FT News Briefing Next steps for US returning to the Paris climate accord, ECB bond-buying shift, global art market outlook
Jan 22, 2021
President Biden's push for the U.S. to rejoin the Paris climate accord faces significant hurdles in carbon emission reduction. The European Central Bank is adapting its bond-buying strategies amid rising economic challenges. Meanwhile, the global art market is proving its resilience, pivoting to virtual sales and live streaming to survive the pandemic while balancing digital and traditional viewing experiences. Insightful predictions about the art market's future highlight the ongoing transformations in response to these unprecedented times.
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US Rejoining Paris Climate Accord
- The US rejoining the Paris Climate Accord requires a new emissions reduction plan before the November summit.
- Domestically, sectors like transport, power, and housing need transformation for the US to become a leader in emission reduction.
ECB's Response to Eurozone Recession
- The ECB is maintaining its bond-buying program and low interest rates to combat the Eurozone's potential double-dip recession.
- Favorable financing conditions, including low borrowing rates and bond yields, are key to stimulating demand and increasing inflation.
Art Market Adapting to Pandemic
- The global art market saw revenue decline in 2020 due to cancelled events and the pandemic's impact, though not disastrously.
- Auction houses and galleries adapted with virtual sales and online strategies but seeing art in person remains crucial for passion and sales.