Technology is not important. Regulation is.

Posted by: Paul Donovan

12 Oct 2020

Daily update

  • US fiscal policy negotiations are starting to look a lot like the EU-UK divorce negotiations, being both tedious and interminable. The chances of a fiscal deal before the presidential election are fading again, with US House Speaker Pelosi and US President Trump blaming each other for the failure to do a deal. This hurts those who are unemployed as well as those who are afraid of being unemployed, and will slow the recovery.
  • EU-US relations could be in focus as the EU prepares to draw up a list of technology companies that will be subject to additional regulation. In the fourth industrial revolution, it is not the technology that matters. It is what you do with the technology that matters. The EU's ability to regulate technology use gives it economic power.
  • The Financial Times is reporting that Hong Kong users have been banned from certain US government websites. This may raise further tensions with China. The US election is unlikely to change the nature of Sino-US relations (though it may change the style of communication).
  • The virtual IMF and World Bank meetings get underway. It will be interesting to see if virtual meetings raise the quality of the content. ECB President Lagarde speaks today on structural issues.

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