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	<title>ECB &#8211; RFR</title>
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	<description>GLOBAL MACRO AND THEMATIC INDEPENDENT RESEARCH</description>
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	<title>ECB &#8211; RFR</title>
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	<item>
		<title>The oil threat</title>
		<link>https://richesflores.com/2018/04/16/the-oil-threat/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Mon, 16 Apr 2018 08:38:38 +0000</pubDate>
				<category><![CDATA[WEEKLY]]></category>
		<category><![CDATA[BOJ]]></category>
		<category><![CDATA[ECB]]></category>
		<category><![CDATA[FED]]></category>
		<category><![CDATA[oil]]></category>
		<category><![CDATA[purchasing power]]></category>
		<category><![CDATA[Syria]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=9742</guid>

					<description><![CDATA[The increased tension surrounding Syria caused the oil price to surge beyond...]]></description>
		
		
		
			</item>
		<item>
		<title>ECB: forced to miss its turn again households_confidence</title>
		<link>https://richesflores.com/2018/03/05/ecb-forced-to-miss-its-turn-again-households_confidence-consumption-eurozone_growth-draghi-euro-ifo-inflation-pmi-praet-long_term_rates-zew/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Mon, 05 Mar 2018 15:43:50 +0000</pubDate>
				<category><![CDATA[Euro zone]]></category>
		<category><![CDATA[WEEKLY]]></category>
		<category><![CDATA[Coeuré]]></category>
		<category><![CDATA[consumption]]></category>
		<category><![CDATA[Draghi]]></category>
		<category><![CDATA[ECB]]></category>
		<category><![CDATA[EURO]]></category>
		<category><![CDATA[Eurozone growth]]></category>
		<category><![CDATA[Households confidence]]></category>
		<category><![CDATA[IFO]]></category>
		<category><![CDATA[Inflation]]></category>
		<category><![CDATA[long-term rates]]></category>
		<category><![CDATA[pmi]]></category>
		<category><![CDATA[Praet]]></category>
		<category><![CDATA[zew]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=9518</guid>

					<description><![CDATA[Following the last monetary policy meeting on 25 January, there had been...]]></description>
		
		
		
			</item>
		<item>
		<title>Central bankers caught between the Scylla of inequalities and the Charybdis of financial bubbles</title>
		<link>https://richesflores.com/2018/02/26/central-bankers-caught-between-the-scylla-of-inequalities-and-the-charybdis-of-financial-bubbles/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Mon, 26 Feb 2018 17:13:15 +0000</pubDate>
				<category><![CDATA[WEEKLY]]></category>
		<category><![CDATA[central banks]]></category>
		<category><![CDATA[Draghi]]></category>
		<category><![CDATA[ECB]]></category>
		<category><![CDATA[FED]]></category>
		<category><![CDATA[inequalities]]></category>
		<category><![CDATA[Monetary Policy]]></category>
		<category><![CDATA[Yellen]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=9478</guid>

					<description><![CDATA[Monetary policies have traditionally not been concerned with the subject of inequality,...]]></description>
		
		
		
			</item>
		<item>
		<title>So the era of low interest rates will soon be over, right?</title>
		<link>https://richesflores.com/2018/01/22/so-the-era-of-low-interest-rates-will-soon-be-over-right/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Mon, 22 Jan 2018 14:38:43 +0000</pubDate>
				<category><![CDATA[Commodities]]></category>
		<category><![CDATA[Inflation]]></category>
		<category><![CDATA[WEEKLY]]></category>
		<category><![CDATA[BOC]]></category>
		<category><![CDATA[bonds markets]]></category>
		<category><![CDATA[ECB]]></category>
		<category><![CDATA[FED]]></category>
		<category><![CDATA[fiscal reform]]></category>
		<category><![CDATA[growth]]></category>
		<category><![CDATA[hurricanes]]></category>
		<category><![CDATA[Monetary Policy]]></category>
		<category><![CDATA[Oil Price]]></category>
		<category><![CDATA[Real Estate]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=9294</guid>

					<description><![CDATA[Trends in the financial markets have accelerated in the last few days....]]></description>
		
		
		
			</item>
		<item>
		<title>Central bank&#8217;s fight against underemployment</title>
		<link>https://richesflores.com/2014/04/04/central-banks-fight-against-underemployment/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Fri, 04 Apr 2014 16:07:25 +0000</pubDate>
				<category><![CDATA[Euro zone]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[WEEKLY]]></category>
		<category><![CDATA[ECB]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=3355</guid>

