Stanley Pignal
@spignal.bsky.social
Charlemagne columnist & Brussels bureau chief, The Economist.
Past stints in Paris, Mumbai, London. Français. Personal feed.
Bio 👇. https://medium.com/@spignal/stanley-pignal-bio-2acd9b705ceb
[email protected]
Past stints in Paris, Mumbai, London. Français. Personal feed.
Bio 👇. https://medium.com/@spignal/stanley-pignal-bio-2acd9b705ceb
[email protected]
Then have the payment system be a state-owned thing! A public option, in American parlance. I'm just very unclear why we need to drag the central bank into being a deposit-accepting institution into this. Seems like a very complicated way to do something that could be achieved more simply.
February 2, 2026 at 7:10 PM
Then have the payment system be a state-owned thing! A public option, in American parlance. I'm just very unclear why we need to drag the central bank into being a deposit-accepting institution into this. Seems like a very complicated way to do something that could be achieved more simply.
Your money supply is already privatised in pretty much every which way, starting with the way money is created (overwhelmingly by commercial banks, when they issue loans)
February 2, 2026 at 7:04 PM
Your money supply is already privatised in pretty much every which way, starting with the way money is created (overwhelmingly by commercial banks, when they issue loans)
Is a digital euro even compatible with the existing rails? Seems like a v different architecture to me.
Again, why not mandate an EU conventional, bank-based payment system as "legal tender-like"?
(Also, legal tender yadi yada settlement of a debt yadi yada)
Again, why not mandate an EU conventional, bank-based payment system as "legal tender-like"?
(Also, legal tender yadi yada settlement of a debt yadi yada)
February 2, 2026 at 6:54 PM
Is a digital euro even compatible with the existing rails? Seems like a v different architecture to me.
Again, why not mandate an EU conventional, bank-based payment system as "legal tender-like"?
(Also, legal tender yadi yada settlement of a debt yadi yada)
Again, why not mandate an EU conventional, bank-based payment system as "legal tender-like"?
(Also, legal tender yadi yada settlement of a debt yadi yada)
Indeed. My point is you don't need a cumbersome digital euro to do that. You could just create conventional "rails" that don't involve turning your central bank into a retail-deposit institution.
February 2, 2026 at 5:59 PM
Indeed. My point is you don't need a cumbersome digital euro to do that. You could just create conventional "rails" that don't involve turning your central bank into a retail-deposit institution.
but we need a digital euro because America has stablecoins, Katie.
or we could just... have an already-existing functional payments system in Europe? just a thought.
or we could just... have an already-existing functional payments system in Europe? just a thought.
February 2, 2026 at 9:57 AM
but we need a digital euro because America has stablecoins, Katie.
or we could just... have an already-existing functional payments system in Europe? just a thought.
or we could just... have an already-existing functional payments system in Europe? just a thought.
Reposted by Stanley Pignal
For Chinese leaders, playing down the benefits of Europe’s more benign social contract is a comfort. For politicians in America and elsewhere, the bloc is a source of frustration
Lots of world leaders are attacking Europe. Why?
Often, Europe-bashing is best explained by domestic politics in America, China and beyond
econ.st
February 1, 2026 at 2:40 PM
For Chinese leaders, playing down the benefits of Europe’s more benign social contract is a comfort. For politicians in America and elsewhere, the bloc is a source of frustration
No! No!! Bovino??
Bovino Is Said to Have Mocked Prosecutor’s Jewish Faith on Call With Lawyers www.nytimes.com/2026/01/31/u...
Bovino Is Said to Have Mocked Prosecutor’s Jewish Faith on Call With Lawyers
www.nytimes.com
January 31, 2026 at 5:06 PM
No! No!! Bovino??
If I were Andrew, I'd start sweating right about now
January 31, 2026 at 11:18 AM
If I were Andrew, I'd start sweating right about now
Let's take bets what term is most-searched in the Epstein data dump from the DOJ.
I'll give you a hint: five letters, rhymes with "Trump".
I'll give you a hint: five letters, rhymes with "Trump".
January 31, 2026 at 10:07 AM
Let's take bets what term is most-searched in the Epstein data dump from the DOJ.
I'll give you a hint: five letters, rhymes with "Trump".
I'll give you a hint: five letters, rhymes with "Trump".
Reposted by Stanley Pignal
Using the well-reputed (and so far accurate) Weyand snapshot barometer, the EU–India deal could be classified as a good one
January 28, 2026 at 12:18 PM
Using the well-reputed (and so far accurate) Weyand snapshot barometer, the EU–India deal could be classified as a good one
Reposted by Stanley Pignal
Early reviews are in:
‘Even if they showed this on a plane, people would still walk out’
‘Even if they showed this on a plane, people would still walk out’
January 28, 2026 at 7:29 AM
Early reviews are in:
‘Even if they showed this on a plane, people would still walk out’
‘Even if they showed this on a plane, people would still walk out’
If you are among those who said "EU GDP was the same size as US GDP in 2008, but then fell to a much lower level", that means you were comparing GDP at current exchange rates.
Logically, you thus have to cheer the fact that EU GDP climbed 2% in one single day today (because USD has fallen 2%)
Logically, you thus have to cheer the fact that EU GDP climbed 2% in one single day today (because USD has fallen 2%)
January 27, 2026 at 9:07 PM
If you are among those who said "EU GDP was the same size as US GDP in 2008, but then fell to a much lower level", that means you were comparing GDP at current exchange rates.
