Transatlantic twins

Follow Us Get the newsletter Hello. Today we look at the upcoming meeting of the European Central Bank, a new report on mental health and the politics of chief executives. No Boat Rocking The world's two most powerful central banks haven't always walked in lockstep. During the last crisis, the European Central Bank twice hiked interest rates while the Federal Reserve kept its benchmark low. Policy makers in Frankfurt ultimately took borrowing costs below zero, a shift Washington refused to countenance.  As our recent reporting shows, they also have differing views on climate change and diversity. But they do seem aligned on keeping monetary policy easy through their summers, as Paul Gordon and Jana Randow write today. President Christine Lagarde and her ECB colleagues are set to keep ultra-loose when they convene on Thursday. That's due in part to the Fed signaling it won't slow its bond buying a week later because Chairman Jerome Powell still can't be sure the recovery is self-sustaining.  Christine Lagarde and Jerome Powell  Photographer: EITAN ABRAMOVICH/AFP via Getty Images That's a useful guide for the ECB, whose economy is further behind, and could do without the turbulence of global policy shifts. The euro zone started vaccinations later, and is only just emerging from a double-dip recession. Inoculation goals are months away from being hit, and new virus variants threaten to restrict travel. "Recent signals from the Fed probably help the ECB," said Gilles Moec, chief economist at AXA Investment Managers. "I don't expect fireworks on Thursday, I don't think they want to rock the boat." —Simon Kennedy Got tips or feedback? Email us at ecodaily@bloomberg.net The Economic Scene Governments are falling short in most areas where they could tackle mental health difficulties that sharply increased in the Covid-19 pandemic and already place a huge burden on economies around the world, the OECD said. The warning comes as the Paris-based organization published its first attempt at benchmarking the efforts of its 38 members to address the social and economic costs of the phenonom. It found the share of spending has declined in some countries in the last decade, and that even if access to services is improving, 67% of people who wanted care reported difficulty getting it. "No mental health system delivers excellent performance across the board," the OECD said. "In some areas, even the countries which are doing best cannot really be considered to be delivering excellent performance." Listen to the Stephanomics podcast for more Today's Must Reads Holding up. Japan's economy shrank less than first reported last quarter, easing concern over the risk of a double-dip recession as the country struggles through another round of Covid restrictions. But the yen is performing poorly against its peers. Fighting back. Chinese lawmakers are making progress on legislation to retaliate against foreign sanctions. Meantime, the U.S. Senate is nearing the finish line for a package of laws designed to strengthen U.S. competitiveness against a rising China. Wide net. Global policy makers are crafting their international tax plan to make sure Amazon is included, even though the U.S. company's profit margin is below the proposed 10% threshold. Hong Kong poor. The number of low-income households has almost doubles over the past two years amid the pandemic and protests. Going it alone. Russia will rely on economic stimuli to encourage a  shift away from dollars and reduce its exposure to U.S. sanctions, but isn't considering any restrictions on companies' use of dollars. Need-to-Know Research Chief executives who contribute more to Democratic politicians are associated with a higher representation of women in the executive suite, according to an new study. Replacing a Republican with a Democratic CEO is associated with 20% to 60% more women in top management, according to Alma Cohen, Moshe Hazan and David Weiss. They also showed that Democratic CEOs are associated with a significant reduction or even a disappearance of the gender gap in the level and performance-sensitivity of executive pay. On #EconTwitter Are you a member of the alphabetical ghetto? Read more reactions on Twitter Enjoy reading the New Economy Daily? Click here for more economic stories Tune into the Stephanomics podcast Subscribe here for our daily Supply Lines newsletter, here for our weekly Beyond Brexit newsletter Follow us @economics The fourth annual Bloomberg New Economy Forum will convene the world's most influential leaders in Singapore on Nov. 16-19 to mobilize behind the effort to build a sustainable and inclusive global economy. Learn more here.   Like getting the New Economy Daily? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and gain expert analysis from exclusive subscriber-only newsletters.   You received this message because you are subscribed to Bloomberg's New Economy Daily newsletter. Unsubscribe | Bloomberg.com | Contact Us Bloomberg L.P. 731 Lexington, New York, NY, 10022