					<description><![CDATA[Janet Yellen's insistence on the enduringly-soft job market in the US during her speech this week in Chicago and Mario Draghi's unusual insistence on the risks associated with allowing high unemployment to remain at a high rate over a sustained period in the euro area were striking for reasons others than the quick succession of the two statements. What's to be made of the messages?]]></description>
		
		
		
			</item>
		<item>
		<title>A Fresh Round of Central Bank Action Coming Up in 2014</title>
		<link>https://richesflores.com/2013/10/04/a-fresh-round-of-central-bank-action-coming-up-in-2014/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Fri, 04 Oct 2013 16:51:49 +0000</pubDate>
				<category><![CDATA[Euro zone]]></category>
		<category><![CDATA[GLOBAL MACRO]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[central banks]]></category>
		<category><![CDATA[ECB]]></category>
		<category><![CDATA[Interest Rates]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=2237</guid>

					<description><![CDATA[If we’re correct in assuming the Federal Reserve is not about to start scaling back its asset purchases, worldwide liquidity injections should hit a new high next year. Whereas the aggregate balance sheet of the four leading central banks showed little change in the first half of 2013, we can expect widespread central bank activism over the next few quarters:
- At a rate of 85 billion dollars a month, the Fed’s asset purchases should amount to 1.02 trillion dollars a year.
- The Bank of Japan will be adding anywhere from 600 to 718 billion dollars to its balance sheet as it strives to meet its target of expanding Japan’s monetary base by between 60 and 70 trillion yen a year (making it some 40 percent larger than at the beginning of 2013).
- The Bank of England will be buying 610 billion dollars’ worth of Gilts in connection with its objective to purchase 375 billion pounds of assets via its Asset Purchase Facility. 
- The ECB’s probable upcoming LTRO is likely, in our estimate, to provide]]></description>
		
		
		
			</item>
		<item>
		<title>Monetary Policy: Too Much Disparity to Be Effective</title>
		<link>https://richesflores.com/2013/05/07/monetary-policy-too-much-disparity-to-be-effective/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Tue, 07 May 2013 08:26:08 +0000</pubDate>
				<category><![CDATA[Euro zone]]></category>
		<category><![CDATA[GLOBAL MACRO]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[balance sheet]]></category>
		<category><![CDATA[central banks]]></category>
		<category><![CDATA[deleveraging]]></category>
		<category><![CDATA[ECB]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=1604</guid>

					<description><![CDATA[The reflation policies pursued by the major central banks don’t seem to be paying off. Even with key rates at historic lows everywhere and widespread use of unconventional policy tools, lending activity remains flat and economic growth anemic. Moreover, although strong commodity prices and rising taxes have kept price levels up until recently, the inflation rate is starting to sag—in a serious way. A lack of monetary policy coordination, the inability of central banks to offset the impact of fiscal tightening, and the still-crippling effect of deleveraging on growth are the primary ingredients of this collective failure. They are also a cause for concern. If they persist, we may well be heading for a much longer crisis than is commonly assumed—and for creeping deflation that could lead economic policy-makers to act rashly. But let’s be clear about one thing. The problem is not that central banks shouldn’t be doing what they’re doing; it’s that their combined efforts haven’t gone far enough.]]></description>
		
		
		
			</item>
		<item>
		<title>€4.5 Trillion Balance Sheet Needed for the ECB to Achieve the Same Firepower as the Fed</title>
		<link>https://richesflores.com/2012/09/05/e4-5-trillion-balance-sheet-needed-for-the-ecb-to-achieve-the-same-firepower-as-the-fed/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Wed, 05 Sep 2012 13:44:14 +0000</pubDate>
				<category><![CDATA[Countries/Regions]]></category>
		<category><![CDATA[Euro zone]]></category>
		<category><![CDATA[GLOBAL MACRO]]></category>
		<category><![CDATA[ECB]]></category>
		<category><![CDATA[ECB Balance Sheet]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=650</guid>

					<description><![CDATA[Since the onset of the financial crisis, the European Central Bank’s balance sheet has doubled in size—from €1.5 trillion in June 2008 to €3.1 trillion in August 2012. That’s impressive, but much less so than what most of the other major central banks have done, often in a much shorter time span. So the idea that the ECB is about to make use of further unconventional tools should be no cause for concern. In fact, for the eurozone to stand a fighting chance of survival, the ECB will have to pull out all the stops, going at least as far as the Fed and the Bank of England. That will mean boosting its balance sheet by another €1.5 trillion or so to a total of roughly €4.5 trillion. What should be a cause of concern is that the break with the past the central bank is about to make will prove to be less bold than required.]]></description>
		
		
		
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