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Pro-cyclical emissions, real externalities, and optimal monetary policy | Discussion paper 04/2025: Francesco Giovanardi, Matthias Kaldorf

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Pro-cyclical emissions, real externalities, and optimal monetary policy | Discussion paper 04/2025: Francesco Giovanardi, Matthias Kaldorf

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🇩🇪 Bundesbank

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Two days after Russia invaded Ukraine, an account on the Telegram messaging platform posing as President Volodymyr Zelenskiy urged his armed forces to surrender. If you initiate a Secret Chat, however, then these communications are end-to-end encrypted and are tied to the device you are using. That means it’s less convenient to access them across multiple platforms, but you are at far less risk of snooping. Back in the day, Secret Chats received some praise from the EFF, but the fact that its standard system isn’t as secure earned it some criticism. If you’re looking for something that is considered more reliable by privacy advocates, then Signal is the EFF’s preferred platform, although that too is not without some caveats. The picture was mixed overseas. Hong Kong’s Hang Seng Index fell 1.6%, under pressure from U.S. regulatory scrutiny on New York-listed Chinese companies. Stocks were more buoyant in Europe, where Frankfurt’s DAX surged 1.4%. "There are several million Russians who can lift their head up from propaganda and try to look for other sources, and I'd say that most look for it on Telegram," he said. "He has to start being more proactive and to find a real solution to this situation, not stay in standby without interfering. It's a very irresponsible position from the owner of Telegram," she said.
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