LAGARDE

EQS-News: P&P Group celebrates topping-out ceremony in Germany for the Sunshine Lofts on the Lagarde Campus in the Bavarian city of Bamberg - Part of one of the most progressive urban neighbourhoods in Europe

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Friday, May 3, 2024
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April 2024 – German project developer P&P Group presented the current construction progress of over 300 condominiums at a topping-out ceremony in the new city district on the Lagarde Campus in Bavarian city of Bamberg yesterday.

Key Points: 
  • April 2024 – German project developer P&P Group presented the current construction progress of over 300 condominiums at a topping-out ceremony in the new city district on the Lagarde Campus in Bavarian city of Bamberg yesterday.
  • Residents will be moving into around a third of the Sunshine Lofts by the end of next year.
  • At the event in Germany, Bamberg's Lord Mayor Andreas Starke and Stefan Loskarn, project manager at Stadtwerke Bamberg, explained how important the project is for the city.
  • That is why many hopes are pinned on the new urban quarter on the site of the former Lagarde barracks.

Quarterly Review

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Friday, May 3, 2024
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The Company announces that its quarterly review as at 31 March 2024 is now available, a summary of which is provided below.

Key Points: 
  • The Company announces that its quarterly review as at 31 March 2024 is now available, a summary of which is provided below.
  • The full quarterly review is available on the Company’s website at:
    The first quarter of the year saw further declines in inflation across most major economies, however with progress slower than expected, market sentiment turned to concern that the inflation fight would prove increasingly difficult for central banks over the final stretch.
  • The Company’s NAV total return in Q1 was +2.42% which outperformed the benchmark for the third consecutive quarter.
  • In selling these bonds we were able to crystalise healthy capital gains which contributed to the Company’s outperformance versus the benchmark.

Christine Lagarde: Unlocking the power of ideas

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Tuesday, April 23, 2024
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Since 2022 rising housing costs have, on average, largely been offset by growth in household income, leading to stable housing cost to household income ratios.

Key Points: 
  • Since 2022 rising housing costs have, on average, largely been offset by growth in household income, leading to stable housing cost to household income ratios.
  • The housing cost burden has, however, increased slightly for both renter and mortgage households at the upper end of the income distribution.

Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A)

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Thursday, April 18, 2024
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Stock market development and familiarity (language and distance) are considered key determinants for home bias.

Key Points: 
  • Stock market development and familiarity (language and distance) are considered key determinants for home bias.
  • The literature neglects however that investors often invest in foreign funds domiciled in financial centers.

Philip R. Lane: Disinflation in the euro area: an update

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Thursday, April 18, 2024
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Stock market development and familiarity (language and distance) are considered key determinants for home bias.

Key Points: 
  • Stock market development and familiarity (language and distance) are considered key determinants for home bias.
  • The literature neglects however that investors often invest in foreign funds domiciled in financial centers.

Isabel Schnabel: The future of inflation (forecast) targeting

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Thursday, April 18, 2024
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Stock market development and familiarity (language and distance) are considered key determinants for home bias.

Key Points: 
  • Stock market development and familiarity (language and distance) are considered key determinants for home bias.
  • The literature neglects however that investors often invest in foreign funds domiciled in financial centers.

Digital euro safeguards – protecting financial stability and liquidity in the banking sector

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Thursday, April 18, 2024
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A digital euro would offer a wide range of

Key Points: 
    • A digital euro would offer a wide range of
      financial stability benefits, including safeguarding the role of public money and
      strengthening the strategic autonomy and monetary sovereignty of the euro area in
      the digital era.
    • Keywords: CBDC, digital euro, bank intermediation, financial stability risks.
    • A digital euro has the potential to offer a wide range of financial stability
      benefits for the digital era.
    • A digital euro would
      stimulate financial innovation among private sector entities and enhance the
      efficiency and resilience of the financial system by supporting competition and
      diversity within it.3 In addition, a digital euro would strengthen the strategic autonomy
      and monetary sovereignty of the euro area.
    • A digital euro would be designed to minimise risks to the financial system.
    • 2

      The preparation phase will pave the way for a future decision on whether or not to issue a digital euro.

