The European Central Bank should have explained more clearly why it nearly doubled its estimated capital shortfall for the ailing Monte dei Paschi di Siena bank, which is being bailed out by the state, Italy’s economy minister said. In unusually critical comments, Pier Carlo Padoan said in a newspaper interview the ECB’s new capital target was the result of a “very rigid stance”. Source Reuters
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Bank of Japan Governor Haruhiko Kuroda said Wednesday that pushing rates further into negative territory was off the table, reflecting both his upbeat inflation outlook and his concerns over the contentious policy measure. The BOJ introduced the measure in January 2016, imposing a 0.1% charge on certain yen deposits. Source: MarketWatch
The European Central Bank could consider renewing its offer of free long-term liquidity to lenders though it shouldn’t turn it into a permanent measure, a Governing Council member said. The ECB is scheduled to offer the last of its long-term loans to banks next month. Source: Bloomberg
With India’s booming population, which the United Nations predicts will be larger than China’s by around 2030, energy demand and oil consumption are expected to reach record levels. The IEA estimates the country will account for a quarter of global energy demand growth by 2040. Source: OilPrice