European Central Bank (ECB)
Over half of ECB staff think Lagarde’s work is poor, union claims
ECB rejects survey as flawed and says its own figures show high levels of pride among staff
Monetary policy affects insurers’ balance sheets, ECB paper finds
Eurozone insurance firms increase asset holdings and risk-taking if policy loosens, researchers say
CBDCs are subject to ‘trilemma’, ECB paper warns
Research builds on Diamond-Dybvig model to examine possibility of runs on central banks
De Guindos says eurozone faces technical recession
ECB vice-president says disinflation process is likely to slow in 2024
ECB paper examines firms’ response to carbon trading
Policy-makers should use subsidies for green innovation alongside carbon credits, researchers argue
ECB paper examines largest currency areas’ policy spillovers
Researchers study how foreign monetary policy shocks affect US, eurozone and Japan
Eurozone inflation affects fiscal policy, ECB paper finds
Authors say there is evidence of “turning point” for inflation’s impact on primary fiscal balances
ECB paper analyses indirect channels of interbank contagion
Eurozone’s interbank market vulnerable to sovereign debt and non-bank sector shocks, research finds
People: October to December 2023
A round-up of central bankers in the news and on the move during the past three months
2023: The year in central banking
Central Banking’s most-read story this year dissected the crisis at SVB, while other top pieces delved into operating frameworks, third-party risks and international economics
Latvian ex-governor Rimšēvičs sentenced to six years in prison
Court finds former central bank governor guilty of taking bribes
ECB invites entrants for wholesale ‘digital euro’ trial
CBDC work in 2024 will test Banque de France, Bank of Italy and Bundesbank DLT solutions
Climate change increases inflation risks – ECB paper
Both level and volatility of inflation could increase due to rising temperatures, researchers say
Europe’s half-baked benchmark switch leaves some dissatisfied
Users frustrated by narrow scope of euro transition, but replacing Euribor was never a euro group objective
ECB holds rates as it lowers inflation expectations
Central bank intends to stop reinvesting maturing assets under PEPP in second half of 2024
ECB paper attempts to measure spillovers from Fed policy
Authors use asset price data to estimate global effects of FOMC moves
Polish governor appeals to ECB for support against removal
Lagarde says “not lawful” impeachment could harm central bank independence
ECB’s Schnabel does not rule out rate cut before mid-2024
Executive board member deems more rate hikes “rather unlikely”
ECB selects possible topics for new banknotes
“European culture” and “rivers and birds” enter final selection phase
Lower eurozone inflation fuels rate cut speculation
Some analysts expect start of easing cycle earlier in 2024
German inflation falls to 2.3% in November
Falling energy prices lower inflation in the eurozone’s main economy
ECB paper analyses impact of Chinese financial shocks
“China shocks” affect global commodities and equities, but less than US equivalents, researchers find
ECB paper studies ESG ratings’ effects on debt costs
Downgrades had only temporary effect on US firms’ bond spreads, researchers find
ECB willing to hike rates further, say minutes
Governing council stresses it needs to be persistent and vigilant to bring inflation to 2% target