Now seems like a good time for central banks to get together and think about some ways to get their economies out of the global inflation crisis. So thank God there was the European Central Bank’s Annual Forum on Central Banks, a gathering of palaces in the beautiful Portuguese Riviera town of Sintra to discuss the The challenge to monetary policy in a rapidly changing world: a title that organizers admit was only recently agreed upon in the context of a rapidly changing world in which economies the euro area is currently facing. Federal Reserve Chairman Jay Powell, World Trade Organization head Ngozi Okonjo-Iweala and Bank of England Governor Andrew Bailey were among the top speakers.
Geopolitical summits are another minor topic this week. Nato will gather in Madrid on Tuesday for three days of discussions, including its expansion in the wake of Russia’s invasion of Ukraine. Among the topics discussed were maintaining support for Ukraine, strengthening partnerships and keeping the door open, as well as strengthening transatlantic solidarity.
This is also the week of Constitution Day of Ukraine, a national holiday marking the founding of an independent state in 1996.
Speaking on the issue of separation, Scottish First Minister Nicola Sturgeon is expected to detail how she plans to hold a second independence referendum. Read Robert Shrimsley’s excellent comments section to appreciate why Sturgeon chose to do this now. Britain’s future was the subject of a conference in London, jointly organized by the Tony Blair Institute and the British Project, a cross between an advocacy group and an think tank.
The reorganization of countries is of course a controversial business and will no doubt be debated on Friday, the 25th anniversary of the UK handing over Hong Kong to China. . The story of political activist-journalist Claudia Mo, told forcefully in this weekend’s FT Magazine, recalls battles fought and ultimately lost by those seeking to preserve their freedoms. ruled the city area for a quarter of a century – though that won’t stop protesters from taking to the streets on Friday.
This week will also see the next phase of a UK summer of discontent with the departure of lawyers on Monday in protests over cuts to legal funding – despite the Justice Department placing question about this, says criminal legal aid is growing by £135m a year. Postal workers can follow attorneys to pick the hotline as the Communications Workers Union this week sends industrial action votes to its more than 115,000 members.
Need a little lighter entertainment? Well, it’s been a good week for major sports tournaments with the kick-off of both Wimbledon and the Tour de France, this year starting in Copenhagen. The FT has also published a list of summer reading recommendations.
Reports on consumer confidence, inflation and gross domestic product updates this week should give some indication of the effectiveness of the various monetary tightening measures being rolled out, and sure to make central bankers in Sintra think.
The central banks of Sweden and Hungary will make their decision on interest rates this week.
A quieter week for corporate announcements. The most important earnings announcements come from the United States. Investors in Nike, the global sports brand, may care more about the senior leadership team than the numbers. Nike’s head of diversity Felicia Mayo will leave the company at the end of next month after just two years in the role.
Read the week in advance here