"The financial markets expect a further easing of monetary policy in Britain and in the euro zone, and even in the USA the increase in interest rates goes only slowly," she said in the interview published on "SonntagsBlick" on Sunday. SNB currently applies -0.75% rate on deposits stored with the central bank.
The Icelandic economy, tremendously affected by the financial scock of 2008 which saw the three main banks fail and the collapse of the GDP in a few months by 60 percent, finally sees the light. The center-right government in power, hit by the scandal of Panama papers in the spring, has announced a major step towards the abolition of controls on capital movements introduced after the crisis.
The proposals being considered by the national parliament (Althingi) concern the Icelanders, who will see again the possibility (repealed after the shock of 2008) to invest in real estate and other abroad, and buy foreign currency without limitations for travel in the world.
The European Commission has approved a recapitalization of 4.6 billion euro, more than half of them with public funds and issuance of new sovereign debt, to save Caixa Geral de Depositos (CGD), a Portuguese state bank that is in serious difficulties.
Highly anticipated Jackson Hole meeting opens today, the symposium that brings together every year the central bankers from around the world organized by the Kansas City Fed. The president of the US central bank, Janet Yellen, together with the presidents of other central banks will find themselves arguing over out of the huge black hole inside the monetary policy, caused by the financial crisis of 2008.
Before the meeting, the member of the Fed, Stanley Fischer, said that monetary policy was not yet able to stimulate productivity growth. But governments ignore the demands of the central banks, leaving the presidents Janet Yellen (Fed), Mark Carney Bank of England), Mario Draghi (ECB) and Haruhiko Kuroda (BoJ) to carry the burden of economic stagnation.
The doubling of the gas pipeline connecting Russia directly with Germany through the Baltic Sea is "a bad deal" for Europe and destabilize Ukraine. US Vice President Joe Biden has spoken in this way, in Stockholm where he met with Swedish Prime Minister Stefan Loefven.
"From our point of view the Nord Stream 2 gas pipeline is basically a bad deal for Europe," he said adding that "locked in a greater dependence on Russia would ultimately destabilize Ukraine. Europe needs a diversified suppliers gas. "
Switzerland is officially on the italian "white list" from August 22, 2016, which is the list of states with which it is possible to implement the exchange of information to prevent double taxation.
Along with the Swiss country, even countries like Liechtenstein, San Marino and Hong Kong, have entered the list, as stated in the decree of the Italian Minister of Finance published in the "Official Gazette".
Switzerland should return attractiveness for foreign companies, as stated by Daniel Küng, CEO of Switzerland Global Enterprise, the newspaper Le Matin Dimanche.
The number of settlements in the Swiss nation returns to increase "already this year or next," says the entity responsible for promoting Switzerland’s economy. Küng believes that much of the uncertainty of these years are gone or will be in the coming months. It cites the taxation of profits and the end of the possibilities to evade taxes offered to companies by OECD member countries. The competitors of Switzerland can be found at the same level.
US November elections are a risk to the global economy. To say it is Moody’s in a report entitled "Global Macro Outlook 2016-17 – Emerging market outlook stabilizes, while political risks take center stage".
"A shift in US policy which would contribute to weakening the current architecture of global trade and security could have a detrimental impact on global confidence and growth, and we would push to revise our estimates. Despite a global framework for growth to be stabilizing, there are a number of risks to the global economic outlook and the most immediate is associated with the American elections ".
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