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Eurozone banks are resilient but need to be ready for geopolitical shocks and their consequences, including the risk that liquidity could dry up amid jittery financial markets, European Central Bank supervisory chief Claudia Buch said on Thursday. Policy reversals in some key areas by U.S. President Donald Trump‘s administration have unsettled investors in recent months, and policymakers are now assessing how this could affect growth, stability, and financial risk. This comes on top of financial and political stress created by Russia’s war in Ukraine and the Western sanctions that followed. “A potential deterioration in asset quality and possible economic disruptions caused by geopolitical conflicts or the effects of financial sanctions require heightened attention, sufficient capital and robust governance and risk management systems in banks,” Buch said in the ECB’s annual report on banking supervision. Reuters reported last week some central bankers and supervisors were even questioning whether they can still rely on the U.S. Federal Reserve to provide dollar funding in times of market stress given Trump’s erratic trade and foreign policy. Asked about this risk during a parliamentary hearing on Thursday, Buch said ECB supervisors continued to work well with their Federal Reserve colleagues but they monitored liquidity “very closely.” “Liquidity risk and also foreign exchange risk is something we monitor very closely as a routine part of our supervisory assessment,” she said. Sources told Reuters they considered it highly unlikely the Fed would not honor its funding commitments and the U.S. central bank itself has given no signals to suggest that. In its annual report, the ECB spelled out how geopolitical shocks could affect banks. Among risks ranging from politically motivated cyber attacks to asset seizures, the ECB said banks could face stress relating to liquidity and funding, including in foreign currencies. This might result in higher borrowing costs, increased use of credit lines, and even margin calls, whereby a bank must post more collateral at a clearing house to avoid having its positions liquidated and being shut out of financial markets. A constant threat during the 2008 global financial crisis, margin calls have all but disappeared from the public discourse since then in part thanks to liquidity backstops implemented by central banks such as the Fed and the ECB. “Geopolitical risks need to be considered within the context of liquidity and capital planning,” the ECB’s report said. Buch also said banks also needed to be prepared for cybersecurity threats as both the incidence and the severity of such attacks had increased. Buch also called on European Union lawmakers to make progress in approving a crisis management and deposit insurance framework to better deal with bank failures and protect depositors. Balazs Koranyi and Francesco Canepa, Reuters
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Stocks of car rental companies Hertz and Avis saw their values unexpectedly hit the gas on Thursday. As of around midday, shares of Hertz Global Holdings were trading at around $4.15, an intraday increase of more than 20%. Likewise, Avis Budget Group shares were trading at around $74, also an increase of more than 20%. This is likely welcome news to investors, who have seen the values of both stocks erode over the past year. Hertz shares are down more than 48% from a year ago, while Avis stock is down 40%. Whats curious is that neither company reported earnings or was otherwise in the news cycle in a way that may have caused their respective shares to shoot up. As such, it appears that President Trumps recently announced tariffs on foreign-made cars may be the catalyst. Trump announced plans for a 25% tariff on imported vehicles and auto parts on Wednesday, and as a result, car prices are expected to riselikely by thousands of dollars per vehicle. Even vehicles assembled in domestic factories could see significant price hikes, as the parts and components may have been manufactured in other countries. How does this affect car rental stocks? Companies like Hertz and Avis, among others, have large, standing fleets of vehicles. Those vehicles are typically sold after theyre used as rentals, and given that theyre already on rental lotsmeaning, they dont need to be importedthey can dodge the new tariffs Trump recently announced. So, at least theoretically, those fleets are more valuable today than they were last week. Or, put another way, new cars will get more expensive due to Trumps tariff plan, and that may cause an increase in demand for used vehicles, which wont be subject to the tariffs. So, companies or individuals with used vehicles that could hit the market soon stand to benefitincluding rental car companies. Its also possible that vehicle owners will simply keep their cars longer, rather than buy new ones. That means buying new parts and components, which may be subject to tariffs themselves, but would still be far less expensive than purchasing a new vehicle. Accordingly, that could benefit auto parts retailersand some of those retailers are also seeing a boost in their share prices. As of midday Thursday, AutoZone shares were up almost 4%, as were shares of OReilly Automotive. Shares of Advance Auto Parts, which also announced expansion plans this week, were up more than 8%.
