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      Growth: What does it take in today’s world? - Lecture by Andrew Bailey
      Submitted Mar 24, 2025      |From bankofengland.co.uk|1 comment

      Thank you for inviting me to speak today. It’s always a pleasure to be back in my home town, and particularly here at Leicester University, not least because I went to school next door. I am going to speak today about a topical subject – economic growth. The question I set myself is, what does it take to create a sustained increase in the growth rate of the economy in today’s world? I’m going to range quite wide in answering the question, drawing in the current situation here in the UK and the world, and some economic history too. Economic growth is, quite simply, the rate of expansion of the size of the economy. Let me start by explaining how it matters to the Monetary Policy Committee when we decide on the appropriate level of interest rates to achieve our objective of price stability, the 2% inflation target. There are two parts to why growth matters for monetary policy – the outcome and the inputs. On the first, quite simply, low and stable inflation is the best contribution monetary policy can make to growth in the economy. The same goes for financial stability, our other core responsibility as the central bank, which is also a key condition for growth. On the inputs side, growth matters because monetary policy decisions require us to assess the inflationary consequences of the pressure on economic resources in this country. That pressure reflects the balance between demand and supply in goods and services and labour markets. To observe that level of pressure, we can’t just look at actual national income or output and employment. If that’s all we did, we would be left saying “so what?” We have to compare the actual position with the productive potential of the economy (the supply capacity of the economy) and in doing so assess resource utilisation and thus the degree of pressure. Except that, we can’t observe or directly measure the supply capacity of the economy. It has to be estimated to derive an assessment of potential national income/output. Don’t worry, I’m not going to use algebra today, but just a simple illustration: when we do those estimates, we label actual national income/output as Y, and potential income/output as Y*.footnote[1] When Y=Y*, the value of g BoE Gov. Bailey: The UK must raise its growth potential. BANK OF ENGLAND'S BAILEY SAYS WE FACE A CHALLENGE TO RAISE THE POTENTIAL GROWTH RATE OF THE ECONOMY, THERE ARE STRONG HEADWINDS

      Norway Gas Production Up Month on Month
      Submitted Mar 24, 2025      |From rigzone.com

      Norway produced 355.1 million standard cubic meters a day (MMscmd) of natural gas in February, beating the official forecast by 3.8 percent and rising from January’s 346.1 Mmscmd, the country’s upstream regulator has reported. However, last month’s ...

      Regulatory Clarity Emerges for Crypto Miners
      Submitted Mar 24, 2025      |From etftrends.com

      Shares of crypto miners, including those residing in ETFs like the CoinShares Valkyrie Bitcoin Miners ETF (WGMI), often see their price action dictated by bitcoin, but there are other factors at plays. One factor is the regulatory environment. The ...

      Fed's Bostic: There is a lot of uncertainty
      Submitted Mar 24, 2025      |From @financialjuice|3 comments

      Fed's Bostic: There is a lot of uncertainty. Fed's Bostic: We don't really know where the economy is going to go. Fed's Bostic: I was at two rate cuts this year, now only see one. Fed's Bostic: The appropriate path for policy has to be pushed back. Fed's Bostic: Businesses are expecting to pass tariff costs along.

      Why a US-DRC minerals-for-security deal could backfire
      Submitted Mar 24, 2025      |From piie.com

      In March 2025, the government of the Democratic Republic of Congo (DRC) approached the Trump administration with a high-stakes proposal: a deal that would grant American firms access to the African country’s critical mineral reserves in exchange for ...

      The path to stablecoin ubiquity lies through banks
      Submitted Mar 24, 2025      |From omfif.org

      Discussion of stablecoins has exploded among policy-makers and payment system incumbents since the election of US President Donald Trump. Use of the instruments has been growing steadily for several years but remains confined primarily to trading ...

      Three charged with £5m fraud at elite Cardiff college
      Submitted Mar 24, 2025      |From bbc.com

      Three people have been charged in connection with a £5million fraud at a leading sixth form in Wales. South Wales Police have charged two men and a woman in connection with suspected financial irregularities at Cardiff Sixth Form College between ...

      Trump: More countries will fill up Abraham Accords
      Submitted Mar 24, 2025      |From @FirstSquawk|1 comment

      TRUMP: MORE COUNTRIES WILL FILL UP ABRAHAM ACCORDS TRUMP: HOPE FED LOWERS INTEREST RATES TRUMP: GOING TO HAVE TO GET A BRAND NEW AIR TRAFFIC SYSTEM TRUMP: WE’RE DEALING WITH PEOPLE IN GREENLAND WHO WANT SOMETHING TO HAPPEN TRUMP: GREENLAND VISIT IS FRIENDLY, NOT PROVOCATION || TRUMP: GREENLAND CALLING US, WE'RE NOT CALLING THEM Trump on Ukraine: Agreement on rare earths just about completed. I will sign soon.