The ECB’s response to the current energy price shock will be rooted in our monetary policy strategy which is well equipped to help us navigate it. That was my message at the #ECBWatchers conference. Read my speech www.ecb.europa.eu/press/key/da...

🎯🎯

The physical distance may be large, but the 2026 Prize by Stanford @siepr.bsky.social draws attention to the EU's forthcoming (decarb+competitiveness) transition: siepr.stanford.edu/news/mario-d...

Portugal's EDP moves to supply data centre boom in Iberia, CEO says reut.rs/4l6t5YU

Adults who don’t engage in strength training stand to lose five to 10 per cent of their muscle mass per decade. But an over-fixation on heavier weights can also cause problems. ⁠ ⁠ How heavy is too heavy? We asked the experts: ft.trib.al/5UuOKZU

These words by Supreme Justice Gorsuch should be printed, in full, on tomorrow’s front pages.

Trump invokes Section 122 of Trade Act of 1974. It authorizes president to impose quotas & tariffs of as much as 15% for up to 150 days against countries that have “large and serious” balance-of-payment surpluses with US. Provision has never been invoked before. www.brookings.edu/articles/wha...

NEW: Alan Wm. Wolff writes the Supreme Court's ruling against Trump's sweeping tariffs imposed under IEEPA is welcome, but is not about whether the policy of having tariffs was a good one, just that the president does not have such power under the statute.

The Supreme Court's decision to strike down the Trump administration’s Liberation Day tariffs is good news. But those who hope that it will prevent the administration from threatening tariffs—& imposing them—in future will be sorely disappointed, @douglasirwin.bsky.social warns in @economist.com.

The rambling of a deranged mind

The Governing Council has decided to enhance the Eurosystem repo facility for central banks (EUREP) to make it more flexible and effective in supporting the smooth transmission of euro area monetary policy. Read the press release www.ecb.europa.eu/press/pr/dat...

China will extend zero-tariff treatment to all products from 53 African countries with diplomatic ties starting from May 1, China Central Television reported

When current European Council President António Costa became Portugal’s PM in 2015, the country took pride in being the only European nation without a far-right political presence. This weekend’s elections have cemented a very different reality.

Wish @martinsandbu.ft.com is right

A real loss to the @ecb.europa.eu Let's see who replaces him. Plenty of capable people in France (Benassy-Quéré, Rey, dare I say Coeuré?)

"Britain isn’t broken. It is in serious need of repair. The suggestion among Labour MPs that the best way to begin rebuilding political trust is to throw out Starmer in favour of someone else merely insults the electorate". Inside-Out column. philipstephens.substack.com/p/epstein-ma...

"It’s a humiliating day for the Federal Reserve"

A winner in the Warsh pick: Stan Druckenmiller (for whom Warsh worked for a time). He also is close to Scott Bessent giftarticle.ft.com/giftarticle/...

MIT holds the line bsky.app/profile/dyna...

My Trade Secrets today. Trump has annoyed farmers by provoking China to block their exports while bailing out Argentina, home of their rivals. Are the farmers right to feel betrayed? Is a pitchfork rebellion against his tariffs coming? Will farm country turn against Trump? Answers: no, no and no.

As it did in 2018, the White House plans to dole out relief funds to struggling U.S. farmers who have lost their biggest customer, China, because of steep tariffs imposed by the Trump administration.

So is the US economy "phenomenal" (Trump) and weak hiring data for July were "rigged" or is the labor market about to fall off a cliff and the US is in need of a massive rate cut?https://www.ft.com/content/d8953f37-2bb1-4272-a24e-dbf0a02ee4f0

Fact check: absolutely true.

Let them eat Wisconsin cheese. www.ft.com/content/cf57...

It was not so long ago that central bankers were "the only game in town"

Details and FAQ on new Fed framework www.federalreserve.gov/monetarypoli...

shapingwork.mit.edu/careers/Great opportunity to work with Daron Acemoglu David Autor, for a Predoctoral position, MIT 👇👇👇 shapingwork.mit.edu/careers/jame... Want to work with us? We're hiring for Predoctoral Researcher positions to work with @DAcemogluMIT, @davidautor, and @baselinescene.

Firing the BLS Commissioner because you don't like the data is a dark day.

Echoes of the Kirchners. What next? Default?

Trump orders firing of BLS commissioner after dismal employment report reut.rs/3HcwBRT

Dollar keeps losing market share but euro is no winner either: ECB study reut.rs/3HD6bsw

Europe is often criticized for its overregulation of innovative companies and the lack of capital available to them. However, several success stories show that innovation can be done in Europe, as I write in an article for the IMF magazine, F&D. @pgourinchas.bsky.social bipr.jhu.edu/newsandviews...

Has the G-7 outlived its purpose? Fifty years after its first meeting, the group of nations is struggling to realize its political and economic ambitions.

Stifled by overregulation and lack of capital, Europe's innovation scene is actually alive and stirring. "Europe's innovators are waking up", my article for the IMF's Finance & Development magazine, tells quite a few success stories. www.imf.org/en/Publicati...

A wonderful memory of Stan Fischer being warmly greeted by his disciple and friend Mario Draghi at the @ecb.europa.eu Central Banking Forum in Sintra. Central-bank watcher watching at the back

Olivier Blanchard and Angel Ubide on the need for Eurobonds. Now, let the "frugals" argue against it.

"Stan the Man" A giant of economics and policymaking, a wonderful person.

Draft of Trump budget for FY26: Money for the Head Start program, which provides early child care and education for low-income families, would be eliminated. via www.washingtonpost.com/health/2025/...

Richmond Fed econs not mincing any words: "Tariffs are taxes imposed by a government on imported goods...The new measures targeting Canada, Mexico, the EU and automobiles threaten widespread disruptions across key U.S. industries."

"A stupid person is a person who causes losses to another person or to a group of persons while himself deriving no gain and even possibly incurring losses." The 3rd (and golden) basic law of human stupidity, by economic historian Carlo M. Cipolla in his "The basic laws of human stupidity" (1976)

For those listening to this rant, those numbers are not tariffs. The European Union, e.g., has weighted average tariff rates of ~ 3% and arguably lower on US goods. So they are clearly including VATs and who knows what else? This false reciprocity is nonsense. For more: www.piie.com/blogs/realti...

I wrote this in July 2016 www.washingtonpost.com/opinions/glo...

Novo elétrico low-cost da Volkswagen vai ser produzido em Palmela

The most vocal opposition to Trump's policies is done by @wsj.com www.wsj.com/opinion/the-...

#Germany How to reform the debt brake, according to the #Bundesbank English version here. Important. H/T @ulbrich-jens.bsky.social publikationen.bundesbank.de/publikatione...

If the Dems had half a clue they'd put up a big stock market ticker somewhere near the White House.

Leopard: I will eat your face Bank analysts: Our baseline assumes no face-eating Leopard: Chomp chomp chomp

Friedrich Merz, the conservative frontrunner to become Germany’s next chancellor, suffered a major political defeat today as a proposed migration law backed by conservatives was rejected in the Bundestag.

Do Europeans still get to set the rules for their own elections? Or does Elon Musk decide? www.theatlantic.com/magazine/arc...

FWIW - The External Revenue Service will be collecting tariffs which are paid by US importers who study after study have shown pass most of the cost of tariffs on to US consumers who buy those tariffed imports.