The European Central Bank (ECB) raised interest rates once more on Thursday, prompting people to seek refuge in Bitcoin and cryptocurrencies.

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Despite ongoing strong inflation, the European Central Bank (ECB) raised interest rates by 0.25% again on Thursday. Investors are now questioning whether this will be the final rate increase of the year. The ECB’s rate hikes have amounted to 400 basis points since July of the previous year, marking the fastest tightening cycle in the institution’s history.

ECB Raises Rates

With economic data showing a slowdown and low loan demand, it was expected that the ECB would raise its primary interest rate (the deposit rate) to 3.75%.

The rapid rise in interest rates could have a negative impact on loan growth in the euro region and overall economic activity. A recent quarterly poll by the ECB revealed that firms’ demand for loans dropped significantly in the second quarter of 2023, reaching the lowest level since the survey began in 2003.

Unlike the United States, the euro zone has less developed and liquid capital markets, so banks play a dominant role in financing the economy. ECB Chief Economist Philip Lane noted that the tighter monetary policy is already having a quick impact, especially on bank loans.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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François Villeroy de Galhau, the President of the Bank of France, has made statements regarding the European Central Bank's (ECB) inflation target, opposing some French economists' proposal for a higher inflation target above 2 percent. Villeroy cautioned against raising the ECB's inflation target, stating that interest rates are approaching their peak and will transmit their effects on the economy for a sufficient period. #inflation #ECB #BankOfFrance

ECB's Inflation Target:

Villeroy, who is also a member of the ECB's Governing Council, emphasized the ECB's inflation target in a speech at an economics conference in Aix-en-Provence. He stated that the ECB aims to reduce inflation to the 2 percent target by 2025. This target has been widely adopted by major central banks for a considerable period and aims to ensure price stability.

Proposals for a Higher Inflation Target:

French economist Olivier Blanchard, formerly the Chief Economist of the International Monetary Fund (IMF), has long advocated for a higher inflation target beyond the commonly accepted 2 percent. Blanchard argues that the flexibility brought by this higher target outweighs potential costs. However, Villeroy maintains the importance of adhering to the current inflation target and suggests that a target above 2 percent could have negative effects on the economy.

French economist Patrick Artus has also proposed a higher inflation target during a conference held last Saturday. French Finance Minister Bruno Le Maire stated that there should be no taboo on exceeding the limits when economists are discussing this issue. These debates highlight the differing opinions on the ECB's inflation target and indicate that this topic will be further discussed in the future.

In a surprising turn of events, Bitcoin images and the words “Study Bitcoin” appeared on the European Central Bank building in Frankfurt, Germany on March 30th. Bitcoin Magazine tweeted about the incident, causing a stir in the cryptocurrency community.

The European Central Bank (ECB) is the central bank of European countries that use the euro as their official currency. The ECB has been a vocal critic of Bitcoin and other cryptocurrencies, with ECB President Christine Lagarde warning in a recent speech that central banks could lose control if they do not adopt a central bank-issued digital currency (CBDC). The ECB has also referred to Bitcoin as a risky asset and recommended that banks limit their holdings.

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The appearance of Bitcoin images on the ECB building has been seen as a media façade, criticizing the ECB’s negative stance towards Bitcoin. It is worth noting that Germany, where the ECB is located, is a Bitcoin-friendly country. Many banks in Germany support Bitcoin holdings and customers can buy and sell the cryptocurrency.

The incident highlights the growing interest in Bitcoin and cryptocurrencies, despite the skepticism of some traditional financial institutions. While central banks like the ECB may see cryptocurrencies as a threat to their control, many individuals and businesses see them as a viable alternative to traditional forms of currency and payment.

The appearance of Bitcoin images on the ECB building is a reminder that cryptocurrencies are here to stay, and it will be interesting to see how governments and financial institutions adapt to this new technology in the coming years. As the popularity of cryptocurrencies continues to grow, it is clear that the debate over their role in the global financial system is far from over.

#ECB #Bitcoin #BTC #studybitcoin #azcoinnews

This article was republished from azcoinnews.com

With European Central Bank (ECB) President Christine Lagarde announcing in a video that a digital euro will be "decided in October," the covert goal of promoting central bank digital currencies (CBDCs) has reached a breaking point.

