Later this year, the ECB will meet for a grand strategy review. Expected to be one of the most consequential policy reviews for years to come, the central bank could opt for changes to its inflation target (some doves have proposed following in the footsteps of the Fed by loosening the ECB’s inflation target) as some have insisted. But one change that appears virtually certain, is that the central bank will adopt language addressing matters like climate change, economic equality, etc.
From the minute the ECB selected Christine Lagarde to succeed Mario Draghi, it seemed almost like a forgone conclusion. But more than a year later, Joe Biden’s decision to nominate Janet Yellen to lead the Treasury Department showed that across the Atlantic, central bankers are focusing on a similar agenda.
During a recent interview with International Man, Doug Casey rebutted demands for the Fed to take on inequality by doling out ‘reparations’. Fed Chairman Jerome Powell has repeatedly called on the central bank to address inequality…but the irony is, the Fed is one of the progenitors of economic inequality. Read More