HALEIXF

Mediterranean blue | Economist | bona fide | views expressed are my own

[Forbes @Forbes]

Erling Haaland is among a growing list of soccer stars investing in one of their favorite pastimes, chess. Here’s why: https://t.co/NGt4kOqVAw
📸: Hannah Peters/FIFA via Getty Images

[Natural Philosophy @Naturalphilosy]

“Everybody is identical in their secret unspoken belief that way deep down they are different from everyone else.”

— David Foster Wallace, Infinite Jest

[Mo Zarrinsadaf @MoZarrinsadaf]

Action kills anxiety by producing more information.

[Forbes @Forbes]

Quote of the day. #qotd

[Olivier Blanchard @ojblanchard1]

Many comments on the tweet about the risk of a public debt crisis in France point to the role of the central bank, the ECB in this case, in avoiding multiple equilibria. And, indeed, the ECB has a major role to play.

On paper, it is easy.

There are three zones, determined by fundamentals. At one end, the safe zone: debt is clearly sustainable. At the other end, the default zone: debt is clearly unsustainable. In the middle, the danger zone, where there are multiple equilibria, a good and a bad one., with the bad one leading to a crisis.

If in the safe zone, no need for the central bank to do anything. If in the default zone, need to adjust fiscal policy; not the job of the central bank. If in the danger zone, maintain the good equilibrium, by standing ready to buy if the private investors sell.

This is indeed the mandate of the ECB. If debt is clearly not sustainable, do not intervene unless there is an adjustment program which reestablishes sustainability. If in the danger zone, intervene to keep the interest low and debt sustainable.

In reality, things are not so simple.

When investors require a higher risk premium, how to tell whether we are in the danger zone and the ECB should intervene, or we are already in the default zone, in which case, short an adjustment program, it should not?

The reality: The ECB does not know for sure. And it is likely to be conservative, insist on an adjustment program, with or without a haircut or reprofiling, before intervening. Counting on the ECB to intervene to eliminate multiple equilibria, or even more so, to intervene when debt is clearly unsustainable is unwise.

[Harvard Business Review @HarvardBiz]

One of the quickest ways to learn something new, and to practice it, is to teach others how to do it. https://t.co/EsaqroNdCY

[Harvard Business Review @HarvardBiz]

When you become a leader, your job is to define the problem—not solve it. https://t.co/tlYx2JevLA

[HALEIXF @aleixhf]

Dolce far niente.

[HALEIXF @aleixhf]

“London will not turn into New York anytime soon, but if Londoners look up, they will likely be seeing a lot more cranes hovering above older apartments.”
https://t.co/O6zM4ezpIg

[FC Barcelona @FCBarcelona]

A photo for the books. 💙❤️

[Love Music @khnh80044]

The Three Tenors in Concert 1994: "La donna è mobile" from Rigoletto 🎶🎤✨

[Roland-Garros @rolandgarros]

Dear Rafa,

It has been a privilege to watch you evolve on our clay, where you will leave a perpetual mark on such a challenging surface.

We're proud to count you as our greatest champion, as much for your 14 titles as for the man you are. Your legacy will live on forever, on and off the tennis courts.

Victory belongs to the most tenacious. Legend belongs to the King of clay.

Thank you for the countless memories we've shared together. We wish you all the best for the future. Roland-Garros has been and always will be your home.

Hasta pronto, amigo 🧡

Roland-Garros

[BBC Sport @BBCSport]

"Vamos, Rafa!" 🎾❤️

#BBCTennis #tennis 🧵

[Joseph E. Stiglitz @JosephEStiglitz]

Excellent news: Apple ordered to pay back taxes to Ireland to the tune of €13 billion. All multinationals should pay their fair share of taxes to the countries in which they operate. @icrict @FT https://t.co/7KpO9Bv0zw

[HALEIXF @aleixhf]

“Understand deeply to explain simply.”

[HALEIXF @aleixhf]

« L’amour pour principe et l’ordre pour base, le progrès pour but » Auguste Comte.

[HALEIXF @aleixhf]

The Importance of Strong Partnerships in Company Success https://t.co/ucjxmI5V2v

[HALEIXF @aleixhf]

“No te necesito para nada, pero te quiero para todo.” Mario Benedetti

[Reuters @Reuters]

🔊 On a special episode of Reuters World News podcast:
Reuters economics reporters delve into the gap between the Fed and European central banks over interest rates. Listen now: https://t.co/ARAb7BeP88

[European Central Bank @ecb]

Banks have shown resilience during recent crises. But will they be in a position to address new risks as they emerge?

Tune in from 09:30 CET to watch our panellists discuss all of this and more at the #ECBForum on Banking Supervision https://t.co/bcfZhnNtHf