{"id":27581,"date":"2025-02-22T11:58:20","date_gmt":"2025-02-22T10:58:20","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=27581"},"modified":"2025-02-22T11:58:20","modified_gmt":"2025-02-22T10:58:20","slug":"central-banks-the-new-weak-link-in-our-system","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system","title":{"rendered":"Central Banks: The New Weak Link in Our System?"},"content":{"rendered":"<p data-start=\"0\" data-end=\"268\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"27583\" data-permalink=\"https:\/\/michelsanti.fr\/en\/bce\/banques-centrales-nouveau-maillon-faible-de-notre-systeme\/attachment\/gktg59cwaaa8z7f\" data-orig-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg?fit=1593%2C916&amp;ssl=1\" data-orig-size=\"1593,916\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"BCE\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg?fit=300%2C173&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg?fit=1024%2C589&amp;ssl=1\" class=\"alignnone size-full wp-image-27583\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg?resize=1170%2C673&#038;ssl=1\" alt=\"\" width=\"1170\" height=\"673\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg?w=1593&amp;ssl=1 1593w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg?resize=300%2C173&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg?resize=1024%2C589&amp;ssl=1 1024w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg?resize=768%2C442&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg?resize=1536%2C883&amp;ssl=1 1536w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg?resize=1200%2C690&amp;ssl=1 1200w\" sizes=\"(max-width: 1170px) 100vw, 1170px\" \/><\/p>\n<p data-start=\"0\" data-end=\"268\">The European Central Bank announces a loss, the largest since its creation, of 8.3 billion euros for the 2024 fiscal year. By choice, or by lack of rigor, it has paid to banks interest rates far too high in relation to the returns on the various bonds that it holds.<\/p>\n<p data-start=\"270\" data-end=\"526\">At the current stage we have reached, all central banks are going through a crisis of confidence: Federal Reserve, Bank of Japan, ECB under Christine Lagarde, SNB, whose 130 billion lost in the single year of 2022 led to my book <em data-start=\"499\" data-end=\"523\">SNB: &#8220;Rien ne va plus&#8221;<\/em>.<\/p>\n<p data-start=\"528\" data-end=\"791\">In the presence of a toxic political and geopolitical mix, combined with ethereal stock market valuations in radical mismatch with the real world, our central banks will lack this time the precious credibility that was their strong point during previous crises.<\/p>\n<p data-start=\"793\" data-end=\"1041\" data-is-last-node=\"\" data-is-only-node=\"\">Our system, whose structure is hyper-fragilized by multiple bubbles and by incompetent political leaders, finds itself very vulnerable in the face of markets that are now realizing that the firepower of central banks will no longer be as deterrent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Central Bank announces a loss, the largest since its creation, of 8.3 billion euros for the 2024 fiscal year. By choice, or by lack of rigor, it has paid to banks interest rates far too high in relation to the returns on the various bonds that it holds. At the current stage we&hellip;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[648942559,648941299,648942767,648941266,648942734,648942756,648942096],"tags":[],"class_list":["post-27581","post","type-post","status-publish","format-standard","hentry","category-banking-crisis","category-bubble","category-debt-restructuring","category-ecb","category-europe-credibility","category-europe-vulnerability","category-financial-repression"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Central Banks: The New Weak Link in Our System? - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Banks: The New Weak Link in Our System? - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"The European Central Bank announces a loss, the largest since its creation, of 8.3 billion euros for the 2024 fiscal year. By choice, or by lack of rigor, it has paid to banks interest rates far too high in relation to the returns on the various bonds that it holds. At the current stage we&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system\" \/>\n<meta property=\"og:site_name\" content=\"Michel Santi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/michel.santi.economiste\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-22T10:58:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg\" \/>\n<meta name=\"author\" content=\"Michel Santi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:site\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michel Santi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system#article\",\"isPartOf\":{\"@id\":\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system\"},\"author\":{\"name\":\"Michel Santi\",\"@id\":\"https:\/\/michelsanti.fr\/#\/schema\/person\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"headline\":\"Central Banks: The New Weak Link in Our System?