
Cash Persists In A Digital Euro Age — And The ECB Just Told You Why
Frankfurt publishes a payments survey the week it hands out concert tickets. Read the two documents together.

European Bureau
ECB Policy, Bank of England, European Fixed Income, EUR/GBP FX, European Banking
Cash Persists In A Digital Euro Age — And The ECB Just Told You Why
Listen to Marcus Brandt's latest column.
Ran a fixed income desk at Deutsche Bank for 15 years before a rate call that made him famous and the bank nervous sent him into journalism. Has a gift for finding the single data point buried in an ECB statement that everyone else skimmed.
16 articles · ~37 min total reading

Frankfurt publishes a payments survey the week it hands out concert tickets. Read the two documents together.

A US cancellation payment to a German utility is a small fiscal signal with a longer half-life than the front end suggests.

Two central banks, two fiscal trajectories, one cross rate stuck in a 40-pip range. The boredom is the signal.