ECB - Solomon Grey Capital

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ECB

Lagarde's Qualified Unanimity: Why the ECB Just Did Forward Guidance While Denying It Does Forward Guidance

The ECB held rates on Thursday but Christine Lagarde disclosed that some Governing Council members asked for a hike and called the milder inflation scenario 'quite unlikely.' Bundesbank's Joachim Nagel and Central Bank of Ireland's Gabriel Makhlouf then spent Friday lining up the September case

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Private Credit

The Transparency Gap: Europe Is Now Regulating Private Credit Blind, and Washington Is Making Sure It Stays That Way

The European Central Bank estimates euro-zone banks hold EUR 62.5 billion in private credit exposure. Insurers hold EUR 211 billion. Pension funds another EUR 52 billion. Those numbers are the ECB's own inference, because the data that would confirm them sits in the United States, and the US Treasur

Empty grand neoclassical parliamentary chamber at night with a single amber-lit podium lamp — Solomon Grey Capital editorial illustration for ECB Sintra forum and framework guidance piece.

ECB

Sintra's New Playbook: Why Lagarde Just Buried Forward Guidance and Why Markets Have Yet to Reprice It

Christine Lagarde opened the ECB's Sintra forum by declaring the end of forward guidance and replacing it with what she calls framework guidance. Within 24 hours, Nagel and Wunsch were already in open disagreement about whether another hike is needed. The post-pandemic central banking template is be