Central Banks Need to Be Honest About Their Losses
NEW YORK – The European Central Bank recently reported its first annual operating loss since 2004. Its losses for 2023 amounted to €1.3 billion ($1.41 billion), following the release of €6.6 billion from its provision for financial risks. In its accounting treatment of this loss, the ECB is relying on the same misleading........
© Project Syndicate
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