Christine Lagarde in self-quarantine

The European Commission wants almost all businesses and institutions to be required to accept cash payments. ‘Pin-only’ shops would disappear as a result. The Commission’s proposal essentially mandates that cash, with a few exceptions, must be accepted. This obligation would not apply to online purchases, however. There are only two exceptions to this rule. Cash may be ‘in...

Investors on Wall Street appear to be harboring optimism that central banks in both the United States and Europe will soon discontinue their policy of interest rate hikes. According to market analysts, this sentiment played a significant role in driving the major stock market indices in New York to close Wednesday’s trading session with notable gains. Financial experts have been engaged in...

The Federal Reserve chairman will speak Friday at the central bank’s summer symposium in Jackson Hole, Wyoming. The irony could not be more pronounced. This week, the world’s leading macroeconomists will gather at a playground of billionaires to discuss the post-pandemic problems of ordinary Americans while balancing the twin goals of seeking full employment and also constraining the forces of...

The use of US dollar in global payments reached a record level in July, the Swift system reported. Dollar transactions took a share of 46%. Statistics have been maintained since 2010 on the basis of about 200 million transactions. It does not cover all the flows, but it gives the largest view of the market. The increase in the dollar’s share in Swift was largely due to the euro. Last month...