European Central Bank (ECB)
BoF’s Rehn says government plans violate central bank independence
New Finnish prime minister says he will revisit policy statement
Liquidity buffers had mixed impact during Covid-19, ECB paper finds
Higher buffers for funds slowed initial fire sales but had less impact during “peak phase”
Schnabel stresses inflation risks and need for tighter policy
ECB needs to err on the side of doing too much rather than too little, says board member
Higher or longer? That is the ECB’s question
Speeches by Bundesbank president and Banque de France governor stake out divergent positions on ECB governing council
ECB raises rates again and signals more tightening
Tight labour market and core inflation surprises have driven forecasts higher, Lagarde says
ECB enters new phase in fight against inflation
Central bank faces stronger trade-offs as economy weakens and it approaches terminal rate
Eurozone’s economy contracts for two quarters running
Economic contraction will be a focal point of ECB meeting on June 15
Eurozone carbon tax hike would cause small GDP fall, paper finds
Raising tax to rate consistent with net zero would create only transient inflation, researchers say
Eurozone needs harmonised resolution tools, officials say
Commission proposals could bolster stability and common deposit insurance plans, say supervisors
ECB paper examines green regulation’s productivity impact
Tougher rules seem to hurt productivity, but might raise it over longer horizons, researchers say
Eurozone consumer inflation expectations down ‘significantly’
ECB data shows median 12 months ahead expectations fell to 4.1% in April
Rule-setters need to heed their own advice
The US risks a reputation for failing to meet standards to which it holds others
Banknotes: April to June 2023
A round-up of news and salient issues that have affected central bankers in the past three months
Eurozone inflation declines sharply in May
Core inflation declines from 5.6% to 5.3%
Lagarde warns against excessive tightening
Eurozone inflation declined sharply in May from 7% to 6.1% and core inflation declined to 5.3%
IMF economist takes on vexed question of macro-pru calibration
Housing markets are “at a turning point”, says Laura Valderrama, and policy faces tough trade-offs
Major central banks set out CBDC policy debates
BIS and central banks discuss major policy issues that still need to be solved
Common deposit insurance essential for financial stability, says ECB
Central bank says tighter financial conditions are putting pressure on households and businesses
Offline digital euro solution could be years away, ECB says
Central bank invited market participants, including Amazon, to carry out front-end protocol tests that included self-custody wallets
Carbon pricing would have ‘limited impact’ on eurozone inflation, says paper
Inflation would rise less than 0.2% per year until 2025 and then decline, researchers say
ECB needs ‘persistence’ in tight policy, French governor says
Transmission is slow but rate should reach terminal level in summer, says Villeroy de Galhau
Governors weigh trade-offs between inflation and financial stability
Officials stress central bank independence is key to addressing these risks
ECB paper estimates inflationary effects of climate change
Rising temperatures are having persistent effects on prices, especially for food
ECB policy leaks have ‘sizeable impact’
Leaks tend to reflect minority views and reverse trends in short-term rates