Turkey’s Troubles, China Policy Makers, Korean Exports: Eco Day

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Welcome to Monday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the week.

  • For Turkey’s central bankers it’s cut and you lose the lira, hike and you lose your job, writes Ziad Daoud. The lira plunged as much as 15% following President Recep Tayyip Erdogan’s shock decision
  • The European Union’s path to joint fiscal stimulus is looking less assured than its monetary guardians would like, casting further clouds over an outlook already stunted by the bloc’s botched vaccination drive
  • The British economy’s worst moments in the coronavirus crisis are hopefully behind it, and hints of that thesis coming true might emerge in reports due this week
  • The rise of Bitcoin, Diem, and other vehicles for electronic payment has accelerated central bank moves to create their own digital currencies. Initial steps have been cautious. Final consequences could be far-reaching, write economists Johanna Jeansson and David Qu
  • China appointed two new members to the central bank’s monetary policy committee, just as authorities begin shifting their focus away from stimulus and toward curbing financial risks in the economy
  • U.S. and Chinese officials traded acrimony and accusation in Alaska that both sides hope will clear the air. Now the real work begins
  • The U.S. economy is set for a strong 2021 with some price pressures as the pandemic recedes, said Federal Reserve Bank of Richmond President Thomas Barkin
  • Former Treasury Secretary Lawrence Summers said that the U.S. is facing the “least responsible” macroeconomic policy in four decades
  • South Korea’s exports are set for another monthly gain in March, adding to signs the global economic recovery is taking hold as vaccinations pick up
  • The economic hit from excluding foreign spectators from attending the Tokyo Olympic Games is a price worth paying if it means the event can take place this year, according to economists

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