    • When gauging the implications for the euro area banking sector of introducing a
      digital euro, take-up would be key, as it would determine the level of deposit
      outflows.
    • In the latter case, the
      issuance of a digital euro would not affect banks? balance sheets, since banks would return euro
      banknotes to the Eurosystem in exchange for digital euro.
    • Banknotes and digital euro are two different
      types of central bank liability, so a swap between banknotes and digital euro would only affect the
      composition and not the size of the Eurosystem?s balance sheet.
    • In our analysis, we model only the
      substitution of commercial bank deposits with a possible future digital euro.
    • 8

      The legislative proposal on a digital euro provides for the inclusion of such safeguards and establishes
      specific criteria for the limits, aiming to contain the use of a digital euro as a store of value.

    • ECB Occasional Paper Series No 346

      4

      2

      The added value of digital euro
      safeguards such as holding limits
      To understand the benefits of digital euro safeguards, such as holding limits, it
      is useful to first consider the implications of introducing a CBDC without
      adequate safeguards.

    • (2022), ?Central bank digital currency and bank intermediation: Exploring different
      approaches for assessing the effects of a digital euro on euro area banks?, Occasional Papers, No 293,
      European Central Bank, Frankfurt am Main, May.
    • deciding to adopt the digital euro, and (ii) the average amount of digital euro in a
      wallet.
    • At the same time, as discussed in this paper, the design of a digital euro would
      include effective safeguards, such as individual holding limits, to mitigate
      potential financial stability risks.
    • ECB Occasional Paper Series No 346

      15

      an upper bound on the amount of digital euro in circulation, thereby addressing and
      limiting financial stability concerns associated with the introduction of a digital euro.

    • (2023), ?A digital euro: gauging the
      financial stability implications?, Financial Stability Review, ECB, November.

ECB announces changes to the operational framework for implementing monetary policy

Retrieved on: 
Wednesday, April 3, 2024
Reproduction, European Central Bank, Communication, Frankfurt, Council, Policy, Personal ordinariate, ECB, Cryptocurrency

- PRESS RELEASE

Key Points: 
  • - PRESS RELEASE
    ECB announces changes to the operational framework for implementing monetary policy
    13 March 2024
    - ECB concludes review that started in December 2022
    - Framework sets out how Governing Council will steer short-term money market rates in line with its monetary policy decisions as Eurosystem balance sheet normalises
    The Governing Council of the European Central Bank (ECB) today decided on changes to the operational framework for implementing monetary policy to ensure that the framework remains appropriate as the Eurosystem balance sheet normalises.
  • In December 2022, the Governing Council announced a review of the operational framework for steering short-term interest rates in the euro area.
  • Today’s decisions establish key principles and parameters for implementing monetary policy and providing central bank liquidity as excess liquidity in the banking system, while remaining significant over the coming years, gradually declines.
  • “I am pleased to announce that the Governing Council has approved these changes to its operational framework, which acknowledge the significant changes in the financial system and monetary policy in recent years,” said President Christine Lagarde.

Luis de Guindos: Interview with Naftemporiki

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Wednesday, April 3, 2024
Reproduction, Growth, ECB, Risk, Federal, Frankfurt, Society, Policy, Communication, Politics, Federal Reserve, QE, Fed, APP, PEPP, European Central Bank

This box investigates how households have responded to the 2021-23 inflationary episode using evidence from the ECB’s Consumer Expectations Survey.

Key Points: 
  • This box investigates how households have responded to the 2021-23 inflationary episode using evidence from the ECB’s Consumer Expectations Survey.
  • The findings suggest that households have primarily adjusted their consumption spending to cope with higher inflation.

Christine Lagarde: Building confidence in the path ahead

Retrieved on: 
Wednesday, April 3, 2024
Ben Bernanke, Reproduction, Logic, European Central Bank, Employment, Speech, Conference, Pressure, Growth, Projection, Exercise, Finance, Environment, ECB, Perseverance, Risk, Frankfurt, Policy, Communication, Mistake, HICP, GDP, Watcher, Goethe University Frankfurt, Personal ordinariate, The, Cryptocurrency

This box investigates how households have responded to the 2021-23 inflationary episode using evidence from the ECB’s Consumer Expectations Survey.

Key Points: 
  • This box investigates how households have responded to the 2021-23 inflationary episode using evidence from the ECB’s Consumer Expectations Survey.
  • The findings suggest that households have primarily adjusted their consumption spending to cope with higher inflation.