BITCOIN

Global investment banks Goldman Sachs and JPMorgan have predicted an imminent recession in the euro area. “The risks to our forecast are skewed toward a sharper recession in the event of an even more severe disruption of gas flows, a renewed period of sovereign stress or a U.S. recession,” said the economists at Goldman Sachs. Goldman Sachs’ Predictions Two major global investment banks, Goldman Sachs and JPMorgan, released reports Wednesday, independently predicting an impending recession in the euro area. Goldman Sachs’ analysts, led by chief European economist Jari Stehn, expect a euro-area recession in the second half of this year that will last until the end of the year. They are also predicting a contraction of 0.1% in the third and 0.2% in the fourth quarter, expecting growth to return in 2023. “Looking across countries, we have Germany and Italy in clear recession in the second half, while Spain and France continue to grow,” the Goldman Sachs economists detailed, elaborati...

Europe’s banking sector regulator is worried it won’t manage to find the specialized personnel needed for the oversight of the EU’s attempt to regulate the crypto market. The authority is also concerned over the lack of clarity regarding which digital assets it’s supposed to supervise. Banking Watchdog Faces Staffing Problems Threatening Its Ability to Regulate Crypto in EU Retention of talent for anything crypto-related is a “major concern,” the man who chairs the European Banking Authority ( EBA ), revealed in an interview. The deficit applies to other areas as well, including technology and digitization, with high demand for specialists across society, the executive added, quoted by the Financial Times. The Paris-based EBA was established in 2011, after the last financial crisis, to ensure that European banks had enough capital to overcome similar challenges in the future. More recently, it was also tasked to oversee Europe’s bid to regulate cryptocurrencies. It now says it’s al...