European Central Bank (ECB)
ECB paper finds the Fed ‘well-served’ by its stress index
Researchers from ECB and Fed examine whether the economy behaves differently during periods of high stress, and the implications this has for policy-makers' models
Cœuré calls for greater integration in retail banking and capital markets
The financial crisis ‘undermined this process’ and pushed retail banking services within national borders, says executive board member of the ECB
Counter-cyclical liquidity hoarding could ‘strongly amplify' business cycles, according to ECB paper
Paper develops a ‘new balance sheet channel of shock transmission' that works through the composition of banks' asset portfolios
ECB hires BlackRock to design ABS programme
BlackRock will advise on design and implementation of an ABS purchase programme, which the ECB could announce next week; Benoît Coeuré outlines Europe’s ‘fundamental choice’
ECB prize winners size up shadow banking
Working paper published by the ECB considers how regulatory arbitrage and the shadow banking sector can undermine commercial bank safety nets
Draghi encourages ‘greater role’ for fiscal policy
ECB president says a policy mix of monetary, fiscal and structural measures is necessary to keep the eurozone recovery on track, in his remarks at Jackson Hole
ECB faces ‘significant’ decline in inflation expectations
Mario Draghi raises prospect of ECB action in the face of a ‘significant decline’ in medium and long-term inflation expectations in the eurozone
ECB designates four 'systemic' payments systems subject to new regulatory standards
European Central Bank identifies four payment systems as systemically important, which will now be governed by stricter oversight standards that entered into force last week
ECB economists design early-warning guide to trigger macro-prudential intervention
Working paper isolates key indicators to tell policy-makers when to use macro-prudential measures, and which ones to use
Cœuré sees cyber threats and virtual currencies rising on payments agenda
Chair of the CPSS suggests the organisation should look beyond securities and derivatives markets in the 25th anniversary edition of Central Banking journal
End of Bretton Woods has helped dollar reserves, says ECB paper
The collapse of the Bretton Woods System has resulted in significant upheaval of currency reserve trends, says an ECB working paper co-authored by Barry Eichengreen
Central banks need significant discretion to make swap lines work, says ECB
The pricing, size and maturity of standing currency swap lines when activated need to be left to central bank discretion, ECB says in latest Monthly Bulletin; language is 'intentionally unspecific’
Paper examines optimal monetary policy for wages and hours worked
Firms tend to pay too little for too many hours, economists argue in ECB-published paper; monetary policy should not target inflation too strictly, they say
Hungarian ruling party condemns ECB ‘pressure' on behalf of foreign banks
ECB concerned that new rules requiring banks to compensate Hungarian borrowers over foreign exchange loans could hit parent banks and threaten European financial stability
ECB publishes ‘manual' explaining eurozone banks' comprehensive assessment
Publication of the manual ‘demonstrates ECB's commitment to transparency' on how it is conducting the ‘rigorous' assessment of the eurozone's biggest banks
Book notes: Alexandre Lamfalussy, by Christophe Lamfalussy, Ivo Maes and Sabine Peters
This is a fascinating account of the life and career of a great European
Twenty-five defining moments
Central Banking identifies 25 of the most significant events to have shaped the official sector during the past 25 years.
The challenges for central banks
Demands are being made for central banks to consider financial stability alongside price stability, as a key component of their monetary policy. But that is nothing new for central banks
Can central bankers live up to their role as the guardians of finance?
Central bankers need to be the risk managers of the financial system to help mitigate the fallout from future crises. Those that engaged in the latest bouts of QE have not made a good start
The evolving role of the Eurosystem and its national central banks
Anne Le Lorier pinpoints the challenges Eurosystem central banks will have to address in the aftermath of the global financial crisis.
ECB hiring consultant to help design ABS programme
Mario Draghi says the preparations towards buying asset-backed securities are being made ‘with the expectation we will take action in this field’
Bundesbank economists propose indicator for price competitiveness
Working paper published by the European Central Bank develops new indicator for international price competitiveness in an attempt to provide a tool for policy analysis
ECB paper quantifies OMT benefits
OMT announcements depressed Italian and Spanish two-year government bond yields by roughly 200 basis points, but left their French and German equivalents ‘largely unaffected’
Banque de France's Le Lorier says good communication can ‘substitute' for rate decisions
First deputy says comms can complement decisions in non-crisis times by revealing variables that inform monetary policy; argues monetary and macro-pru mandates can be reconciled