\",\"datePublished\":\"2025-02-22T10:58:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system\"},\"wordCount\":181,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system#primaryimage\"},\"thumbnailUrl\":\"https:\/\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg\",\"articleSection\":[\"banking crisis\",\"bubble\",\"debt restructuring\",\"ECB\",\"Europe credibility\",\"Europe vulnerability\",\"financial repression\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system\",\"url\":\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system\",\"name\":\"Central Banks: The New Weak Link in Our System? - Michel Santi\",\"isPartOf\":{\"@id\":\"https:\/\/michelsanti.fr\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system#primaryimage\"},\"image\":{\"@id\":\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system#primaryimage\"},\"thumbnailUrl\":\"https:\/\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg\",\"datePublished\":\"2025-02-22T10:58:20+00:00\",\"author\":{\"@id\":\"https:\/\/michelsanti.fr\/#\/schema\/person\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"breadcrumb\":{\"@id\":\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system#primaryimage\",\"url\":\"https:\/\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg\",\"contentUrl\":\"https:\/\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/GkTG59cWAAA8z7f.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/michelsanti.fr\/en\/banking-crisis\/central-banks-the-new-weak-link-in-our-system#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\/\/michelsanti.fr\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Central Banks: The New Weak Link in Our System?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/michelsanti.fr\/#website\",\"url\":\"https:\/\/michelsanti.fr\/\",\"name\":\"Michel Santi\",\"description\":\"\\\"It is not because things are difficult that we do not dare. 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Unemployment and the decline in purchasing power are not the result of \"budgetary indiscipline,\" but rather stem directly from weak\u2026","rel":"","context":"In &quot;ECB&quot;","block_context":{"text":"ECB","link":"https:\/\/michelsanti.fr\/en\/category\/ecb"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/06\/ecb-forum.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/06\/ecb-forum.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/06\/ecb-forum.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/06\/ecb-forum.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/06\/ecb-forum.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/06\/ecb-forum.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":30848,"url":"https:\/\/michelsanti.fr\/en\/monetary-activism\/2007-2025-so-many-missed-opportunities","url_meta":{"origin":27581,"position":3},"title":"2007\u20132025: So Many Missed Opportunities","author":"Michel Santi","date":"December 14, 2025","format":false,"excerpt":"Warning: the faint-hearted should abstain. The U.S. Federal Reserve announced last week that it will now purchase $40 billion per month of short-term U.S. Treasury securities, namely Treasury bills. Yes, the most powerful central bank in the world is once again engaging in Quantitative Easing (QE) \u2014 in plain language,\u2026","rel":"","context":"In &quot;European stagnation&quot;","block_context":{"text":"European stagnation","link":"https:\/\/michelsanti.fr\/en\/category\/european-stagnation"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/FED-ECB.png?fit=800%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/FED-ECB.png?fit=800%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/FED-ECB.png?fit=800%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/FED-ECB.png?fit=800%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":19310,"url":"https:\/\/michelsanti.fr\/en\/central-banks\/the-future-of-europe-is-going-through-a-rehabilitation-of-its-experts","url_meta":{"origin":27581,"position":4},"title":"The future of Europe is going through a rehabilitation of its experts","author":"Michel Santi","date":"March 4, 2019","format":false,"excerpt":"Growth since 2009: China +139%, India +96%, the US +34%, Europe \u20132%. These figures tell the story of the European Union\u2019s spiralling macroeconomic decline. The lack of reactivity of our public policies, in the aftermath of the financial crisis, led to a reduction in imports, with the most hard-hit eurozone\u2026","rel":"","context":"In &quot;Central Banks&quot;","block_context":{"text":"Central Banks","link":"https:\/\/michelsanti.fr\/en\/category\/central-banks"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/03\/thefutureofeurope.jpg?fit=480%2C300&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13637,"url":"https:\/\/michelsanti.fr\/en\/unemployment\/central-banks-dining-with-the-devil","url_meta":{"origin":27581,"position":5},"title":"Central banks dining with the devil!","author":"Michel Santi","date":"September 16, 2015","format":false,"excerpt":"One after another, every establishment which has the power to print money has joined in on the feast. In the absence of public policies dedicated to openly relaunching growth and battling unemployment, and in the presence of indecisive politicians who are not versed in economics, only central banks have had\u2026","rel":"","context":"In &quot;Central Banks&quot;","block_context":{"text":"Central Banks","link":"https:\/\/michelsanti.fr\/en\/category\/central-banks"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/27581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=27581"}],"version-history":[{"count":3,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/27581\/revisions"}],"predecessor-version":[{"id":27588,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/27581\/revisions\/27588"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=27581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=27581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=27581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}