German central banker sees walls in need of mending

first_imgCentral banks should focus more on fighting inflation and less on bailing out struggling governments and lagging economies, the head of Germany’s central bank said Monday during a talk at the Minda de Gunzburg Center for European Studies.Jens Weidmann, the president of Deutsche Bundesbank and also a member of the European Central Bank’s governing council, advocated firm separation among central banks, governments, and private financial markets.Several central banks, including the European Central Bank, have stepped in to help manage the global financial crisis in recent years, buying government bonds and keeping interest rates near zero in order to stimulate the economy. But Weidmann cautioned against asking too much of such institutions, saying they could lose sight of inflation if loaded with other priorities.“By piling more and more stabilization tasks onto monetary policy, stability will prove ever more elusive,” he said.To reinforce his point, Weidmann analogized church and state to politics and civil society, saying that just as the former allows for freedom of religion, the latter permits free markets to operate. The independence and freedom of central banks have allowed them to effectively fight inflation in the past, he said.Tough times have blurred boundaries, with governments bailing out financial institutions and central banks gearing policy to support governments and the broader economy. The situation is fraught with risk, Weidmann said.“By tearing down the walls between monetary, fiscal, and financial policy, the freedom of central banks to achieve different ends will diminish rather than flourish. Monetary policy runs the risk of becoming subject to financial and fiscal dominance.”Weidmann delivered the inaugural speech at the Center for European Studies’ European Economic Policy Forum, part of the new European Economic Policy program. The program’s initiatives will include hosting visiting and resident fellows and a research and outreach fund to provide resources for research on European economic activity.The potential of mixed responsibilities to cause imbalance is particularly acute in Europe, Weidmann said, where the monetary union that created the euro has taken monetary policy beyond national borders and made it a shared responsibility, while decisions on taxes and spending remain at the national level.One way of addressing this imbalance would be for countries to hand budgeting power — and with it a measure of their sovereignty — to the European government. The idea has met with strong resistance, however.Another possibility would be to de-link monetary policy from government fiscal policy and from the private financial world. Severing those ties would allow individual banks and even governments to fail, but reduce the risk to the broader financial system.Experiences in Ireland, where stability was risked to bail out banks, and Greece, whose enormous debt hurt the broader economy, illustrate the both ends of the issue.One idea for severing what Weidmann called the “sovereign-bank doom loop”: end the practice of assigning government bonds zero risk and cap the amount of sovereign debt held by non-central banks, as is already done with other kinds of investments. This would reduce banks’ exposure to government fiscal problems and insulate the broader financial system against government budget woes.“With regard to the euro area, the assumption that all sovereign bonds are risk-free means that all bonds are treated alike, regardless of fundamentals. This calls into question market discipline and is, obviously, not in line with recent history,” he said.In a question-and-answer session after the talk, some in the audience wondered whether such an approach might worsen the current situation, where the Eurozone has its highest unemployment on record (12.2 percent) even though inflation is at its lowest point in four years (0.8 percent). Weidmann allowed that it might, but predicted long-term benefits. Institutions hobbled by an accumulation of short-term crisis measures won’t work over time.“We will be facing the same situation in a couple of years’ time, and people will ask us, ‘Why didn’t you do something?’”last_img read more

COVID-19: Sporting activities in Ghana suspended for 4 weeks

first_imgAll sporting activities are to be suspended for the next four weeks, in response to the outbreak of coronavirus in Ghana, the president, Nana Addo Dankwa Akufo-Addo has announced.The president made the announcement in an address to the nation on Sunday evening after the country confirmed 4 new cases of COVID-19 which brought the total number of infections in Ghana to 6.The decision means the Ghana Premier League, the Ghana Division One league as well as the women’s league competitions will all grind to a halt for the next one month.The Ghana Athletics Association’s national circuit Championships as well as all impending school sporting activities have all been suspended.Several major leagues around the world have all been suspended in response to the outbreak of the coronavirus and CAF canceled all Afcon 2021 qualifying matches which were set to be played in the last week of March.last_img read more

DD LIFESTYLE: BEAUTY BUYS FOR SPRING

first_imgIT may be snowing in parts of the country so a subtle glow to the skin may just be the boost needed to make you feel that summer is just around the corner.Here are some ideas:VITA LIBERATA BODY BLUR INSTANT SKIN FINISH (main picture) €37.50 This product is a body makeup designed to even skintone and give a photo-ready finish with a subtle glow.Body Blur is a wash off skin finishing body makeup that gives a natural looking tint to the skin.It’s also perfect for mixing with your foundation or using as a primer for that beautiful added glow. It can also be used on the face under foundation or on its own.It contains Shea butter and aloe Vera which gives an extra moisturising boost to the skin.How to Use: Apply in small pea sized dots along limbs and then blend well in long circular movements.For face and neckline apply sparingly with fingers or a foundation brush. Dot along cheekbones and blend to highlight.Wash hands after application.For the Body- Full coverage on body use a tan mitt, use a dense makeup brush to apply all over limbs for a flawless Finish.Wash hands after application.A lovely easy to use luxury product that didn’t have that a biscuity fake tan smell. KARORA Express Bronzing Mousse €29.00: is a new breed of luxury tanning mousse with skincare status and a development time quicker than ever before where you decide your personalised shade of bronze.ONE hour to sun-kissed:Get bronzed brilliance in a flash with this effortless velvety mousse which dries in seconds and develops in just 1 hour. The easy apply, ONE HOUR express turnaround will leave skin sun kissed with a golden hue post-rinse.TWO HOURS to golden glamour:Take the two hour option for a glamorous glow that has you party ready for the weekend.THREE HOURS supreme bronzette:For deeper intense colour take the THREE HOUR option for a tan that’s so natural it’s easily credited to a week in the Tropics! A rapid release of rich exotic colour is infused with skin caring botanicals to deliver a faux tan with true staying power that fades incredibly evenly.KARORA is an award-winning collection that’s brimming with good-for-you tanning formulas. Infused with super natural, skin-caring botanicals, KARORA products transform even the fairest skin to beautifully bronzed with custom colour results. Each skin-perfecting self-tanner offers a beautiful streak-free finish and smells divine.St.Tropez Gradual Tan In Shower Lotion- €19.99 Rimmel In Shower Self Tan-€10.99Both of these products have received mixed reviews- from the wow factor to a hit-and-miss colour.ST. MORIZ INSTANT SELF-TANNING MIST -150ml €4.99This has received positive reviews but with any fake tan, it is all in the preparation.DD LIFESTYLE: BEAUTY BUYS FOR SPRING was last modified: April 17th, 2016 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:donegal daily beautyKARORA Express Bronzing Mousse €29.00Rimmel In Shower Self TanST. MORIZ INSTANT SELF-TANNING MISTVITA LIBERATA BODY BLUR INSTANT SKIN FINISHlast_img read more