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b"V\\xedtor Const\\xe2ncio witnessed firsthand severe recessions, inflationary bouts, and a global financial crisis, as former Vice President of the European Central Bank (ECB) (2010 to 2018) and Governor of The Bank of Portugal (1985-1986, 2000-2010). He brings this considerable experience to examine the current challenges facing central bankers at the ECB as well as the Fed.\\nConst\\xe2ncio argues that while U.S. inflation is driven by a strong demand generated by loose fiscal policy, the primary agent of European inflation was the surge in energy prices in 2022. However, he recognizes that what began as supply-side pressure has broadened out to other sectors of the Euro area economy, so the ECB\\u2019s hiking of interest rates to 4% was necessary. Constancio expects that a mild recession in Europe will tame inflation and that substantial further rate hikes from the ECB will likely not be needed. Filmed on July 6, 2023.\\n____\\nFollow V\\xedtor Const\\xe2ncio on Twitter https://twitter.com/VMRConstancio\\nFollow Jack Farley on Twitter https://twitter.com/JackFarley96\\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\\n____\\nUse code GUIDANCE20 to get 20% off Permissionless 2023 in Austin:\\nhttps://blockworks.co/event/permissionless-2023\\n\\nResearch, news, data, governance and models \\u2013 now, all in one place. As a listener of Forward Guidance, you can use code GUIDANCE10 for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/\\n____\\nGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter:\\nhttps://rb.gy/5weeyw\\n\\nMarket commentary, charts, degen trade ideas, governance updates, token performance, can\\u2019t-miss-tweets and more. Subscribe to the Blockworks Research \\u201cDaily Debrief\\u201d Newsletter: https://rb.gy/feusos\\n____\\nTimecodes:\\n(00:00) Introduction\\n(00:48) Euro Area Inflation Is Mostly Due To Energy Shock, Not Demand\\n(08:13) I Would Support A Pause In Interest Rate Hikes, Says Constancio\\n(10:11) Recession In Europe Is Likely For 2023\\n(14:35) ECB Unlikely To Cut Interest Rates During A Mild Recession\\n(16:20) There Pressure on The European Central Bank (ECB) To Follow The Federal Reserve?\\n(20:44) Exploring The Logic Of Negative Interest Rates\\n(25:29) Interest Rates' Impact On The Economy\\n(32:04) Fixed vs. Floating Mortgages\\n(34:48) ECB's Reaction Function During The 2008 Great Financial Crisis\\n(44:16) Recent Bank Failures (Silicon Valley Bank)\\n(49:51) Credit Suisse\\n(51:51) Basel III Regulation of Held-To-Matuity Accounts and Interest Rate Hedging\\n(54:47) Fighting Inflation In 1970s Portugal\\n____\\nDisclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets."