The German and Italian Navies are looking to increase their submarine fleets again in light of evolving security challenges, senior officials said at the Subcon 2015 conference on submarine technology organised by ThyssenKrupp Marine Systems (TKMS) in Kiel.
An “arc of instability” now spans several continents, exacerbating maritime security challenges, and the Ukraine crisis has highlighted the need to still consider more traditional security challenges, noted Vice Admiral Andreas Krause, the head of the German Navy. Continue reading
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Goldman Asks, Is The Bundesbank “Ominously” Trying To Sabotage The ECB’s QE?
Goldman previously argued that the weak activity reading rattled a market that had been operating on a core thesis of strong US growth. The resulting uncertainty caused Bund yields and EUR/$ to rise, with the DAX also selling off on the day. Since then, something more ominous has come into play…One clue has been the communications ping pong from the ECB. On May 18, Executive Board member Coeure said “the rapidity of the reversal in Bund yields is worrisome,” citing it as another example of “extreme volatility in global capital markets.”
ECB President Draghi sent the opposite message on Jun. 3, saying “one lesson is that we should get used to periods of higher volatility,” followed on Jun. 10 by Executive Board member Coeure stating that “the ECB does not intend to counter [Bund] volatility in the short term.”
Goldman took a dim view of all this in our last FX Views, even if a charitable interpretation is that President Draghi basically sent a dovish message on Jun.10 and simply didn’t want to signal “activism” in the face of short-term volatility. Continue reading