Jim Power

It's going to open next year.

The stores will be subsidized by the city and offer staple goods at a reduced price, but will be run by a private vendor who will be subject to union wages.

Isn't this some indictment of the inequality in the United States?

No, I think it's an indictment of the fact that they don't let people build supermarkets in Manhattan.

Yeah, well, that's true.

Yeah, it's characterized by small sort of corner shops.

They're very inefficient, small scale.

And as a consequence, food price inflation is much higher in New York than elsewhere.

Food is more expensive.

Yeah.

Related to Trump again, the European Central Bank has just published its twice yearly financial stability report.

And it is warning that Trump risks triggering a financial crisis because of the war with Iran, because of

He's repeatedly changing trade policy and the retreat from international cooperation.

And that sort of backdrop comes on top of

increasingly stretched asset valuations and doubts about the sustainability of government debt levels.

So from a global financial stability point of view, the European Central Bank is certainly very concerned at the moment.

And indeed, the Central Bank of Ireland, who had its version

is pretty much saying the same thing about Ireland.

The Middle East conflict, AI, cyber attacks, all pose risks to the Irish financial system.

But despite all of that, Isabel Schnabel, who is the