Logically, you thus have to cheer the fact that EU GDP climbed 2% in one single day today (because USD has fallen 2%)
Logically, you thus have to cheer the fact that EU GDP climbed 2% in one single day today (because USD has fallen 2%)
I don't think anyone is claiming Europe can't hold back Russia in a land war. Nobody thinks Putin's tanks will be rolling in the streets of Paris, capital of a nuclear power. Doesn't mean Russia can't seize *some* territory and cause real trouble.
January 27, 2026 at 6:58 AM
I don't think anyone is claiming Europe can't hold back Russia in a land war. Nobody thinks Putin's tanks will be rolling in the streets of Paris, capital of a nuclear power. Doesn't mean Russia can't seize *some* territory and cause real trouble.
You lose points for not having a nuclear missile on display.
January 27, 2026 at 5:30 AM
You lose points for not having a nuclear missile on display.
I'm sceptical Europe can replace many American big tech products, like Gmail or Nvidia chips. But Teams, oh man, there is nobody that can make a product that works as badly as bloody Teams.
France announced today it’s phasing out Teams, Zoom, etc. to be replaced with a French/European solution called Visio. The data is hosted on Outscale. Transcripts and subtitles are also handled by French providers. The target is set on 2027 for government agencies.
January 26, 2026 at 7:34 PM
I'm sceptical Europe can replace many American big tech products, like Gmail or Nvidia chips. But Teams, oh man, there is nobody that can make a product that works as badly as bloody Teams.
was that the one where Macron crushed Trump's hand. weird geopolitical sequence. and wasn't there a flying dude as well?
January 26, 2026 at 7:32 PM
was that the one where Macron crushed Trump's hand. weird geopolitical sequence. and wasn't there a flying dude as well?
India, North Korea, China and France -- really the only countries that can put together a military parade worth having. The camels are a fantastic touch.
Long live India.
Long live the friendship between Europe and India.
🇪🇺🇮🇳
Long live the friendship between Europe and India.
🇪🇺🇮🇳
January 26, 2026 at 7:15 PM
India, North Korea, China and France -- really the only countries that can put together a military parade worth having. The camels are a fantastic touch.
Reposted by Stanley Pignal
MAGA military geniuses are talking about Minnesota protestors like they are the Iraqi insurgency, the Taliban, and the Viet Cong all rolled into one.
January 26, 2026 at 5:10 PM
MAGA military geniuses are talking about Minnesota protestors like they are the Iraqi insurgency, the Taliban, and the Viet Cong all rolled into one.
But would an inner-city child of the 1960s identify in any meaningful way with Shakespearean drama? With Middlemarch? He seems to think kids today lack that ability. I understand they may have a different ethnic background, but still. I personally didn't feel much kinship with Mr Darcy or whatever.
January 26, 2026 at 6:36 PM
But would an inner-city child of the 1960s identify in any meaningful way with Shakespearean drama? With Middlemarch? He seems to think kids today lack that ability. I understand they may have a different ethnic background, but still. I personally didn't feel much kinship with Mr Darcy or whatever.
I found it a bit unconvincing on one key point. He says George Elliot and Shakespeare were so inspiring to *him* as a kid. Why would kids now–just one generation later–only be inspired by contemporary authors?
January 26, 2026 at 2:51 PM
I found it a bit unconvincing on one key point. He says George Elliot and Shakespeare were so inspiring to *him* as a kid. Why would kids now–just one generation later–only be inspired by contemporary authors?
Minus 18 degrees centigrade coming up for Murmansk this week. Hasn't had power for four days. That might sharpen a few minds as to what the Russian government is squandering the natural resource bonanza on.
Meanwhile in the 9th largest economy of the world... "region without power for the fourth consecutive day" www.bloomberg.com/news/article...
Power Blackout Hits Russian Arctic Region After Aging Grid Fails
Russia’s Arctic cities of Murmansk and Severomorsk, along with surrounding areas, are without power for a fourth day after aging infrastructure failed amid freezing temperatures.
www.bloomberg.com
January 26, 2026 at 2:00 PM
Minus 18 degrees centigrade coming up for Murmansk this week. Hasn't had power for four days. That might sharpen a few minds as to what the Russian government is squandering the natural resource bonanza on.
A military officer bearing a European Union flag -- both a sign of the times but also will raise a fair few questions back in Europe. A few EU leaders would no doubt have liked to see officers flying 27 national flags instead...
Good to see a contingent representing the European Union, led by Colonel Spruijt acting on behalf of the EU Military Staff, at the #RepublicDay parade.
January 26, 2026 at 11:56 AM
A military officer bearing a European Union flag -- both a sign of the times but also will raise a fair few questions back in Europe. A few EU leaders would no doubt have liked to see officers flying 27 national flags instead...
Reposted by Stanley Pignal
The narcissistic hubris that emanates from Washington makes any enduring alliance impossible, even one as storied as NATO.
Europe has begun to grieve the alliance—but it must also adapt
Europe has begun to grieve the alliance—but it must also adapt
Europe’s five stages of grief for the transatlantic alliance
From denial to bargaining to acceptance that the world has changed
econ.st
January 26, 2026 at 11:40 AM
The narcissistic hubris that emanates from Washington makes any enduring alliance impossible, even one as storied as NATO.
Europe has begun to grieve the alliance—but it must also adapt
Europe has begun to grieve the alliance—but it must also adapt