ECB governor Mario Draghi has criticized the policies of US President Donald Trump, rejecting deregulation and protectionism as well as claims Germany is manipulating the euro. Draghi also reaffirmed the ECB’s commitment to its expansive monetary policy, saying the central bank was ready to increase the pace of its quantitative easing programme of bond buying if necessary.
Draghi stated that risks to the Eurozone economy “remain tilted to the downside and relate predominantly to global factors,” He also said: “We look with worry about the potential announcements of protectionist measures.” Citing president Trumps “America First” protectionist policies.
President Trumps calls for a review of banking regulation also came under from the ECB President “The last thing we need at this point in time is a relaxation of regulation” and “The idea of repeating the conditions that were in place before the crisis is very worrisome.”
Britain’s auto industry didn’t suffer any obvious Brexit impact last month with Car sales jumping 2.9% year-on-year in January to 174,564, the best performance in any January since 2005. The Society of Motor Manufacturers and Traders also reported that electric car sales were particularly strong during the month of January. Even with the uncertainty of a hard Brexit, Britons are still willing to purchase big ticket items such as motor vehicles.
A report published this morning by a leading UK institution says the Britain's economy will grow at a faster pace than any other G7 nation "over the whole period to 2050". However, the report stresses the UK will not hold on to it coveted top 10 position if big limits on immigration shut off British access to talent from around the world.
The article was published as government fended off attempts to force it to provide periodic updates to parliament on Brexit negotiations last night. The proposed amendment would have forced ministers to report back to parliament at least every two months. MP's are set to continue to debate further amendments throughout today and Wednesday.
15:00 - USD: Jolts Job Openings (Dec) expected to increase to 5.568M from 5.522M