- After two decades under construction, a €5.5bn flood barrier called Mose now protects Venice and its lagoon.
- Mose is made up of 78 hinged steel floodgates that run for 1.6km along the sea floor beneath the three inlets to the Venetian lagoon.
- The flood-defence scheme was designed to serve for a century, but Hermes Redi, the director-general of the Venetian engineering consortium that built it, fears its useful lifespan might be just half as long.
- Rising sea levels will make the downsides of Mose more apparent as the barrier is raised more and more frequently.
- To extend the system's life, some propose to pump seawater underground and raise the land, which could be achieved for 2% of Mose's €5.5bn construction cost.
Central banks around the world are pausing tightening campaigns as inflation eases and economies slow. Inflation-targeting regimes are keeping their own houses in order, while the US Fed's key inflation gauges fell to the slowest annual paces since late 2021.
Two massive earthquakes on Monday have devastated cities and towns across Turkey and Syria, with death toll of over 16,000. This is one of the worst natural disasters this century, alongside the 2004 Sumatran Tsunami, 2010 Haiti earthquake and 2008 Cyclone Nargis.
A raft of U.S. data and European inflation numbers will give guidance on how the world's top central banks will navigate the way ahead, including the hotly debated "no landing" scenario. Reports on U.S. durable goods orders, home prices, manufacturing and consumer confidence threaten to cement expec