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Mehreen Khan Profile picture
@MehreenKhn
Mar 24, 2020 • 4 tweets • 2 min read • Read on X
Pro-tip for housebond Eurogroup watchers today. It starts at 1830. Don't expect much.
*housebond was a Freudian slip*
Core Hansa led by chief eurozone resister @WBHoekstra see world very differently from Macron, commission etc. They still see the ESM as a tool to step in when spreads blow up and a country loses market access à la 2008. That may never happen with coronavirus after the ECB's move
Privately Dutch officials often remark that they saved in good times so have fiscal buffers to spend in a crisis (implication: lazy south didn't). Yesterday Hoekstra in #ecofin outraged some by calling on the commission to "investigate" why some MS had no fiscal room #solidarity

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More from @MehreenKhn

Mehreen Khan Profile picture
Oct 12, 2022
NEW: Andrew Bailey and Kwasi Kwarteng attended a meeting of the G7 counterparts in Washington this afternoon, where their counterparts, led by Janet Yellen, made a number of "backhanded" swipes at events in the UK
Finance ministers, led by Yellen, warned against governments carrying out unfunded tax cuts and policies that threatened financial stability. Canada's finance minister Freedland also chipped in
The warnings were not explicitly aimed at the UK but they were clearly directed at the Brits. One diplomat said that Kwarteng and Bailey did not respond, sticking squarely to their pre-prepared scripts
Read 6 tweets
Mehreen Khan Profile picture
Oct 11, 2022
Bailey admits that the Bank's emergency liquidity interventions mean that its monetary policy goals and its financial stability mandate are now running in opposite directions. This is in contrast to the last dash for cash in March 2020, when QE achieved both goals. Image
‼️‼️ BoE Bailey sends clear warning that BoE interventions will end on Friday. He tells funds: "You've got three days left to get this done".
Bailey's categorical warning that bond-buying will end this Friday will raise more questions about whether the Bank can still proceed with its QT programme, which is due to start on the same day as the chancellor's fiscal update, October 31
Read 5 tweets
Mehreen Khan Profile picture
Oct 11, 2022
IMF has downgraded its 2023 global growth forecasts today (from slowest onwards, non exhaustive list):
🇷🇺 -2.3%
🇩🇪 -0.3%
🇮🇹 -0.2%
🇸🇪 -0.1%
🇬🇧 0.3%
🇧🇪 0.4%
🇫🇷 0.7%
🇳🇱 0.8%
🇺🇸 1.0%
🇧🇷 1.0%
🇨🇦 1.5%
🇯🇵 1.6%
🇨🇳 4.4%
🇮🇳 6.1%
The 🇬🇧 is due to suffer the worst average inflation rate of the advanced economies (9% in 2022, 9.1% in 2023). But the IMF forecast for a "significant slowdown" in growth does not factor in policies announced in the mini-budget on Sept 23
On the 🇬🇧mini-budget, the IMF says the "sizeable" fiscal package "is expected to lift growth somewhat above the forecast in the near term, while complicating the fight against inflation."
Read 4 tweets
Mehreen Khan Profile picture
Dec 31, 2021
Happy new year from Planet Brussels where this has just landed in some people's inboxes 🎁 #taxonomy
A 60-page draft #taxonomy text landed in inboxes of member states minutes before 2022 struck. A "consultation" process - which does not involve MEPs - will run until mid Jan. Some highlights on what's included 👇
Commission stresses that on nuclear energy and fossil gas there are "rapid technological" developments occuring.
On ☢️, draft paves the way for awarding the green label as long as MS can provide plans for safe waste management and a 100g per KW of CO2 is not exceeded
Read 11 tweets
Mehreen Khan Profile picture
Nov 24, 2021
German Greens have won the right to propose the country's next EU commissioner. There has been an expectation that VDL would serve two terms. It's a canny move which will mean VDL will feel obliged to keep Greens on side for next 2.5 years.
Pilling pressure on VDL already, vice chair of Greens speculates how "cool" it would be to have a Green European Commission President
One suggestion is that VDL could secure Greens support if she agrees to stand on a transnational list at next EU elections. Thus far, debate over pan-EU lists has been killed by VDL's centre right EPP party
Read 6 tweets
Mehreen Khan Profile picture
Oct 4, 2021
France's finance minister has arrived at the #Eurogroup fuming at the state of EU energy market rules calling them "unfit for purpose" after energy price rises have "become unbearable for our citizens and businesses"
Le Maire will be teaming up with Spain's Nadia Calvino today to demand Brussels reform EU energy market rules to better regulate gas stocks and scrap a marginal pricing system so price of electricity production in each MS reflects costs for consumers ft.com/content/463d0e…
Commission's initial response - a flexibilities paper laying out what gov's can do - is unlikely to satiate French or Spanish asks. Worsening prices over winter risks poisoning Europe's fiscal and climate policy debate ft.com/content/5805c3…
Read 10 tweets

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