![]() ![]() Making matters worse, higher interest rates have reduced the market value of banks’ other assets as well. By the end of 2022, US banks’ unrealized losses on securities had reached $620 billion, about 28% of their total capital ($2.2 trillion). The consequences for these investors have been severe. As rising inflation in 2022 led to higher bond yields, ten-year Treasuries lost more value (-20%) than the S&P 500 (-15%), and anyone with long-duration fixed-income assets denominated in dollars or euros was left holding the bag. This basic principle – known as “ duration risk” – seems to have been lost on many bankers, fixed-income investors, and bank regulators. But, at the same time, higher yields on “safe” bonds would imply a fall in their price, too, owing to the inverse relationship between yields and bond prices. Higher inflation would lead to higher bond yields, which in turn would hurt stocks as the discount factor for dividends rose. It does not store any personal data.NEW YORK – In January 2022, when yields on US ten-year Treasury bonds were still roughly 1% and those on German Bunds were -0.5%, I warned that inflation would be bad for both stocks and bonds. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is used to store the user consent for the cookies in the category "Other. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". ![]() The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. On the basis of the negotiating mandate agreed today, the Council presidency will start negotiations with the European Parliament to agree on the final wording. In this context, the Commission submitted on 27 April 2022 a legislative proposal aimed at digitalising the visa procedure. In addition, the COVID-19 pandemic considerably slowed down visa operations and created the need for more digital procedures.Īt the same time, technological developments provide new security features and opportunities to make procedures smoother and more effective, both for visa applicants and national authorities. Recent migration and security challenges have significantly transformed the context of the EU’s visa policy. This will reduce security risks related to counterfeit and stolen visa stickers. Under the proposed new rules, visas will be issued in digital format, as a 2D barcode, cryptographically signed. However, the applicant will also have the possibility to indicate whether the application needs to be processed by a specific member state according to the purpose of travel. ![]() When a person intends to visit several Schengen countries, the platform will automatically determine which one of them is responsible for examining the application on the basis of the duration of stay. In-person appearance at the consulate will only be necessary for first-time applicants, persons whose biometric data are no longer valid and those with a new travel document. They will also be notified of the decisions concerning their visa. On this platform, visa applicants will be able to introduce all relevant data, upload electronic copies of their travel- and supporting documents, and pay their visa fees. All applications for Schengen visas will be made through this platform, a single website, which will forward them to the relevant national visa systems. The proposed new rules will create a visa application platform. ![]() Maria Malmer Stenergard, Swedish Minister for Migration At the same time, the digital visa will put an end to the risk of falsification and theft of the visa sticker.” Online applications will reduce the number of trips to the consulate for travellers and make the process smoother for national administrations. “A digital Schengen visa will make it easier for legitimate travellers to apply and will at the same time help make the Schengen area safer. ![]()
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