Which greatly increased social media attention. In it, Lagarde defended the switch to a digital euro by stressing that she does not want the #EU to be dependent on a friendly currency that is activated by a private corporate organization or depending on a friendly currency that is activated by a friendly country but dependent on a friendly corporate company. She gave Facebook and Google as examples.

Although she did not specify how the digital euro #cbdc would circumvent current payment systems, all transactions would be routed through an ECB-controlled ledger because it is a closed-loop system.

If implemented, the continent would transition to a hard digital currency system, further restricting its current paradigm of cash expenditure and transfers.

The original material for the movie was a fake tape from March 17 on which Christine Lagarde appeared to speak more candidly than usual because she believed she was speaking with Volodymyr Zelensky, the president of Ukraine.

Unexpectedly, the interviewer followed up with a question regarding a potential future job. Lagarde replies with a crooked grin, "I bought it (Bitcoin) when it started - I hope it... works as well."

Lagarde also addressed the instability that occurred in France about ten years ago, attributing it to a small number of anonymous credit cards that supported terrorists. She acknowledges that the digital euro might not have a mechanism to prevent small-scale financing (i.e., 300–400€), but she continues to accuse fiat money of supporting terrorists, which is why the #ECB tightened control.

Lagarde's comments, particularly her assertion that a digital euro will allow for more control over people and payments, have enraged the #crypto community.

Whatever happens next, the background and motivation are now clear. The countdown to the introduction of the digital euro has started.

In July 2021, the ECB began a two-year study on the digital euro, and has since kept the public informed of its findings.

European nations might only have a few months before the current fiat money paradigm undergoes a significant shift.

This news is republished from https://coinaquarium.io/

In a recent video chat with a fake Ukrainian President, European Central Bank (ECB) President Christine Lagarde acknowledged that the digital euro could be used to control people’s payments in a “limited” way. The comments came in response to the fake Zelenskiy’s remarks that protesters in Europe don’t want to be controlled by the central bank’s CBDC.

The pranksters who made the video also had fake conversations with Harry Potter author JK Rowling and former US President George W. Bush. Lagarde’s response to the fake Zelenskiy’s remarks has sparked protests from the cryptocurrency community, who see it as an attempt to suppress financial freedom.

Lagarde explained that while there would be controls, they would be limited to a small amount, such as 300 or 400 euros. She added that there are mechanisms that don’t control at all, but they are very risky. Lagarde also pointed out that terrorist attacks have been financed with very few anonymous transactions, highlighting the need for some level of control.

The ECB has been investigating the digital euro for two years and is set to make a decision on whether to launch it in October. The digital euro would be a digital version of the euro, which could be used for online transactions and would be backed by the ECB.

The idea of a digital euro has been met with both excitement and concern from the cryptocurrency community. While some see it as a positive step towards mainstream adoption of digital currencies, others worry that it could be used as a tool for government surveillance and control.

Lagarde’s remarks about the limited control over payments through the digital euro have only added to these concerns. The cryptocurrency community is now protesting against her comments, calling for financial freedom and an end to government control over payments.

Overall, Lagarde’s comments have sparked a heated debate about the potential uses and risks of a digital euro. As the ECB prepares to make a decision on its launch, it remains to be seen how much control it will have over people’s payments and whether the concerns of the cryptocurrency community will be taken into account.

#ECB #DigitalEuro #crypto2023 #BTC #azcoinnews

This article was republished from azcoinnews.com

#crypto2023 news update :

The #Germany government has said that it is willing to provide a bailout to the Bundesbank if necessary. The Bundesbank has been a major buyer of bonds under the European Central Bank's (ECB) quantitative easing (QE) program, and there is a risk that the Bundesbank could incur losses on its ECB bonds if interest rates rise or if the #ECB is forced to sell them at a discount.

The potential bailout of the Bundesbank would be a significant event, as it would be the first time that a central bank has been bailed out by its government. It would also raise questions about the sustainability of the ECB's QE program, and it could lead to further volatility in the global financial markets.

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