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Place names are more than just labels on a map. They influence how people learn about the world around them and perceive their place in it. Names can send messages and suggest what is and isnt valued in society. And the way that they are changed over time can signal cultural shifts. The United States is in the midst of a place-renaming moment. From the renaming of the Gulf of Mexico to the Gulf of America, to the return of Forts Bragg and Benning and the newly re-renamed Mount McKinley in Alaskas Denali National Park, we are witnessing a consequential shift in the politics of place naming. This sudden rewriting of the nations mapdone to restore American greatness, according to President Donald Trumps executive order that made some of them officialis part of a name game that recognizes place names as powerful brands and political tools. In our research on place naming, we explore how this name game is used to assert control over shared symbols and embed subtle and not-so-subtle messages in the landscape. As geography teachers and researchers, we also recognize the educational and emotional impact the name game can have on the public. Place names can have psychological effects Renaming a place is always an act of power. People in power have long used place naming to claim control over the identity of the place, bolster their reputations, retaliate against opponents, and achieve political goals. These moves can have strong psychological effects, particularly when the name evokes something threatening. Changing a place name can fundamentally shift how people view, relate to, or feel that they belong within that place. In Shenandoah County, Virginia, students at two schools originally named for Confederate generals have been on an emotional roller coaster of name changes in recent years. The schools were renamed Mountain View and Honey Run in 2020 amid the national uproar over the murder of George Floyd, a Black man killed by a police officer in Minneapolis. Four years later, the local school board reinstated the original Confederate names after conservatives took control of the board. Last night in a 5 to 1 vote, the Shenandoah County, Virginia school board decided to reverse an earlier decision to rename three schools that honor Confederate leaders. Stonewall Jackson HS opened just a couple years after Brown v. Board of Ed. #CivilWarMemory www.cnn.com/2024/05/09/u…[image or embed]— Kevin M. Levin (@civilwarmemory.bsky.social) May 10, 2024 at 2:52 AM One Black eighth grader at Mountain View High Schoolnow re-renamed Stonewall Jackson High Schooltestified at a board meeting about how the planned change would affect her: I would have to represent a man that fought for my ancestors to be slaves. If this board decides to restore the names, I would not feel like I was valued and respected, she said. The board still approved the change, 51. Even outside of schools, place names operate as a hidden curriculum. They provide narratives to the public about how the community or nation sees itselfas well as whose histories and perspectives it considers important or worthy of public attention. Place names affect how people perceive, experience, and emotionally connect to their surroundings in both conscious and subconscious ways. Psychologists, sociologists, and geographers have explored how this sense of place manifests itself into the psyche, creating either attachment or aversion to place, whether its a school, mountain, or park. A tale of two forts Renaming places can rally a leaders supporters through rebranding. Trumps orders to restore the names Fort Bragg and Fort Benning, both originally named for Confederate generals, illustrate this effect. The names were changed to Fort Liberty and Fort Moore in 2023 after Congress passed a law banning the use of Confederate names for federal installations. Veterans and other guests posed in 2023 next to a newly unveiled sign for Fort Moore, named for Lt. Gen. Harold Hal Moore, who served in Vietnam, and his wife, Julia Moore. In 2025, President Donald Trump reverted the name back to Fort Benning. [Photo: Cheney Orr/AFP/Getty Images] Trump made a campaign promise to his followers to bring back the name of Fort Bragg if reelected. To get around the federal ban, Defense Secretary Pete Hegseth identified two unrelated decorated Army veterans with the same last namesBragg and Benningbut without any Confederate connections, to honor instead. Call it a sleight of hand or a stroke of genius if youd like, this tactic allowed the Department of Defense to revive politically charged names without violating the law. The restoration of the names Bragg and Benning may feel like a symbolic homecoming for those who resisted the original name change or have emotional ties to the names through their memories of living and serving on the base, rather than a connection to the specific namesakes. However, the names are still reminders of the military bases original association with defenders of slavery. The place-renaming game A wave of place-name changes during the Obama and Biden administrations focused on removing offensive or derogatory place names and recognizing Indigenous names. For example, Clingmans Dome, the highest peak in the Great Smoky Mountains, was renamed to Kuwohi in September 2024, shifting the name from a Confederate general to a Cherokee word meaning the mulberry place. Under the Trump administration, however, place-name changes are being advanced explicitly to push back against reform efforts, part of a broader assault on what Trump calls woke culture. The view from a lookout tower on Kuwohi, formerly known as Clingmans Dome, in the Great Smoky Mountains. [Photo: National Park Service] President Barack Obama changed Alaskas Mount McKinley to Denali in 2015 to acknowledge Indigenous heritage and a long-standing name for the mountain. Officials in Alaska had requested the name change to Denali years earlier and supported the name change in 2015. Trump, on his first day in office in January 2025, moved to rename Denali back to Mount McKinley, over the opposition of Republican politicians in Alaska. The state Legislature passed a resolution a few days later asking Trump to reconsider. Georgia Rep. Earl Buddy Carter made a recent legislative proposal to rename Greenland as Red, White, and Blueland in support of Trumps expansionist desire to purchase the island, which is an autonomous territory of Denmark. Danish officials and Greenlanders saw Carters absurd proposal as insulting and damaging to diplomatic relations. It is not the first time that place renaming has been used as a form of symbolic insult in international relations. Renaming the Gulf of Mexico to Gulf of America might have initially seemed improbable, but it is already reflected in common navigation apps. Google Maps displays the name Gulf of America instead of Gulf of Mexico in March 2025. [Image: Google INEGI] A better way to choose place names When leaders rename a place in an abrupt, unilateral fashionoften for ideological reasonsthey risk alienating communities that deeply connect with those names as a form of memory, identity, and place attachment. A better alternative, in our view, would be to make renaming shared landscapes participatory, with opportunities for meaningful public involvement in the renaming process. This approach does not avoid name changes, but it suggests the changes should respond to the social and psychological needs of communities and the evolving cultural identity of placesand not simply be used to score political points. Instead, encouraging public participationsuch as through landscape impact assessments and critical audits tat take the needs of affected communities seriouslycan cultivate a sense of shared ownership in the decision that may give those names more staying power. The latest place renamings are already affecting the classroom experience. Students are not just memorizing new place labels, but they are also being asked to reevaluate the meaning of those places and their own relationship with the nation and the world. As history has shown around the world, one of the major downsides of leaders imposing name changes is that the names can be easily replaced as soon as the next regime takes power. The result can be a never-ending name game. Seth T. Kannarr is a PhD candidate in geography at the University of Tennessee. Derek H. Alderman is a chancellor’s professor of geography at the University of Tennessee. Jordan Brasher is a visiting assistant professor of geography at Macalester College. This article is republished from The Conversation under a Creative Commons license. Read the original article.
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