first presidential term in 2022, it is aiming for a deficit of 1.2 percent — a far cry from his 2017 campaign pledge to balance the books within five years.

The Cour des Comptes warned against any further let-up in the drive to clean up the country’s finances.

The International Monetary Fund also warned last month that France’s debt was “too high for comfort” and called on the government to cut spending.