Punch-drunk Credit Suisse was fated to fall
An extraordinary weekend in Switzerland culminated in the collapse of Credit Suisse into the wary embrace of its great rival, UBS. The latter did not want to have to buy the former. For all the Swiss authorities’ insistence that this was a takeover – a ‘commercial solution’ according to the finance minister – UBS had no choice but to make a deal work. US Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen gave the game away, welcoming the move by ‘Swiss authorities to support financial stability’. For all the frantic efforts of the past few days, UBS’s leadership knew they might ... (full story)
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tweet at 9:55am: ECB’s Stournaras: Close to End of Tightening Cycle - Rate Hikes Are Mostly a Story of the Past tweet at 10:15am: ECB'S STOURNARAS TELLS CNBC EUROPEAN BANKING SYSTEM WELL-EQUIPPED WITH CAPITAL
I am happy to be back in this Parliament to discuss the ECB’s monetary policy shortly after last week’s Governing Council meeting. More than one year has now passed since that February morning when we all woke up to the horrifying news of war in Europe. The Russian invasion of Ukraine – which you have selected as a topic for this hearing – is first and foremost a human tragedy for the people of Ukraine. And in the face of this senseless atrocity, they have shown remarkable resilience and determination. In the words of the former President of this Parliament, José María Gil-Robles, who sadly passed away last month, “The future belongs to those who are prepared to make the effort to hear the voice of hope”.[ 1 ] As Europeans, we need to continue hearing the voice of ho tweet at 10:02am: #ECB LAGARDE: #INFLATION IS PROJECTED TO REMAIN TOO HIGH FOR TOO LONG - BBG *LAGARDE: KEY ECB INTEREST RATES REMAIN OUR PRIMARY TOOL *LAGARDE: FUTURE ECB MOVES TO DEPEND ON DATA tweet at 10:04am: ECB'S PRESIDENT LAGARDE: THE ECB IS CAREFULLY WATCHING MARKET DEVELOPMENTS. tweet at 10:05am: ECB'S PRESIDENT LAGARDE: THE EURO-AREA BANKING SECTOR IS STRONG.