{"id":31521,"date":"2018-02-23T12:43:19","date_gmt":"2018-02-23T17:43:19","guid":{"rendered":"http:\/\/olduvai.ca\/?p=31521"},"modified":"2018-02-23T12:43:19","modified_gmt":"2018-02-23T17:43:19","slug":"ecb-minutes-reveal-fears-over-trump-currency-wars","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=31521","title":{"rendered":"ECB minutes reveal fears over Trump currency wars"},"content":{"rendered":"
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ECB minutes reveal fears over Trump currency wars<\/a><\/h3>\n<\/hgroup>\n
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Account of January meeting also show communications differences on QE<\/strong><\/p>\n

A man wearing a monkey costume passes in front of the old European Central Bank building in Frankfurt, Germany Photograph: EPA<\/p>\n<\/div>\n<\/section>\n

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Euro zone concerns over the weakness of the dollar were laid bare in a set of European Central Bank<\/a> minutes that highlighted fears the Trump administration was deliberately trying to engage in currency wars.<\/p>\n

The account of the ECB\u2019s January monetary policy meeting also reveals that its hawkish members pushed for a change in the bank\u2019s communications, arguing economic conditions were now strong enough to drop a commitment to boost the quantitative easing programme in the event of a slowdown.<\/p>\n

Mario Draghi<\/a>, ECB president, last month hit out at US treasury secretary Steven Mnuchin\u2019s claim that a weak dollar was good for the American economy. Mr Draghi said Washington needed to uphold the rules of the international monetary system, which forbid nations from deliberately devaluing their currencies.<\/p>\n

Mr Mnuchin\u2019s remarks were seen as a signal that the US could ditch its strong dollar policy – which could lower euro zone exports and make it harder for the ECB to hit its inflation target.<\/p>\n

Mr Mnuchin later said his comments were \u201ccompletely consistent with what I\u2019ve said before\u201d and that he had merely made a \u201cfactual statement\u201d that a weaker dollar would help the US on trade in the short term. President Donald Trump<\/a> has also since reaffirmed the strong dollar policy.<\/p>\n

The accounts of the ECB meeting on January 24th -25th, published on Thursday, show Mr Draghi\u2019s fears were widely shared among the bank\u2019s decision makers. \u201cConcerns were…expressed about recent statements in the international arena about exchange rate developments and, more broadly, the overall state of international relations,\u201d the account said.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

ECB minutes reveal fears over Trump currency wars Account of January meeting also show communications differences on QE A man wearing a monkey costume passes in front of the old European Central Bank building in Frankfurt, Germany Photograph: EPA Euro zone concerns over the weakness of the dollar were laid bare in a set of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[1098,7844,233,280,282,661,662,18899,827,839],"class_list":["post-31521","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-currency-wars","tag-donald-trump","tag-ecb","tag-euro","tag-european-central-bank","tag-qe","tag-quantitative-easing","tag-the-irish-times","tag-united-states","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31521"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31521\/revisions"}],"predecessor-version":[{"id":31522,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31521\/revisions\/31522"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}