European Financial Stability Facility (EFSF)
Cameroon faces risks from microfinance links to banks – IMF staff
Rise of mobile banking is making microfinance sector more vulnerable, report says
Carney sees ‘clear interest’ in preparing for transition to lower-carbon economy
Central bankers should ensure markets adjust efficiently
Mortgage credit subsidies 'disastrous for the poor'
Subsidies are a ‘short-sighted palliative for addressing inequality'
DNB working paper puts forward Eurobonds solution
Proposal would see Eurobonds distributed by an ‘independent budgetary authority' and would be made available depending on a member state's fiscal responsibility as per the Maastricht Treaty
IMF report calls for more powers for Bank of Spain
Progress report finds Spain has implemented 'the bulk' of required financial sector reforms, but suggests greater independence and powers for the central bank
Eurozone firewall inaugurated as bailouts loom
First meeting of board of governors of the European Stability Mechanism held in Luxembourg with Jean-Claude Juncker describing new institution as a ‘permanent and effective firewall’
Central Bank of Cyprus calls in external investigators
Professional services firm to look into the circumstances that led two Cypriot banks to seek state support; investigation starts today
Eurogroup decides on three senior appointments
Decisions end speculation over leadership of the Eurogroup and the European Stability Mechanism; nomination also put forward for empty seat on ECB executive board
EC staff to ‘step up’ work on Spanish banks assessment
Olli Rehn calls for staff to speed up assessment of Spanish banking sector; downgrade rumours swirl after official government request for financial assistance from the Eurogroup
HSBC chief identifies four steps to resolve ‘emerging markets’ crisis in Europe
HSBC chief executive Stuart Gulliver believes a European ‘tarp’ plus issuance of eurobonds needed to keep eurozone intact; says Spain and Greece failed to learn lessons from Asian crisis
IMF paper relates fiscal consolidation and growth
Paper discusses relationship between fiscal consolidation and short- and long-run growth; warns that rapid consolidation can be harmful
Americas’ regional FSB group discusses vulnerability and regional financial stability
Financial Stability Board Regional Consultative Group for the Americas discusses developments in global economy and methods of assessing vulnerability in fast-growing economies
EFSF withholds funds as pressure increases on Greece
EFSF withholds €1 billion of emergency payout to Greece as voters revolt against austerity measures; ECB’s Nowotny warns time is running out
ECB cautious of damaged financial integration in Europe
European Central Bank releases downbeat Financial Integration in Europe report; Mario Draghi backs up message that integration work needs to be restarted
Eurogroup boosts emergency funding facility
European finance ministers agree to combine two emergency financing vehicles currently running simultaneously in the eurozone; also add €500 billion to lending capacity
CNB’s Singer condemns approach towards EFSF
Czech National Bank governor Miroslav Singer calls on policy-makers to eliminate uncertainties relating to the European Financial Stability Facility
Lagarde calls for larger firewall to ease funding costs
Fund managing director Christine Lagarde says $500 billion boost in lending capacity will improve growth and allow for deeper integration in Europe; says larger firewall is also needed
EFSF rating in spotlight as speculation on eurozone downgrades emerges
Rumours that France and other eurozone sovereigns will lose AAA ratings spooks markets; move will place a question mark over European Financial Stability Facility's rating, say analysts
ESRB urges swift implementation of emergency measures
European Systemic Risk Board sends strong message to European heads of state to fulfil terms of eurozone agreements; new appointments to board’s Advisory Scientific Committee
Eurozone faces big test as EFSF downgrade looms
European Financial Stability Facility's credit rating could be downgraded after Standard and Poor's places the sovereign ratings of Germany and France on negative watch
Eurozone bolsters EFSF’s lending capacity
European Financial Stability Facility to guarantee between 20% and 30% of new bond issuance by beleaguered eurozone states; new measures will enable fund to leverage €250 billion of funds