Green push puts CBDCs centre stage, ECB brushes aside fresh legal action
Friday 12 March 2021 – Vol.12 Ed.10.5
Commentary: Green push puts CBDCs centre stage
By Gary Smith in London
Bitcoin’s sharp rise and the continued demand for green investment products form two of the major investment stories shaping early 2021. They are odd bedfellows. Bitcoin is the largest cryptocurrency, but has the poorest green credentials. Bitcoin miners need to demonstrate proof of work to earn their newly minted coin. CBDC, on the other hand, can be created at the click of a mouse. Despite a spirited fightback, bitcoin still cannot shake its poor reputation. There is little chance of that changing.
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Commentary: ECB brushes aside legal action over emergency easing
By David Marsh and Pierre Ortlieb
The European Central Bank is brushing aside fresh legal action against its emergency bond purchase programme, promising more bond market support to withstand yield increases stemming mainly from US forecasts of higher inflation. The lawsuit goes further than previous cases, setting down clear criteria on what constitutes illegal monetary financing under the European treaties.
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