Germany
SMEs possibly worst hit by fragmentation of monetary policy transmission, ECB paper finds
Small and medium enterprises may have suffered most from fragmentation in monetary policy transmission following the financial crisis, according to research
ECB bulletin: risks to taxpayer funds gradually diminishing
An article in the European Central Bank's latest bulletin weighs the fiscal impact of financial sector support during the crisis, highlighting the benefits of a move towards banking union
Bundesbank's Buch pinpoints importance of impact studies for macro-pru policy
Claudia Buch emphasises the usefulness of impact studies for macro-prudential policy, arguing data is an insufficient stand-alone indicator
ECB concerned by impact of draft German law on supervision
European Central Bank suggests proposals could impact consistency across the banking union and its own supervisory discretion in response to Federal Ministry of Finance
German reforms did not create eurozone imbalances, paper finds
German model illustrates the positive effect of structural labour reforms between 1999 and 2008 on GDP, consumption, investment and employment, but also the eurozone more widely
Weidmann wary of monetary policy ‘being further co-opted’
Bundesbank president makes case for changes to institutional framework underpinning the monetary union, calling for discussion of ‘Maastricht plus’ and political union
Bundesbank’s Buch casts doubt on Greek debt relief as talks end
Deputy president takes stance at loggerheads with IMF as latest round of negotiations draws to a close; Greek finance minister strikes upbeat note
Bundesbank research warns of risks from rising intraday interest rates
Discussion paper finds intraday rate rose from zero to around 60 basis points after 2008 and sovereign debt crises; researchers suggest it is reflecting a liquidity premium
Bundesbank research tracks changing financial cycle
Discussion paper seeks to establish the ‘empirical regularities’ of the financial cycle using an econometric model, finding the cycle has grown longer and more severe over time
IMF laments lack of progress on global imbalances
Fund calls on both surplus and deficit economies to redress imbalances, arguing this would support global demand management and growth
Bundesbank paper tracks causes of financial crisis balance sheet contraction
Working paper identifies characteristics and behaviour that had a dampening effect on German banks during the 2008 crisis, noting the importance of taking a nuanced view
European leaders strike Greek deal but hurdles remain
All-night session ends in Greece agreeing to a tough reform package, but finance ministers continue to debate possible bridge financing and national parliaments must still give green light
Weidmann does not see case for higher inflation targets
The Deutsche Bundesbank president points to welfare costs of higher inflation target, and argues in favour of structural reforms that boost productivity and deliver higher trend growth
Greece asks for three-year ESM bailout as Tsipras tries to unite Europe
Government submits request for longer support programme than previous proposals while Alexis Tsipras seeks backing during rowdy European Parliament session
IMF paper identifies countries that ‘pass through’ spillovers
Individual countries can amplify, absorb or block spillovers, depending on their economic and structural characteristics, researchers at the IMF find
ECB paper finds periphery most affected by credit shortage
Peripheral economies appear to suffer a greater slowdown of productivity than their northern neighbours when facing a squeeze on credit, research published by the ECB finds
Schäuble says Greek outcome now '50-50'
German finance minister warns against losing the ‘remaining credibility’ of the monetary union in speech in Frankfurt; debt negotiations finely poised with IMF deadline looming
Weidmann warns Greek ELA could raise ‘serious monetary financing concerns’
Bundesbank president says the ongoing provision of emergency funds to Greek banks will be a problem if the cash is used to buy sovereign debt
German life insurers vulnerable to interest rate shock, research warns
Discussion paper finds life insurers could have experienced a policyholder run in 2013 if interest rates had risen 2.1 percentage points; says QE might make it hard for insurers to protect themselves
German inequality would fall with US-style home ownership, Bundesbank study shows
Discussion paper fits US home ownership structure to German economy, finding large changes in the distribution and median level of wealth
Weidmann sees bond reversal as ‘a kind of re-normalisation’
Bundesbank president argues sell-off is a ‘correction of market overshooting’ in the wake of ECB asset purchases; insists volatility is ‘not exceptionally high’ at present
Draghi warns high volatility here to stay
Government bond yields continue to climb as Draghi says ‘we should get used to periods of higher volatility’ with interest rates on the floor; ECB keeps policy unchanged
Outlook brightens for eurozone SME financing, ECB reports
Report shows access to financing improved over the most recent period surveyed, but the very smallest firms are still struggling and outcomes are diverse across countries
Greek governor wants surplus countries to recognise ‘toxic’ effect of austerity
Yannis Stournaras warns surplus countries must bear a share of the burden of adjustment in Europe or risk the rise of extreme political parties; says he is optimistic a deal is ‘not far away’